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Burnaby Costco shoppers to deal with new credit card company

The kind of payment method available to Costco shoppers is often a bone of contention for those who don’t use certain credit cards. Now, Burnaby shoppers will have a new bank managing the credit card portfolio.
Costco lineup
Roughly 40 shoppers stand outside a Costco to stock up on supplies.

The kind of payment method available to Costco shoppers is often a bone of contention for those who don’t use certain credit cards.

Now, Burnaby shoppers will have a new bank managing the credit card portfolio.

CIBC has signed a deal to acquire the Canadian Costco credit card portfolio and become the exclusive issuer of Costco Mastercards in Canada, including both Burnaby locations – at Still Creek and on Brighton.

Financial terms of the agreement were not immediately available.

CIBC says the credit card portfolio has over $3 billion in outstanding balances.

The bank says existing Capital One Costco Mastercard cardholders can continue to use their current card until they receive their new CIBC Costco Mastercard, expected early next year.

The new CIBC Costco Mastercard will offer rewards for shopping at Canadian Costco warehouses and Costco.ca as well as serve as a Costco membership card.

Costco has more than 100 warehouses across Canada.

The warehouse giant Costco has previously rolled out a new home delivery service that allows Burnaby shoppers to pick through the food retailers' oversized shelves with the click of a button. 

The new service was launched with the online food delivery platform Instacart, meaning you don’t need a Costco membership to have many of the stores' products delivered to your door, according to a press release.

Since the beginning of the pandemic, Costco has been limiting the number of shoppers inside, leading to long lineups in the parking lots of the outlets in the Brighton and Still Creek areas.

Costco Canada has also created a new Canadian member-only site, which provides member benefits and same-day delivery, also through Instacart.

Instacart said residents in Burnaby are among the 70% of Canadian households it delivers to, according to the press release.

  • With reporting by the Canadian Press