CIBC Costco Mastercard vs. TD (Toronto Dominion) First Class Travel VISA Infinite Card

CIBC Costco Mastercard vs. TD First Class Travel VISA Infinite Card

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

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.

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