CIBC Costco Mastercard vs SimplyCash® Card from American Express

Which one is better? Both cards worked out on the same spending: rewards, welcome bonus, fees and perks, line by line.

CIBC Costco Mastercard

2.0

Learn more
Our reviewRewards calculator
amex simply cash card

3.8

Apply now
Our reviewRewards calculator

Welcome bonus

Each offer as the issuer words it. The numbers below show whether your spending reaches it.

The offer

The offer

No welcome bonus right now.

In your first 3 months as a new SimplyCash® Card from American Express Cardmember, you can earn a bonus 5% cash back on all purchases (up to $2,000 in purchases). That’s on top of your everyday cash back earn rates. That’s up to $100 in bonus cash back.

What each card is worth

Rewards, the welcome bonus and any Finly rebate in, the annual fee and FX fees out, all on your spending.

Worked out on a typical $2,000 a month of spending. Enter yours to see your own numbers.

$350

First-year value

$409

$350

Every year after

$309

Amex SimplyCash is worth $59 more to you in year one.

From year two, CIBC Costco Mastercard pulls ahead by $41 a year.

How the first year adds up

Annual rewards

$349.91

cash back a year

Welcome bonus

+ $0

no welcome offer

Annual fee

− $0

no annual fee

First-year value

$349.91

Annual rewards

$309.2

cash back a year

Welcome bonus

+ $100

first year only

Annual fee

− $0

no annual fee

First-year value

$409.2

Where each card earns

A year of your spending at each card's own reward rates, most first.

3%Food and drinks

$126

2%Gas

$39.74

3%CostcoGas

$5.18

2%COSTCOonline

$5.16

1%All other purchases

$173.82

2%Groceries

$46.44

2%Gas

$39.74

1.25%All other purchases

$223.01

Fees, rates and eligibility

What each card costs to hold and to use abroad, and who it's for.

$0

Annual fee

$0
$0 up to 3

Additional cards

0

Interest rates

Interest rates

Purchase:

20.75%

Cash Advance:

22.49%

Balance Transfer:

22.49%

Purchase:

21.99%2

Cash Advance:

21.99%2

2 If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 29.99%.

Recommended credit score

Recommended credit score

300
Poor
560
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring
300
Poor
693
Fair
743⁎
Good
790⁎
Very Good
833⁎
Excellent
⁎Estimates based on TransUnion scoring

Income required

Income required

Min Personal Income:

$15,000

Min Household Income:

N/A

Min Personal Income:

N/A

Min Household Income:

N/A

How each card earns

The earn rates and caps, as each issuer sets them.

  • 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
  • 2% cash back on eligible gas and grocery purchases in Canada (up to $300 cash back annually)
  • 1.25% cash back on all other eligible purchases

Insurance and perks

What both cards include comes first in each list.

Insurance

Insurance

  • extended warranty

    Extended Warranty

    Up to a year
  • purchase protection

    Purchase Protection

    Up to 90 days
  • mobile device insurance

    Mobile Device Insurance

    $1,000
  • extended warranty

    Extended Warranty

    1 year
  • purchase protection

    Purchase Protection

    90 days or theft up to $1,000 per occurrence
  • heart lock

    Common Carrier Travel Accident Insurance

    Up to $100,000

Perks

Perks

No extra perks.

  • Amex logo

    Amex Experiences™

    Access events and special offers curated for Cardmembers with Amex Experiences™

Our take

Why we like it

Why we like 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.

The SimplyCash® Card from American Express stands out for its no annual fee and strong cash-back earning potential, offering up to $100 in statement credits within the first 10 months. What makes it even more appealing are the unique perks, such as early access to concert tickets and extra layers of security for online shopping. These extra benefits, along with the affordability, make it a strong contender for those looking for a reliable cash-back card with no annual fee. It's an excellent choice for everyday spending while still enjoying exclusive Amex advantages.

Pros

Pros

  • Decent overall reward rates
  • High dining optimization
  • Mobile device insurance
  • No annual fee
  • Attractive cashback rates
  • Exclusive Amex perks
  • Instant decision. No credit impact.

Cons

Cons

  • Limited benefits
  • No Costco warehouse optimization
  • Annual cashback cap
  • Limited insurance
  • Lower acceptance

More comparisons

Other cards we've put each of these up against.

Legal

*Terms and conditions apply.


If you have 2 separate missed Payments, the applicable rates for your account will be 25.99%. If you have 3 or more separate missed payments, the applicable rates will be 29.99%.


American Express is not responsible for maintaining or monitoring the accuracy of information on this website. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.