New agreement to make Capital One the exclusive issuer of the Costco co-brand credit card in Canada
TORONTO, Oct. 1, 2014 /CNW/ - Capital One Financial Corporation (NYSE: COF) announced today that its Canadian bank branch will now be the exclusive credit card issuer for Costco Wholesale Canada Ltd. This new relationship reinforces Capital One's commitment to building its retail co-brand credit card business.
All new and existing Costco members will have an opportunity to apply for the new Capital One Platinum MasterCard, which is exclusive to Costco members.
This new, no-annual-fee credit card, which doubles as a Costco membership card, lets cardholders earn cash rewards on all purchases made inside and outside of Costco. There's no limit to the amount cash back cardholders can earn, and as an added extra bonus, cardholders can earn double cash back for the first three months. Rewards can be redeemed for quality, brand-name merchandise or for cash at Costco.
"We have always believed that success comes from working with outstanding companies that share our motivation to deliver great value, loyalty and an exceptional customer experience," said Shane Holdaway, President of Capital One Canada. "Our relationship with Costco and the new Capital One Platinum MasterCard represent that philosophy perfectly and aligns with our vision to continue growing our credit card portfolio in Canada."
The new Capital One Platinum MasterCard will enable cardholders to earn cash back virtually everywhere, including Costco Wholesale locations across Canada. The rewards and benefits of the new card include:
- Doubles as your Costco membership card
- Cash Back Earned:
- 3% on restaurant purchases
- 2% on gas purchases
- 0.5% on the first $3,000 you spend annually on all other purchases, and 1% after that, and there's no limit on how much you can earn
- Plus, double cash back for first three months on up to $1500 in combined purchases at restaurants and gas stations and up to $8500 on all other purchases
- No annual fee
- Annual Interest Rate: 19.75%
- Platinum MasterCard Benefits
- Travel Accident Insurance
- Baggage Delay Insurance
- Car Rental Collision / Loss Damage Waiver
- Travel Assistance
- Purchase Insurance, Price Protection and Extended Warranty
- Zero Liability for unauthorized use of your card
- MasterCard Global Services
"MasterCard's credit card footprint is unmatched in Canada and this relationship means Costco members will be able to use any MasterCard in their wallet at the checkout counter. This is a huge opportunity for MasterCard and Costco to increase membership, offer more value, better benefits and increased savings for cardholders and members," said Betty K. DeVita, President, MasterCard Canada.
This new relationship with Costco marks Capital One's fourth co-brand credit card in Canada, which includes: Hudson's Bay Company (HBC), IHG (InterContinental Hotels Group) and Delta Air Lines.
About Capital One
With offices in Toronto and Montreal, Capital One has offered Canadian consumers a range of competitive MasterCard credit cards since 1996, and now includes the Aspire suite of rewards cards which are regularly cited by leading rewards experts for the great value they offer consumers. Capital One Bank (Canada Branch) is an authorized foreign bank branch of Capital One Bank (USA), N.A, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF).
SOURCE: Capital One Services, Inc.