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
No annual fee
Annual Interest Rate: 19.75%
Platinum MasterCard Benefits
Travel Accident Insurance
Baggage Delay Insurance
Car Rental Collision / Loss Damage Waiver
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.
For further information:
Andrew Clarke 416-549-2930