Whether it’s for purchasing clothes, gas or groceries, it’s a solid cash back card considering there’s no annual fee. We have options for Canadians who are looking to build credit or earn rewards. © Drake Media Inc. – All rights reserved. Here are some of the details that make this no annual fee card worthwhile: The Capital One Mastercard, Exclusively for Costco is a cash back reward card, which is one of the things that’s most attractive about the card. And you don’t even have to do anything beyond what you’re already planning to spend money on to use this card and see cash rewards. Apart from checking our ranking of the best credit cards for Costco to find a better one! Besides the benefit of only requiring one card in your wallet to shop at Costco (usually require membership card plus a payment card), they offer competitive rewards as well. Unfortunately, this will not work for me and I ended up cancelling. Tom Drake is the owner and head writer of the award-winning MapleMoney. We do not doubt that Costco has already launched a tendering process to replace Capital One with the various credit card issuers. Who hasn’t seen these gigantic banners in the warehouses, as well as the acquisition statistics of new customers? If you’re already a Costco member, and shop inside the store and get gas there, adding this Costco Mastercard to your wallet is practically a no-brainer. Required fields are marked. Since day one they had an influx of new customers signing up for the Capital One Platinum Mastercard exclusively for Costco Members and it turns out that the volume was a little more than they were prepared to handle.. No, this is just a Mastercard with no annual fee. It’s a no-annual fee card, which offers 3% cashback at restaurants, 2% on gasoline purchases, and 1% on all other purchases, once you reach $3000 in annual spending. The Capital One® Mastercard®, exclusively for Costco members. Even if you don’t get this credit card, it’s a good idea to read through your card member benefits statement to see what perks come with your own credit card. Find tips for managing money and more from wherever you are. For complete and current information about any information on any advertiser product, please visit their website. It allows you to benefit from things that you do in the course of a normal week anyway. But it gets better for certain purchases. These are all items that can give you peace of mind, whether you are a frequent traveller, or whether you want to make sure that your latest purchase is well-protected and you are getting your money’s worth. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. Once you get your new credit card maximize your savings and search Coupons.com for all the best coupon codes. Certainly, owning Costco members can be something attractive to a financial institution on paper. Keep in mind that you have to apply the perks and rewards to your lifestyle to see if they fit. I contacted Capital One to find out why and their explanation was anything over $500 is considered ‘suspect’ and automatically declined. Could you imagine if you were at Costco trying to use this card and having to call in each time? Get a 15% bonus when transferring your points to Singapore KrisFlyer! Dec 13, 2020 U.S. based Capital One is reducing its Canadian footprint, as the company confirmed it will end its relationship with Costco Canada and Capital One ending Costco … milesopedia services inc.© ... but that changed in 2016 when Visa became the exclusive credit card network of Costco. You get great deals from Costco, and you also enjoy the benefits of a generous rewards program from Capital One. They do not detect even the basic fraud like obvious unusual spending behaviors, like filling gas at the same gas station 2x a day in the same station for an entire week. He is the Founding President of milesopedia. Copyright 2015-2021, All Rights Reserved. Capital One Bank is offering an online savings account sign up bonus exclusively through Costco. Created exclusively for Costco members, the Capital One Costco Credit Card is not your typical cashback card. They already accept all MCs. Capital One is a smaller player in the Canadian credit card market. Capital One Costco (get more details) 0.5% cash back at Costco (on the first $3,000 spent annually) 1.0% on purchases after $3,000; $0: MBNA … With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you. Compare Costco, Guaranteed secured, Guaranteed and rewards credit cards. When final payment for the holidays was due, the balances exceeded our card’s modest credit limit, so we requested a credit increase. Not worth it for the perks. To do that, transparency is critical. CapitalOne, at least the Canadian part, has very poor fraud protection. But Capital one security department kept saying it was the airlines fault. The Capital One Mastercard, exclusively for Costco members, has an annual fee of $0 and an annual interest rate of 19.75%. When the Costco partnership launched, it was an uphill battle from the start for Capital One. Not only does Costco now accept any M/C, they have teamed up with Capital One to offer the “Capital One Platinum Mastercard – Exclusively for Costco Members”. However, I think The Capital One Mastercard, Exclusively for Costco can be a great card for anyone that isn’t spending enough in a year to justify the annual fee of other cards. Jean-Maximilien is an expert in Loyalty programs, Credit cards and Travel in Canada. They have totally messed up my travel plans and caused my tickets to be cancelled. À tous les membres @Costco Wholesale Canada : nous vous offrons la nouvelle carte exclusive Platine MasterCard de Capital One… The Capital One Costco Mastercard, exclusively for Costco Members is a cash back card and a Costco Membership card all rolled into one. The Capital One Costco Credit Card works for us and we’ll continue to use it for the rewards and perks it offers us. Visa credit cards on the Costco.ca website! Of course, this only applies if you pay off the balance each month so that you’re not accruing interest. Earn $300 Cash Back + First-Year Free with this Welcome Offer! You only earn 1% cash back on your Costco purchases and your cash back earn rate is capped at 0.5% on the first $3,000 every year. Read about topics that matter to you. I will be changing credit cards.0, We have a capital one Canadian executive card and have been using a TD visa (US) I in the United States and would prefer that we could use the capital one card alone. The Capital One Mastercard, Exclusively for Costco, 5 Non-Essential Expenses That Are Bleeding Your Budget. And, it doubles as your Costco membership card. But they do have a coveted partnership with Costco. ¹ Cash back is applied to total net purchases. Alternatively can we get a US card and pay off each month with a US bank check. No. For Capital One ® and Costco Cardholders Sign In Sign Up For Hudson’s Bay and SaksFirst Cardholders Sign In or Sign Up Sign In or Sign Up That means any purchase that’s charged to your credit card minus credits or returns. This does not really encourage Costco members to use this card outside restaurants (3%) and gas (2%): this is not a sufficient volume of purchases to allow Capital One to recoup its investment. One word of caution, if you will be spending $12,000 or more in a year, it could be more valuable to consider paying the annual fee for the BMO World Elite Mastercard. Waited 3 hours on the phone only to be passed around like hot potato and accidentally disconnected. The annual percentage yield on the savings account is a decent 2.70% for balances over $10,000. (July/August 2018 issue) So this is what we endeavoured to. You’ll get 2% cash-back when you fill up on gas and 3% cash-back at eligible restaurants. $300 + First-Year Free With These NBC Credit Cards! Meet Eno. I have had the Costco credit card for two days and had it declined after trying to pay for a pair of prescription eyewear (approx value of $2600). Costco is notoriously tough negotiator. Capital One Ends Its Partnership With Costco In 2014, Costco decided to end a 15-year partnership with American Express to marry Capital One, the issuer of The Capital One ® Mastercard ®, exclusively for Costco members. However, they can be very valuable if you pay attention and take advantage of them. If you currently have The Capital One® Mastercard®, exclusively for Costco members, you don’t have to do anything at the moment. Capital One then relies on credit card spending outside of Costco to catch up. This meant a colossal marketing effort to win back Costco members. The … However, Costco is known for negotiating hard. (18) Here we take a look, pitting 5 Capital One credit cards against some of the best credit cards in Canada. If you’re already a Costco member, and shop inside the store and get gas there, adding this Costco Mastercard to your wallet is practically a no-brainer. Earn 3% cash back on restaurant purchases, 2% on gas purchases, and 0.5% on the first $3,000 spent annually on all other purchases (and 1% thereafter). That’s pretty cool. Last security person told me it was the computers fault The service is horrible. What to do with all those coupons: To clip or not to clip? They will call you randomly, and tell you to call them back but when you do, no one will know what’s going on. It also serves as a Costco membership card. Earn a 2% Reward on Costco Travel purchases. The Capital One Mastercard, Exclusively for Costco is a cash back reward card, which is one of the things that’s most attractive about the card. Capital One Spark Miles for Business is one of the most flexible business cards and it earns 2x miles and packs in a big sign-up bonus. The Costco Connection magazine recommended using your Capital One Costco credit card to pay for Costco travel bookings. 19.75% Unless a post is clearly marked “Sponsored”, however, products mentioned in editorial articles and reviews are based on the author’s subjective assessment of their value to readers, not compensation. The Capital One Mastercard, Exclusively for Costco has some great insurance benefits as well. I am currently sitting on hold for their security dept. I have been on hold for 20 minutes. All actions failed, my card was denied over and over. Question is this possible and if so what premium on exchange rate is applicable for example if posted rate is say 138 % what rate would we pay. The lady suggested I call in anytime i was going to buy something over $500. First off, there’s the 0.5% on the first $3,000 you spend annually on regular purchases, and then 1% beyond that. Our review … Good riddance capital one. Capital One’s recent credit card launch into Costco stores was really successful … maybe too successful actually! Please note: To give you the best possible experience, this site uses cookies. Our goal at MapleMoney is to present readers with reliable financial advice and product choices that will help you achieve your financial goals. Capital One will close its call center in Montreal and Toronto by September 2021, suggesting that a new issuer’s transition will have to take place in the summer of 2021. According to some sources, for example, Capital One had to agree to receive little or no interchange fees for purchases made at Costco. In my opinion, Costco will cut a great deal with the new exclusive card and that will be good, but I fear the new card issuer will only be better for Costco on paper and the service/protection to Costco members will not be as good as AmEx—nobody beats AmEx at the credit card business. The Capital One Costco Mastercard, exclusively for Costco Members offers decent cashback rewards at no annual fee. You can also find low rates on loans and refinancing options. Today, Capital One announces that this partnership will end by late 2021 and decides to withdraw completely from the Partnerships business (Costco, Hudson’s Bay) to focus on its own branded credit cards. Discover one of Citi’s best cash back rewards cards designed exclusively for Costco members 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter 3% cash back on restaurants and eligible travel purchases Get a 10% to 15% bonus when transferring your points to Asia Miles! Especially since customers can earn other types of rewards such as AIR MILES Reward Miles with the BMO® AIR MILES® World Elite®* Mastercard®* or travel points with the HSBC World Elite® Mastercard® or the National Bank’s World Elite Mastercard®. Frequently Asked Questions about the Costco Credit Card: Is the Capital One credit card exclusively for Costco members? Unfortunately, some news has landed that affects not only Capital One’s partnership with Costco, but Hudson’s Bay as well. We're more than just a bank. And also realized that they could use Visa credit cards on the Costco.ca website! The costco membership is not included. Especially since American Express had also invested in marketing and products with two new cashback credit cards: the SimplyCash Cards. The cash back card exclusively for Costco members. * How to qualify for the annual 2% Reward and other Executive Member privileges: Upgrade to an Executive Membership and receive an annual 2% Reward. 4 Unfortunately, balance transfers aren’t available for the Capital One Mastercard, exclusively for Costco Members at this time. So, the incentive is to use The Capital One Mastercard for just about any of your regular, everyday purchases. Executive Members receive an annual 2% Reward, up to $1,000*, on qualified Costco purchases. Do they really need an exclusive partner like Capital One? Capital One offers an array of credit cards to Canadians, including cash back, travel rewards, and a card specifically designed for shopping at Costco. I’m not a Costco member. It is a co-branded credit card offering cash back, exclusively for Costco members. Using the Capital One Mastercard is a great way to compound your savings. What’s impressive is that this card offers benefits equal to many cards that charge an annual fee, but you get the protection from Capital One without the need to pay the fee. Meet Eno ®, your Capital One Assistant. With no annual fee and a cash-back rebate each year, this card has some great benefits for consumers spending less than $1,000 per month. Finally, when Capital One won the contract with Costco in 2014, the company did not get American Express Costco credit card customers’ portfolio. The best credit card for shopping at Costco: Terms, conditions and exclusions apply. Anyway, manager said he'd pay the 1% since he understood but couldn't do anything about credit increases as it's based on company policies or offers. Amex is probably out of the picture. Read more at: http://maplemoney.com/legal/. Even though we will only use the Capital One Credit Card for Costco gas and restaurants it’s still worth owning this card. In addition to Capital One’s minimal interchange fees, the company has been competed for head-on by all other Mastercard credit card issuers. Costco.com and the Costco app accept cards from other issuers. The Capital One Mastercard, Exclusively for Costco Members offers a generous cashback rewards program that is available to members of Costco. Why Estate Planning Is So Important and Why You Need a Will, A Full Guide to Returning Christmas Gifts, Your Guide to the Best Canadian Online Stores with Free Shipping, Canada’s Best Credit Card Promotions for 2020. To retain Costco Customers with these new Cards. And that’s not just at Costco; the cash-back applies anywhere you use your card. AIR MILES: New Partners For Airmileshops.ca. Please enable JavaScript in your browser. Your email address will not be published. These are the types of “hidden perks” that many credit card users don’t realize they have. I find this card too restrictive and would not recommend it. I went to security the first 4 times and they denied it was their fault, took off card watch i was denied, took off limit of transaction, i was denied. But this decision by Capital One will certainly make any new issuer think twice about incorporating this type of arrangement. our ranking of the best credit cards for Costco. My card is kept at zero balance and is always paid on time. Capital One offers a Costco Mastercard exclusive to members. Today, complained about how I didn't get a credit increase since Costco moved away from Amex and that a large purchase was denied this morning. But how do these cards stack up to some of the best credit cards in those categories? Good luck. In 2015, The Capital One Mastercard, Exclusively for Costco replaced the True Earnings American Express as Costco’s official credit card. They also do not always deliver their promise of zero liability. Join the Facebook group of milesopedia to discuss this topic! It was declined at the store. all other Mastercard credit card issuers. Official website for Costsco Wholesale. If you are a Costco Excecutive Member the promotional bonus is $60, Costco Gold Star Member and Business Members get a $20 bonus. Be the first to know about all the latest topics on MapleMoney. It’s my Mastercard of choice, which is important since I do almost all my shopping at Costco, where only Mastercards are accepted. After just over 5 years of partnership with Costco, Capital One today announced that it would end the agreement. ... Capital One… There is no limit to the amount of cash back you can earn. I was told by the airlines it was the credit card company. Shop by departments, or search for specific item(s). We can’t wait to see who will be the new Costco credit card issuer who decides to embark on this adventure! MapleMoney receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site. That means that you’re guaranteed to be approved for the card when you apply – as long as you: I was declined 7 times trying to book tickets to Australia at Christmas time. There is travel accident insurance for up to $250,000 as well as a purchase protection plan that insures eligible purchases against accidental physical damage and theft. The cash-back is great, and you can feel peace of mind with the insurance perks and the purchase protection. (Anytime you use a rewards card, you need to make sure to pay it off each month so that your rewards aren’t offset by steep interest charges.). The cash-back means that every purchase is automatically discounted. The extended warranty benefit will double the manufacturer warranty by as much as one additional year and the price protection service will pay you up to $100 if you find the item for a lower price within 60 days. 5 Capital One Guaranteed cards have guaranteed approval. How to Use Capital One Coupons Capital One has a credit card that gives you 50% cash back on purchases made each year and 1% on every purchase you make through the week. Includes: Modular Computer Station, Partners Desk, Partners Desk Base, Lateral File, Two Doored Hutches and One Open Hutch Rated 4 out of 5 stars based on 18 reviews. Whether you’re looking to earn rewards or build credit, we’ve got a credit card that suits your needs. That’s why the cashback rate of The Capital One® Mastercard®, exclusively for Costco members for most purchases, is very low: 0.5% to 1%. Eno is at work 24/7, looking out for charges that might surprise you and helping you fix them. Indeed, it didn’t take long for other issuers like BMO, NBCor MBNAto put forward the acceptance of their Mastercard credit cards at Costco! Rounding up the list of the best Costco credit cards is the Capital One Platinum Mastercard which really shouldn’t even be on this list. the acceptance of their Mastercard credit cards at Costco. In 2014, Costco decided to end a 15-year partnership with American Express to marry Capital One, the issuer of The Capital One® Mastercard®, exclusively for Costco members. What is the Capital One® Mastercard®, exclusively for Costco members? Does This Card Make Sense for Your Annual Spending. They weren't exclusive per se as you could use any Mastercard at Costco not just Capital One's. It’s a co-branded, cash back credit card that’s exclusively for Costco members. Terrible customer service.