Let’s Settle The Debate: CIBC Costco Mastercard Vs. TD (Toronto Dominion) First Class Travel VISA Infinite Card
CIBC Costco Mastercard Vs. TD (Toronto Dominion) First Class Travel VISA Infinite Card. Know which one is best for you. Read on to find out.
Source: Freepik
The CIBC Costco Mastercard is the best credit card for Costco in-store shopping. It is only available for all Costco members. You can enrol for membership using Costco.ca
TD First Class Travel VISA Infinite Card is the best credit card for travel bookings. It lets you earn travel points, which you can redeem for travel and travel-related purchases.
Let us explore both these credit cards and compare them.
1. CIBC Costco Mastercard
With CIBC Costco Mastercard, you earn cashback and offer 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 the majority may vary from province to province. |
| 4. | Must have an excellent credit score, preferably over 700. |
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. These are:
| I | II | III |
| 4.99% for 6 months | 5.99% for 12 months | 6.99% for 24 months |
Moreover, you get three different insurances via this card. These are:
| Name of Insurance Policy | Description |
| Mobile Device Insurance | You get coverage of up to $1,000 when you buy or finance your mobile using the credit card It covers repair and replacement expenses |
| Purchase Security and Extended Warranty Insurance | On all eligible purchases, you get purchase security insurance 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 Disability Job loss Critical illness You passed away |
2. TD First Class Travel VISA Infinite Card
With TD First Class Travel VISA Infinite Card, you earn TD Points valid if your account is open and is in good standing. There are no travel blackouts or seat restrictions. You even redeem your points for making purchases at Amazon.ca.
Welcome Offer
If you apply for this credit card up to October 29, 2022, you can earn 100,000 TD points worth $500. It happens in the following way:
- When you make your first purchase using the credit card – you will get a welcome bonus of 20,000 TD Points
- If you spend $1,500 within 90 days of account opening, you get 80,000 TD Points
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 – $60,000 or Household Annual Income – $100,000 |
| 3. | Be a major to get this credit card in your name. This age of the majority may vary from province to province. |
| 4. | Must have an “average to excellent” credit score, preferably over 670 |
2. Annual Fee
- This credit card has a $12 annual fee.
- For the first additional cardholder, you will pay $50 annually. However, the bank will not charge the subsequent cardholders.
*Note that as a part of the exclusive offer, if you apply for the credit card by October 29, 2022, there is no annual fee for the primary and secondary cardholders.
3. Interest Rates
| Nature of Balance | Interest Rate |
| Purchases | 19.99% |
| Cash advances | 22.99% |
4. Earn Rate
This credit card allows you to earn TD Points for every dollar spent using your credit card, explained:
| Eligible Purchases | Reward |
| For travel bookings made via Expedia | 9 TD Points |
| Starbucks | 50% more TD Points |
| On all purchases | 3 TD Points for every $1 |
In the first year, if your average monthly spend is $1,500, you can earn about 154,000 TD Points.
5. Exclusive Benefit
A significant benefit of using this credit card is that it helps you manage your budget and offers flexibility. You can break your purchase of $100 or more and convert it into a 6, 12, or 18-month TD Payment Plan.
You do not have to pay anything towards interest. All you must pay is a Payment Plan Fee in the following manner:
| 6-month | 12-month | 18-month |
| 4% | 6% | 8% |
You get these benefits as well:
| Benefits | Description |
| Everyday Cash Advances | Up to $5,000 |
| Auto Rental Collision/ Loss Damage Insurance | You get coverage for up to 48 consecutive days |
| Travel-insurance Related Benefits | Travel medical insurance Trip Cancellation/Trip Interruption Insurance Common Carrier Travel Accident Insurance Emergency Travel Assistance Services Delayed and Lost Baggage Insurance |
Comparative Analysis
Let us compare some common conditions and features.
| Parameters | CIBC Costco Mastercard | TD First Class Travel VISA Infinite Card |
| Credit Score Required | 700+ | 670+ |
| Income Condition | Personal Annual income – $15,000 Individual Annual Income – $60,000 or Household Annual Income – $100,000 | Personal Annual Income – $60,000 or Household Annual Income – $100,000 |
| Annual Fee | $0 | $12 |
| Interest Rate: Purchases Cash Advances | 19.75% 21.49% | 19.99% 22.99% |
Out of the four parameters mentioned above, there is a tie between the credit cards.
Opinion of ExpertbyArea.Money
When we talk about the CIBC Costco Mastercard, it is more affordable due to zero annual fees and low-interest rates. The “CIBC Pace It Instalment Plans” is also attractive. It offers cashback instead of points, which is more easily relatable.
The TD First Class Travel VISA Infinite Card has an affordable annual fee ($12), and the interest rates it charges are only marginally higher. You can go for this credit card if you can satisfy the income condition.
Evaluate your requirements and perform an analysis. Choose the card that better serves your needs.
