Monday, October 6, 2025

Latest

CIBC to Take Over Costco’s Canadian Credit Card Division in Effort to Bolster Revenue Sources

CIBC has agreed to take over Costco’s Canadian credit card business, as major Canadian banks search for more sources of revenue amid a decline in consumer borrowing during the Covid-19 pandemic.

According to a statement from CIBC seen by Bloomberg, the bank will purchase Costco’s portfolio of Capital One Mastercards, which have a combined total of $3 billion in outstanding balances. Although the terms of the deal were not disclosed, the change is expected to come into effect early next year.

The latest move comes as major Canadian banks look for more income streams due to low revenues from credit card balances. Canadians’ spending habits significantly shifted during the Covid-19 pandemic, as consumers refrained from taking on significant loans, especially credit card debt. Meanwhile, an increasing number of consumers are reverting to other payment programs for large purchases, such as services allowing them to divide their payments into smaller instalments.

Despite the reopening of the economy and the resumption of indoor dining and increased demand for travel and leisure shopping, Canada’s big six banks have yet to note a rebound in credit card activity to pre-pandemic levels.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Bulk Snacks to Bullion: Costco Rakes in Millions Selling Gold Bars and Silver Coins

Costco (NASDAQ: COST) is striking gold with its latest venture into precious metals. According to...

Wednesday, April 10, 2024, 12:47:32 PM

Betting the Bail Money Pt. 1: Retail Grocery

Gold broke through its floor at $1564 last week, indicating that the market doesn’t yet...

Monday, March 23, 2020, 09:20:12 AM

CIBC Q2 2025 Profit Slides 8% QoQ as Credit Losses Jump to $605M

CIBC (TSX: CM) reported its Q2 2025, with a revenue jump of 14% YoY to $7.0...

Friday, May 30, 2025, 10:03:00 AM

Costco Reports 16.3% Net Sales Growth In Fiscal Q3 2022, Reiterates Hotdog Price Remains At US$1.50

Costco Wholesale (Nasdaq: COST) announced on Thursday its financials for fiscal Q3 2022 ended May 8,...

Friday, May 27, 2022, 10:58:00 AM

Costco Begins Selling Silver Following Success With Gold

Costco (NASDAQ: COST) has expanded its precious metals offerings. Known for its successful venture into...

Sunday, March 10, 2024, 07:41:00 AM