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Costco Canada strikes credit card deal with CIBC

New agreement will offer cardholders rewards for shopping with the retail both in-store and online

CIBC has signed a deal to acquire the Canadian Costco credit card portfolio and become the exclusive issuer of Costco Mastercards in Canada.

Financial terms of the agreement were not immediately available.

CIBC says the credit card portfolio has more than $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 as well as serve as a Costco membership card.

Costco has more than 100 warehouses across Canada.

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