Let’s Get Over Your Dilemma Of Choosing Between CIBC Costco Mastercard And President’s Choice Financial World Elite Mastercard
CIBC Costco Mastercard Or President’s Choice Financial World Elite Mastercard? Read this blog to find out which one is best for you.
Source: Freepik
CIBC Costco Mastercard is the go-to credit card for Costco in-store shopping, exclusive for all Costco members. You can enroll for membership using Costco.ca.
We will compare it with President’s Choice Financial World Elite Mastercard is the best credit card for Loblaw’s in-store shopping. In 2021, RATESDOTCA considered this credit card the best for gas + Groceries.
Let us explore both these credit cards and compare them.
1. CIBC Costco Mastercard
The CIBC Costco Mastercard lets you earn cashback. Loaded with several security features, you get fraud alerts, credit report alerts, and all the spend alerts. Besides, you can easily activate a new or replacement card, block a card, or report it stolen using the CIBC Mobile Banking App.
Welcome offer
You get a welcome bonus of $20 on your credit card statement. To avail of this benefit, you need to complete these steps before December 31, 2022:
- Make at least one purchase with your newly activated card
and
- Register with the CIBC Mobile Banking App or CIBC Online Banking
Let us evaluate this credit card and make you aware of its various conditions and features.
1. Eligibility
| Eligibility Requirements | |
| 1. | You must be a resident of Canada. |
| 2. | To qualify for this credit card, you need to satisfy the following minimum income requirements: Personal Annual income – $15,000 Individual Annual Income – $60,000 or Household Annual Income – $100,000 |
| 3. | Be a major to get this credit card in your name. This age of majority may vary from province to province. |
| 4. | An excellent credit score, preferably more than 700, is all you need. |
2. Annual Fee
- This credit card has no annual fee.
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 19.75% |
| Cash advances | 21.49% |
4. Earn Rate
This credit card allows you to earn unlimited cash back on purchases made via your credit card explained:
| Eligible Purchases | Cashback |
| Costco Gas and Restaurants | 3% |
| Non-Costco Gas stations and Costco.ca | 2% |
| On all other purchases | 1% |
5. Exclusive Benefit
A significant benefit of using this credit card is that it offers you – CIBC Pace It Instalment Plans, which apply to all Costco purchases.
Using it, you can spread your large purchases at low-interest rate plans:
| I | II | III |
| 4.99% for 6 months | 5.99% for 12 months | 6.99% for 24 months |
You get three different insurances via this card:
| Name of Insurance Policy | Description |
| Mobile Device Insurance | 1. You get coverage of up to $1,000 when you buy or finance your mobile using the credit card 2. It covers Repair and replacement expenses |
| Purchase Security and Extended Warranty Insurance | 1. On all eligible purchases, you get purchase security insurance 2. Also, your warranty gets extended up to 1 year |
| CIBC Payment Protector Insurance for Credit Cards (optional) | It covers your family for credit card dues in case of unforeseen events, such as Inability to work due to 1. Inability to work due to disability 2. Job loss 3. Critical illness 4. You passed away |
2. President’s Choice Financial World Elite Mastercard
Considered the best credit card for Gas + Groceries, this credit card lets you earn PC Optimum points to redeem at over 4,500 locations across Canada.
Welcome, Offer – You can earn 100,000 points worth $100 as a part of the welcome offer.
Let us evaluate this credit card and make you aware of its various conditions and features.
1. Eligibility
| Eligibility Requirements | |
| 1. | You must be a resident of Canada. |
| 2. | To qualify for this credit card, you need to satisfy the following minimum income requirements: Personal Annual income – $80,000 or Household Annual Income – $150,000 |
| 3. | Be a major to get this credit card in your name. This age of majority may vary from province to province. |
| 4. | Must have a credit score between “good to excellent” between “700 and 850”. |
2. Annual Fee
- This credit card has no annual fee.
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 20.97% |
| Cash advances | 22.97% |
The interest-free grace period offered by this credit card is 21 days. You get this on all new purchases.
4. Earn Rate
This credit card allows you to earn PC Optimum points on purchases made via your credit card, explained how:
| Eligible Purchases | Cashback |
| Grocery Stores |  |
| Travel, Medicine, and Gas |  |
| On all other purchases |  |
5. Exclusive Benefit
Using this credit card can offer you four exclusive benefits. These are:
| Benefits | Description |
| Travel Emergency Medical Insurance | They cover trips up to 10 days of departure are covered for everyone under 65 years |
| Car Rental Collision/ Loss Damage Waiver Insurance | If your rental car is stolen or damaged, you get coverage for up to 31 consecutive days |
| Identity Theft Assistant Service | You can get free information from legal experts in cases of identity theft |
| Concierge Service | You get the concierge services, which are provided by the ASCI (Assurant Services Canada Inc.) |
Comparative Analysis
Let us compare some common conditions and features.
| Parameters | CIBC Costco Mastercard | President’s Choice Financial World Elite Mastercard |
| Credit Score Required | 750+ | 700+ |
| Income Condition | Personal Annual income – $15,000 Individual Annual Income – $60,000 or Household Annual Income – $100,000 | Personal Annual income – $80,000 or Household Annual Income – $150,000 |
| Annual Fee | $0 | $0 |
| Interest Rate: Purchases Cash Advances | 19.75% 21.49% | 20.97% 22.97% |
Out of the four parameters mentioned above, the CIBC Costco Mastercard scores higher in three benefits.
Opinion of ExpertbyArea.Money
The President’s Choice Financial World Elite Mastercard is an elite card. It has higher income requirements. The interest rates of this card are also comparatively higher. You can consider this credit card only for its exclusive benefits.
When we talk about the CIBC Costco Mastercard, it is more affordable due to low-income requirements and interest rates. The “CIBC Pace It Instalment Plans” is also attractive. It offers cashback instead of points, which is more easily relatable.
Evaluate your requirements and perform an analysis. Choose the card that better serves your needs.
