CIBC becomes the exclusive credit card issuer for Costco Mastercards in Canada and acquires existing Costco Canadian credit card portfolio

On September 2, 2021, CIBC announced that it signed a long-term agreement to become the exclusive issuer of Costco Mastercards in Canada and that it would also acquire the existing Canadian Costco credit card portfolio, with over C$3 billion in outstanding balances.

The CIBC Costco Mastercard® launched in early March 2022, at which time existing eligible Costco Mastercard co-branded credit card accounts were converted to CIBC and CIBC began issuing new cards to the converted portfolio, as well as taking new applications both online and in Costco Canada warehouses.

Further information can be found on Canada Newswire’s website.

CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients.

Costco Wholesale is a multi-billion dollar global retailer with warehouse club operations in eleven countries and operates 813 warehouses worldwide with 105 warehouses across Canada.

Mastercard is a global technology company in the payments industry.