Amazon.ca Rewards Mastercard® vs CIBC Costco Mastercard: Which one is better?

Amazon.ca Rewards Mastercard®

3.1

Finly Rating

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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CIBC Costco Mastercard

2.8

Finly Rating

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

Welcome Bonus

Get 5% back at Amazon.ca, Whole Foods Market stores in Canada, grocery stores and restaurants for up to 6 months. Up to $150 cashback on top of the normal cashback earned.

Welcome Bonus

N/A

Rewards Breakdown

Annual Rewards

$251.84

First Year Bonus Value

$150

Annual Fee

First Year Value

$401.84

$251.84 in years after

Based on a hypothetical $2,000/mo average spending and assuming you are an Amazon Prime member as the primary account holder. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$347.33

First Year Bonus Value

Annual Fee

First Year Value

$347.33

Based on a hypothetical $2,000/mo average spending. Calculate your rewards.

How to Earn Rewards

2.5% cashback on Amazon.ca, Whole Foods and foreign currency transactions IF a prime member
Only 1.5% on Amazon.ca and Whole foods and 1% on foreign currency transactions IF not a prime member
1% cashback on everything else

How to Earn Rewards

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

Insurance Included

Extended Warranty

Up to a year

Purchase Protection

90 days

Insurance Included

Extended Warranty

Up to a year

Purchase Protection

Up to 90 days

Mobile Device Insurance

$1000

Extra Benefits

Car Rental Discount

10% off base rate of Avis Rent A Car and Budget Rent A Car

Trip and legal Assistance

Yes

Extra Benefits

N/A

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

Interest Rates

Purchase:

20.75%

Cash Advance:

22.49%

Balance Transfer:

22.49%

Annual Fee

Income Required

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$15,000

Min Household Income:

N/A

Is this card worth it?

If you are a Prime member and want to maximize your cashback on your Amazon purchases, then this card is the best option for that specific purchase category. However, for other purchases, many other cards offer better benefits and rewards.

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

If you are a Prime member, the 2.5% cashback offered on Amazon purchases is unbeatable in terms of rewards compared to other credit cards.
The 2.5% cashback on all foreign currency transactions helps to offset the extra 2.5% fee.

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

It offers very little on non-Amazon and non-Whole Foods purchases, with many other well-rounded credit cards out there that offer much more.
Very limited benefits.

Cons