Which card is better for groceries, BMO CashBack Mastercard or CIBC Costco Mastercard?

The BMO CashBack Mastercard earns 3% on groceries, while the CIBC Costco Mastercard earns 0.5%. The better choice depends on your grocery spending and the specific merchants you shop at.

BMO CashBack Mastercard vs CIBC Costco Mastercard — Which Is Better? | Churnr

Header Quick Take Value Earn Rates Merchants Wallet Bonus FX Benefits Eligibility Perks Downgrade Verdict

BMO CashBack Mastercard wins by $266/yr — strongest in groceries

BMO CashBack Mastercard earns $320 more on groceries
CIBC Costco Mastercard earns $83 more on dining & restaurants

Groceries: +$320Dining & Restaurants: +$83Bills & Utilities: +$24

BMO CashBack Mastercard: $30/yr in foreign transaction fees

CIBC Costco Mastercard: $30/yr in foreign transaction fees

Showing Year 1 analysis

Dollar Value

Winner

$492

/first year

1.2% effective$41/mo

vs 1% no-fee card: +$73

Annual rewards earned+$517

Welcome bonus+$5

FX costs−$30

Annual fee−$0

$226

/first year

0.5% effective$19/mo

vs 1% no-fee card: −$193

Annual rewards earned+$256

FX costs−$30

Annual fee−$0

Best for your spendingBMO CashBack Mastercard—$492Year 1 value

+$266 more than CIBC Costco Mastercard

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The Bottom Line

BMO CashBack Mastercard wins by $266/yr — strongest in groceries

BMO CashBack Mastercard earns $320 more on groceries
CIBC Costco Mastercard earns $83 more on dining & restaurants

Groceries: +$320Dining & Restaurants: +$83Bills & Utilities: +$24

Showing Year 1 analysis

BMO CashBack Mastercard wins in both Year 1 and Year 2+ — consistent long-term value.

Data Sources

Issuer terms & conditions (verified Feb 2026)

Merchant MCC verification (239 merchants)

Insurance certificates (PDF review)

Reward program documentation

User-reported acceptance data

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