When it comes to selecting a credit card that caters to your shopping needs, the CIBC Costco Mastercard and Walmart credit card emerge as two enticing options. These credit cards offer a range of benefits and exclusive features that can elevate your shopping experience while maximizing your savings potential. Nevertheless, it is crucial to be well-informed about their limitations and drawbacks before making a final decision.
In this comprehensive article, we will meticulously examine the key features, credit score prerequisites, rewards programs, and more associated with the CIBC Costco Mastercard and the Walmart credit card.
By the end of this article, you will have a clear understanding of which credit card best suits your shopping needs and financial goals. So, let’s delve into a detailed exploration of the CIBC Costco Mastercard and the Walmart credit card.
This comparison will cover six major factors, making it easier for you to decide between these two credit cards. These factors include:
- Reward programs
- Interest rates
- Membership requirements
- Minimum Annual Income
- Other added benefits
Each of these charges specific fees you must be aware of before making a choice
CIBC Costco Mastercard fees
- Annual Fee: No annual fees with this card.
- Foreign Transaction Fees: No fees are charged for foreign transactions outside of Canada
- Balance Transfer Fees: The cards charge a fee of 1% of the balance transfer amount
- Overlimit Fee: There is an over-limit fee of $29 if your account balance exceeds the credit limit assigned to your card.
Walmart credit card fees
- Annual Fee: No annual fees charged to maintain this card
- Balance Transfer Fee: You will be charged 3% of the balance transfer amount.
- Foreign Transaction Fees: Walmart credit card doesn’t charge fees on transactions made outside of Canada.
- Overlimit Fee: Walmart Credit Card does not have over-limit fees. However, you will be charged $25 if your outstanding balance at the close of a billing period exceeds your credit limit. Also, late payment fees up to $39.
Reward programs are another crucial factor you must consider when choosing between these credit cards. These rewards will affect the cash you will save on the different purchases you make.
CIBC Costco Mastercard Rewards
Costco Mastercard offers several cashback rewards programs. These include the following:
- 3% cashback at restaurants and Costco gas,
- 2% cash back at other gas stations and at Costco.ca, and
- 1% on all other purchases, including at Costco.
You can redeem your cashback gift certificate at any Costco warehouse in Canada. It is important to note that the credit card account must be in Good Standing and the Primary Cardholder’s Costco membership must also be active on Dec. 31 to be eligible to receive a Cash Back Gift Certificate for rewards earned in that year.
Walmart Credit Card Rewards
The Walmart credit card also provides several cashback rewards which include:
- 5% cash back on delivery or pickup purchases made through Walmart.com or the Walmart mobile app
- 2% cash back in Walmart stores, fuel stations, dining and travel purchases & gift cards at Walmart (online, app, Walmart Pay or in stores)
- 1% cash everywhere else Mastercard is accepted
- Welcome bonus of up to $25
Each of these credit cards has insurance packages that could come in handy whenever you’re in a situation where you can take full advantage of them.
CIBC Costco Mastercard insurance options
With CIBC Costco Mastercard, you will get the following insurance coverages:
- Purchase Security protection (up to 90 days from purchase date) in the event of loss, theft or damage of qualified purchases charged on your MasterCard.
- Extended warranty insurance for up to one additional year
- Mobile device insurance up to $1,000 per occurrence, per insured individual. The full purchase price and any upfront payment should be charged to your card
Walmart Credit Card insurance options
With the Walmart credit card, you will get the following insurance coverages:
- Fraud liability protection; and
- Zero liability for unauthorized charges and travel insurance packages, including trip cancellations, interruptions, and any emergency medical costs during your trip.
Interest affects how much you will pay each year for the purchases made or the cash advance you get from the credit card. These rates can affect the overall cost of owning a credit card.
CIBC Costco Mastercard Interest Rates
CIBC Costco Mastercard charges an annual interest rate of 19.75% on purchases and 21.49% on cash advances.
Walmart Credit Card Interest Rates
Walmart Credit Card charges a variable interest of 17.99% or 29.49% on purchases, depending on your creditworthiness. They also charge a cash advance APR of 29.49%, which may vary depending on the market condition.
Before getting any of these two credit cards, there are specific requirements that you need to know about before applying.
CIBC Costco Mastercard Membership
You are required to apply for the CIBC Costco Mastercard, and you must be a Costco member. However, you will need to have an estimated Credit Score of 760 – 900, which is relatively high for most people. This MasterCard also requires a minimum personal Income of $15,000
Walmart Credit Card Membership
On the hand, the Walmart credit card is available to all customers, regardless of membership. However, you will need a credit score of at least 640 to have a chance of getting this card. Walmart credit also doesn’t have minimum income requirements to qualify for the card.
Minimum Annual Income Requirements
A requirement to provide evidence of earning income at a certain level can be a big stumbling block especially if the requirements are high. You should equip yourself with this knowledge before you embark on the application process for any of the cards.
CIBC Costco Mastercard Income
For you to be eligible for this card, you would be required to earn at least $15,000 personal income.
Walmart Credit Card Income
No major minimum income requirement. However, Walmart might require that your monthly income (disclosed total annual income divided by 12) should exceed monthly rent/mortgage payment by at least $425.
Other Added Benefits
These are some of the other benefits you will get when you choose each of these credit cards.
CIBC Costco Mastercard other benefits
- Discounts on car rentals: You will enjoy several discounts on car rentals from participating car rental companies.
- Special offers from partner merchants: You will also get exclusive deals and special offers from select partner merchants, saving you more cash on purchases.
- Authorized users options: CIBC Costco Mastercard allows cardholders to add authorized users to their accounts. This can come in handy, especially if you have family members or other entrusted individuals whom you would love to share your card with.
- Convert eligible card transactions to monthly installments through the CIBC Pace it Installment plans: You can choose your desired payment terms (in months) and the corresponding annual interest rate. Once you accept the Installment Plan Terms and Conditions and the installment plan is created, you can cancel it at any time but you cannot change it
- Include up to three additional cardholders
Walmart Credit Card other benefits
- Special financing options: With the Walmart Credit Card, you will get access to special financing options, including promotional financing offers for specific purchases. However, these offers are subject to credit approval.
- Online account management: Cardholders also have the option of managing their Walmart Credit Card account online. This allows them the convenience of accessing statements, payments, and other account-related services on their devices whenever they wish to.
In conclusion, making a decision between the CIBC Costco Mastercard and Walmart credit cards requires thoughtful consideration of their respective strengths and weaknesses. The CIBC Costco Mastercard distinguishes itself by eliminating annual and foreign transaction fees while offering an enticing cashback rewards program tailored for dining and gas purchases. Moreover, the card grants additional benefits such as discounts on car rentals and exclusive offers from partner merchants.
Conversely, the Walmart credit card also waives annual fees and presents more appealing cashback rewards, particularly for transactions conducted on Walmart.com and at Walmart stores and fuel stations. Furthermore, it boasts a relatively lower minimum credit score requirement and no specific minimum income prerequisites. Nevertheless, it imposes a significantly higher balance transfer fee, which might dissuade certain individuals.
Ultimately, the choice between these two credit cards hinges on personal preferences and spending habits. If you frequent Costco and prioritize a card free from foreign transaction fees, the CIBC Costco Mastercard might suit you better. Conversely, if Walmart serves as your go-to shopping destination and you value the convenience of online account management, the Walmart credit card could be the more suitable option for you.
Frequently Asked Questions
Your credit card is also your Costco membership card with all membership details on the back
CIBC Pace It Installment Plans allow eligible cardholders to convert eligible card transaction(s) to monthly installment payments (including interest) over a fixed period of time.
When you create an Installment Plan you will have the ability to choose the payment term (in months) with a corresponding annual interest rate. Once you accept the Installment Plan Terms and Conditions and the installment plan is created, you can cancel it at any time but you cannot change it.