Capital One Costco MasterCard

Guide to Capital One Costco MasterCard in Canada

The Capital One Costco MasterCard is an outstanding no annual fee cash back credit card that is aimed at Costco members who dine frequently at restaurants and spend a great deal of money on fuel monthly.

The most outstanding feature of this card is the higher rewards on restaurant purchases. Also, it links your Costco membership and your credit card into a single card. The Capital One Costco MasterCard is also among the credit cards in Canada that offer price protection to its holder.

You must be a Costco member to be eligible for this card. If you are not, simply visit a Costco Warehouse close to you to apply for your membership and card. You can also apply online by visiting Costco.ca to become a member.

Your Capital One Costco MasterCard serves as your Costco Membership also. Rewards are only paid once a year, which is the first month of each year; you’ll receive a cashback coupon with your earnings from the previous year.

You can redeem this coupon for cash or almost any item at Costco credit card. You can earn unlimited cashback using your card anywhere MasterCard is accepted. This card also comes with insurance like; warranty, travel, purchase, and price protection insurance. All amounts indicated in this article are in Canadian dollars.

Capital One Costco MasterCard Eligibility

To be eligible for the Capital One Costco MasterCard, you must be:

  • A Canadian citizen or 
  • A permanent resident aged 18 and above
  • Have a Costco membership at the time of application.

Capital One Costco MasterCard Requirement

To apply for a Capital One Costco MasterCard, you’ll be required to provide the following information:

  • Full name
  • Residential address
  • Contact information
  • Social insurance number
  • Date of birth
  • Email address
  • No minimum annual income required

Capital One Costco MasterCard Application Process

You can commence your application for your card online through the Capital One official website. Click on the Capital One Costco MasterCard, exclusively for Costco Members apply now button. Then proceed to carefully read through the Disclosure Statement information and click on “Accept & Continue.”

Complete your application by inputting your details like your name, email address, income details, date of birth, and social insurance. Carefully review your application and submit.

Capital One Costco MasterCard Application Approval

To know your card application status, call 1-877-277-590, and then choose option 3 to know the status of your application. Once your application is processed by Capital One, this process involves checking your credit card application, security funds, and verifying your identity, your card will be sent to you.

Alongside your, MasterCard is a welcome package, which explains your new Capital One Costco MasterCard and terms and conditions.

Capital One Costco MasterCard Activation

To activate your credit card, you’ll need to have both your Costco card and your Capital One Costco MasterCard alongside your authentication code. Note that your authentication code is not sent together with your MasterCard for security purposes.

Once you have the above-mentioned requirement, you can call support on 1-800-945-1000 to choose a PIN. Your Capital One Costco MasterCard will be activated once you have successfully chosen a PIN.

Capital One Costco MasterCard Credit Limit

The credit limit you get is determined by Capital One Costco based on the review of your application. Also, a review of your credit detail from a credit bureau.

Capital One allows you to request a credit limit increase online as often as you want, though you can only be approved once every six months of your request. Bear in mind that your request won’t be granted if you’ve received a credit limit increase or decrease in the last six months.

Features of Capital One Costco MasterCard

This card has so many benefits embedded in this card. Some of its perks include:

Cashback

  • An annual interest rate of 19.75%
  • 3% cash back on restaurants
  • No cash back limit
  • 2% on gas
  • Earn cash back on every other item using MasterCard
  • 1% on every other item

Smart Card

Can be used as your Costco card with your picture at the back

Zero fees

There are no annual fees attach to this card though you’ll be required to pay your annual Costco membership fee of $60.

Customize Alerts

You can set up reminders to alert you on several things like when your payment is due, when you’re reaching your credit limit and when your account statement is ready.

Insurance Coverage

  • Price protection 

This is for goods up to $100 per item and $500 per year purchased using your Capital One Costco MasterCard that decreases in price within 60 days

  • Extended Warranty coverage 

This is for purchases up to two year 

  • Purchase protection

This is against theft or damage up to 120 days.

  • Travel/accident insurance up to $250,000
  • Car rental coverage, which covers collision/loss damage waiver
  • Baggage delay insurance up to $300

Anti-fraud protection

With the MasterCard Zero Liability Protection feature, you can safeguard your account from any fraudulent activity.

Capital One Costco MasterCard Cashback Redemption 

You’ll be mailed your cashback coupon at the beginning of the year. Bear in mind that as long as your account is eligible when your annual cashback is calculated, you will surely receive your cashback coupon.

Your account is eligible once it is open and in good standing. This means that your account must not pass its due date, no fraudulent activity, and bankruptcy or restricted. Once you get your cashback coupon, you can redeem it at any Costco warehouse in Canada. 

You can use your cash back at any Costco outlet since they now accept MasterCard. This simply means you can put all Costco purchases on your Capital One Costco MasterCard. You can also put your gas bill on your card since Costco fuel offer 2% cashback and they have the lowest fuel prices compared to other merchants.

Capital One Costco MasterCard Payment Process

There are several ways to make your Capital One Costco MasterCard payment. They include:

Online Payment

You can make your payment via your bank online or by phone. To pay your balance, log in to your bank online banking site, add ”Capital One Costco MasterCard” as a new payee to your payee list, then proceed to make your payment.

Bear in mind that your payment will take 2-3 business days to be posted to your account.

By Mail

You can mail in your payment directly to Capital One Customer Service. Envelope your cheque in the envelope provided with your mailed account statement. Avoid sending in cash via mail or stapling your cheque to the remittance form.

When mailing in your cheque, send it some days before your due date so it does not get in late. Ensure to write down your 16-digit account number on your cheque.

AutoPay

This is an automated service that makes timely payment of your balance as pre-set by you on your account. To activate AutoPay on your account, log in to Capital One Banking account. If you don’t have an account you can Sign up here.

Click on the “Set up Auto Pay” button, then enter your banking information. Click on continue; select how much you want to be automatically debited from your account monthly. Select either “Minimum Payment” or “Full Payment”, then click on “continue”. Carefully review your information and click on “submit” to enroll.

You can also pay with a debit card; you can automate your payment online or by contacting the customer service department at 800-227-4825. Online payment is the best because you can schedule three payments on a roll at once.

Disputing a Transaction

You can dispute any transaction you didn’t authenticate on your account by following these simple steps:

  • Log in to your online banking site
  • Click on “View Account”

Search for the transaction you’ll like to dispute. Note that pending transactions cannot be disputed. Click on the transaction to retrieve more details on it, and then click on the “Report a Problem” link. If the transaction you’ll like to dispute is older than 90 days or can’t be found, contact the fraud solution department on 1-866-381-0447.

If you purchase a bad good or you are not pleased with, you can return it for a full refund. Note that you must tick the following boxes for your money to be refunded:

  • You must have a Costco receipt
  • Goods must be in the original packaging
  • Must return within 30 days of purchase

Stolen/lost Capital One Costco MasterCard

Report immediately if you notice your Capital One Costco MasterCard is missing. You can report a lost/stolen card in the following ways:

Contact Support

Contact Capital One Costco support immediately on the toll-free number – 1-800-723-3500.

Report Online

Log in to your Capital One online banking account, and click on the “View Account” button. Navigate your way through to “More Account Services, “then select “Report Fraud”. Follow the on-screen instruction to complete your report.

Capital One Costco MasterCard Authorized User

You can add an authorized user to your account; this user can make charges on your account but does not have any financial responsibility for the account. Bear in mind that your authorized user must also be a Costco member.

Adding an authorized user incurs no extra charges when you apply for your Capital One Costco MasterCard or after your application gets approved.

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