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

The BMO Student 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 Student 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 Student CashBack Mastercard wins by $261/yr — strongest in groceries

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

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

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

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

Showing Year 1 analysis

Dollar Value

Winner

$487

/first year

1.2% effective$41/mo

vs 1% no-fee card: +$68

Annual rewards earned+$517

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 Student CashBack Mastercard—$487Year 1 value

+$261 more than CIBC Costco Mastercard

Scroll down for the full breakdown

Earn Rates by Category

Wallet Optimizer

Neither card currently offers a welcome bonus.

Downgrade

Coming soon

The Bottom Line

BMO Student CashBack Mastercard wins by $261/yr — strongest in groceries

BMO Student 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 Student 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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