The best cash back credit card in Canada for Costco shoppers (2026)

The best cash back credit card in Canada for a Costco shopper is often two cards, because Costco warehouses take only Mastercard. Our sample budget is $2,000 a month, $700 of it at Costco. On it, the CIBC Costco Mastercard at Costco plus the free BMO CashBack Mastercard for supermarket groceries earned $432 a year, with no fees. Swap BMO for the $120 Scotia Momentum Visa Infinite and the pair earned $468 after the fee; the best single card, the BMO CashBack World Elite, earned $377 after its $139 fee.

Which cash back cards earn the most in Canada?

We applied each card's published rates and caps to the same sample household, then took off the annual fee. Cards Costco doesn't take are paired with the CIBC Costco Mastercard, which covers Costco, its gas bar and any line where it pays more (restaurants, at 3%), since that's how you'd actually use the two.

The ranking moves with your budget. A household that spends more at supermarkets and on bills pushes the Visa Infinite cards up; one that does most of its shopping at Costco makes the CIBC Costco Mastercard hard to beat.

Which cash back cards can you use at Costco?

Only the Mastercards. Canadian Costco warehouses and gas stations take Mastercard as their only credit card, plus debit. Visa works only on Costco.ca, and American Express isn't accepted anywhere at Costco Canada. That's why a card with a strong grocery rate can still be the wrong card for your Costco run:

Grocery bonuses rarely reach Costco: issuers usually code Costco as a wholesale club, not a grocery store, so a "4% on groceries" card earns its base rate there. We explain the merchant codes in does Costco count as grocery spending. American Express cash back cards aren't in our table: Costco Canada doesn't take Amex, and we couldn't confirm Amex's current rates on its own page.

What is the best no-fee cash back card for Costco shoppers?

On its own, the CIBC Costco Mastercard: $336 a year on our budget, thanks to 3% at Costco gas and restaurants, and it doubles as your membership card. The only free card that beat it was the Rogers Red World Elite at $360 (1.5% on everything, 2% with a Rogers, Fido or Shaw service), and it needs $80,000 personal or $150,000 household income.

The better free move is a pair. Keep the Costco card for Costco, its gas bar and restaurants, and add the BMO CashBack Mastercard for supermarket groceries at 3% on the first $500 a statement period. That added $96 a year here. Our two-card guide compares this with a Tangerine pairing. Every $0 card is ranked in the best no annual fee credit cards.

Is a cash back card with an annual fee worth it?

Sometimes. The BMO CashBack World Elite earned $516 before its $139 fee, led by 5% on groceries, and still came out ahead of every free single card. The Scotia Momentum Visa Infinite pays 4% on groceries and recurring payments (up to $25,000 a year), and paired with the Costco card it netted $468 after its $120 fee, $36 more than the free pair.

The test is against the free pair, not the Costco card alone. Scotia earns 1 percentage point more than BMO on groceries and 3 more than the Costco card on bills, so with our mix of the two it covers its $120 fee once groceries and bills pass about $540 a month. A household heavier on bills gets there sooner. Below that, the free pair wins. Fee cards also need more income: $60,000 for the Visa Infinite cards and $80,000 for World Elite.

How did we pick the cards, and what's in the sample budget?

We took each card's rates, caps and fees from its issuer's page: Scotiabank checked October 27, 2026, and the others October 15, 2026, from our card-by-card guides. Caps are applied the way each issuer states them, per statement period or per year. Welcome offers and first-year fee waivers are left out, since they're gone after year one. Bills are counted as phone, internet, utilities and streaming; restaurants exclude food delivery.

Which cash back card should you get?

• Most of your spending is at Costco: the CIBC Costco Mastercard, with no fee. Read what it earns.
• You also spend $300 or more a month at supermarkets: add the free BMO CashBack Mastercard for groceries, or Tangerine if bills matter more.
• Your income is $80,000 or more and you want one card: BMO CashBack World Elite for big grocery bills, Rogers Red World Elite for simplicity.
• Your grocery and bill spending is over about $540 a month and you earn $60,000: a Visa Infinite like Scotia Momentum, with the Costco card for Costco and restaurants.
• You want points instead: see points or cash back.