RBC ION+ Visa vs CIBC Costco Mastercard: Which one is better?
CIBC Costco Mastercard
3.4
RECOMMENDED CREDIT SCORE
Rewards Breakdown
Annual Rewards
$418.24
RBC ION Avion
Welcome Bonus
$70
RBC ION Avion
Annual Fee
$48
First Year Value
$440.24
$370.24 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$347.33
Welcome Bonus
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Purchase Protection
90 days
Extended Warranty
Up to a year
Mobile Device Insurance
$1,000
Insurance Included
Purchase Protection
90 daysExtended Warranty
Up to a yearMobile Device Insurance
$1,000
Extra Benefits
Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall
Extra Benefits
N/A
Interest Rates
Purchase:
20.99%
Cash Advance:
22.99%
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Annual Fee
$48
Annual Fee
$0
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Welcome Bonus
Get 12,000 Avion points upon approval
Welcome Bonus
N/A
Rewards Rate
- 3 points for every dollar in Grocery, Dining, Food Delivery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions Purchases
- 1 point for everything else
Rewards Rate
- 3% cashback on Restaurants and CostcoGas
- 2% cashback on Costco.ca purchases (Max $160 yearly)
- 2% cashback on Gas (Max $100 yearly)
- 1% on everything else
Loyalty Program
Loyalty Program
N/A
Point Redemption Options
Most Optimal
Transfer to WestJet
1¢ / point
Travel
0.6¢ / point
Financial Products
0.83¢ / point
Gift Cards
0.72¢ / point
Merchandise
0.7¢ / point
Statement Credits
0.58¢ / point
Point Redemption Options
Not Applicable
Is this card worth it?
This card is not by any means one of our favorite cards. For an annual fee it offers almost no notable benefits, with many no annual fee credit cards offering much more. The points earned are fine, but given the inflexibility of ION Avion points, it's very hard to get good value for the points earned, and it's much easier to earn more and do the same with some other credit card reward programs.
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros
- Insurance coverage is very little for a card with annual fee. There are cards with no annual fee that offer even better benefits.
- Avion reward points are generally not very flexible and not as valuable if not used for WestJet travel; therefore, if that's not your plan, there are many better cards that can be used.
- The annual fee isn't justifiable based on the reward program this card offers.
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Cons
- Bonus saving of 3 cents per liter on gas at Petro-Canada stations.
- 12,000 avion points welcome bonus.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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