PC World Elite Mastercard vs CIBC Costco Mastercard: Which one is better?
PC World Elite Mastercard
2.3
CIBC Costco Mastercard
2.8
Rewards Breakdown
Annual Rewards
$266
PC Financial
First Year Bonus Value
$20
PC Financial
Annual Fee
$0
First Year Value
$286
$266 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus Value
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Extended Warranty
Doubled up to a year
Purchase Protection
90 days.svg)
Car Rental Damage & Theft
Up to 31 days
Emergency Out of province Medical
$1M, Up to 10 days
Insurance Included
Extended Warranty
Up to a yearPurchase Protection
Up to 90 days
Mobile Device Insurance
$1000
Extra Benefits
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Concierge Services
Identity Theft Assistance
Extra Benefits
N/A
Interest Rates
Purchase:
21.99%
Cash Advance:
22.97%
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Balance Transfer:
22.49%
Annual Fee
$0
Annual Fee
$0
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Welcome Bonus
Earn 20,000 points when you get approved.
Welcome Bonus
N/A
Rewards Rate
- 45 points per $1 dollar spent at Shoppers Drug Mart® stores
- 30 points per $1 dollar spent at Atlantic Superstore, Extra Foods, Fortinos, Loblaws, Maxi, Maxi & cie, no frills, Provigo, Real Canadian Superstore, SaveEasy, SuperValu, valu-mart, Your Independent Grocer, Zehrs
- 20 points per $1 spent in PC travel
- 19 points per $1 dollar spent at ESSO and Mobil (it's 30 points per liter and the assumption of average gas price of $1.6 was made)
- 10 points per $1 dollar spent for everything else
Rewards Rate
- 3% cash back on Restaurants
- 3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
- 2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
- 1% on everything else
Loyalty Program
Loyalty Program
N/A
Point Redemption Options
Groceries
0.1¢ / point.svg)
Gas (Esso)
0.1¢ / point
Point Redemption Options
Not Applicable
Is this card worth it?
This is a great card to have in your arsenal if you frequently shop at Shoppers Drug Mart®, Loblaw's owned chains, and ESSO and Mobil gas stations, as you will earn significant rewards in these categories. The additional benefits, such as out-of-province medical insurance, car rental damage insurance, and concierge service, are impressive and typically only come with cards that have annual fees; however, you can access these benefits for free with this card. We do not recommend using this as your primary credit card but as a supplement to another primary card, especially because there are no fees. This is because the rewards on purchases outside the mentioned shops are very average, and many other cards offer much more substantial rewards for general use.
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros
- Out-of-province medical insurance, concierge service, and car rental damage insurance—benefits that are usually included with cards that have fees—are included with this card.
- Decent rewards on purchases at Shoppers Drug Mart®, Loblaw's owned chains, and ESSO and Mobil gas stations.
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Cons
- Many other high-spend categories don't earn as many rewards. Shopping at any other grocery chains, gas stations, or pharmacies will only give the base reward rate, and restaurant purchases and purchases in other categories don't earn much either.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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