Costco Canada has it’s own Capital One MasterCard. The question is, should you, as a Costco member have this card? And yes, I believe you should. However, my reasoning may surprise you in my Costco Capital One MasterCard Review.
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Costco Capital One MasterCard Benefits
- No annual fee – Generally speaking, unless you’re spending over $50,000 a year, “no fee cash back” cards like this one, provide great value.
- 3% cash back on restaurant purchases – Pretty good. However, the Simpli Visa card gives 4% cash back on restaurant purchases.
- 2% cash back on all gasoline purchases – That’s right, 2% cash back, even at non-Costco stations.
- Up to 1% cash back on all other purchases – Quite frankly, this is the least impressive benefit. First of all, your first $2,5000 in annual purchases is only .5%. After that, it becomes 1%. There are other annual no fee cash back cards that offer a higher %. For example, my Rogers World Elite MasterCard gives me 1.75% on any purchase.
If you would like to learn more about my favourite credit cards, check out my Best Canadian Credit Cards post here.
OK, so after all of that, why do I think you should have this card? Because it makes buying Costco gas, super fast and super easy!
Costco almost always has the best posted gas prices and with this card you’ll get 2% on top of that. In addition, you’re already at Costco, so it’s not like you are going out of your way to buy gas. Finally, the kicker…. The card is tied to your membership and supports the “Tap & Go” feature. In other words, by simply waving the card over the pump, the purchase process is automatic.
Perhaps this doesn’t sound like a big deal. Compare it to the regular procedure using a different card. First, insert a payment card into the reader. Then enter your PIN. Remove the card. Now enter in your Costco Member number. Wait some more. Now you can start. Of course that’s assuming you haven’t had a mis-step and have to restart the process all over again.
Your Honor, I rest my case!
My Cash Back Coupon Reward
Yeah, I know you’re probably jealous by the extremely large amount! OK…. maybe not…. 😉 As I mentioned earlier, I only use the Capital One card for gas, and nothing else. Secondly, I drive a small car, and I don’t drive a lot. Still, $20 is $20! That’s 13.3 Costco Hot Dogs! 😉 I’m rich!
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