Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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Shares of Canada’s big banks have been soaring since the start of the summer, pushed higher by steady growth in residential mortgage lending. So much so that the eight-company S&P/TSX Canadian Banks Composite Index hit a record high recently, more than doubling the gain of the broad benchmark.... More »
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CTV NewsTSX, Wall Street pull back amid new US jobs figuresCTV NewsTORONTO -- North American stock markets weakened on Friday as traders soured to the latest U.S. jobs figures, and the Nasdaq was hammered on falling technology stocks. The S&P/TSX composite index closed 9.11 points lower to 14,39.... More »
Is Your Credit Score Mortgage Ready? + MORE Jun 5th
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The best student credit cards in Canada for 2023 Sep 13th
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The best student credit cards in Canada for 2023
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CMHC Q1 Report Calls for Housing Market Slowdown + MORE Feb 10th
At the beginning of February, the Canada Mortgage and Housing Corporation released its first-quarter Housing Market Outlook report. The Crown agency’s updated national forecast predicts a stable to slightly declining housing market for this year and into 2016, a finding that’s echoed by economi.... More »
Aeroplan Credit Cards: TD, CIBC and Aimia Reach Agreement
– ratesupermarket.ca
A three-way deal has been reached regarding the future of Aeroplan rewards credit cards in Canada. Aimia, the owner of the Aeroplan program, TD and CIBC have hashed out an agreement to split existing consumers in what will total a $312.5-million deal.
TD will receive roughly half of CIBC’s current Aerogold Visa clients – about 550,000 cardholders, representing $3 billion in outstanding balances. Transferred customers will be made up of mostly credit card only-clients; CIBC will hang on to its cardholders with “broader relationships” such as bank accounts and mortgages.
As part of the agreement, CIBC will retain the right to issue Aeroplan credit cards and products, while TD will become the official providing partner of Aimia for a 10-year term, to commence when CIBC’s current agreement expires on December 31. TD is paying $200 million upfront to CIBC, followed by three years of $37.5-million annual payments.
What Does This Mean For Current Cardholders?
CIBC clients have been waiting with uncertainty all summer as the big banks hashed out the legalities…
TD to acquire half of CIBC’s Aeroplan credit card portfolio
– moneysense.ca
TD plans to acquire roughly half of CIBC’s existing Aeroplan credit card portfolio, the banks and Aimia Inc. said Monday. The announcement was made to clarify an earlier deal inked between TD and Aimia that will see TD become Aimia’s official Aeroplan travel rewards loyalty program sponsor for the next 10 years starting January 2014.
So what’s this mean for existing CIBC Aeroplan Visa branded cardholders? Nothing, for now. Cardholders can continue using their existing cards and will carry on earning miles for the rest of this year and through next year. Chances are cardholders without banking ties to CIBC beyond the Aeroplan credit card will get transitioned over to a TD Aeroplan branded credit card eventually however.
“TD and CIBC will communicate directly to cardholders about next steps very soon, to make the transition a smooth and comfortable experience,” the banks said in a joint release.
For more on the switch, head over to Canadian Business.
The post TD to acquire half of CIBC’s Aeroplan credit card portfolio appeared first on MoneySense.
So what’s this mean for existing CIBC Aeroplan Visa branded cardholders? Nothing, for now. Cardholders can continue using their existing cards and will carry on earning miles for the rest of this year and through next year. Chances are cardholders without banking ties to CIBC beyond the Aeroplan credit card will get transitioned over to a TD Aeroplan branded credit card eventually however.
“TD and CIBC will communicate directly to cardholders about next steps very soon, to make the transition a smooth and comfortable experience,” the banks said in a joint release.
For more on the switch, head over to Canadian Business.
The post TD to acquire half of CIBC’s Aeroplan credit card portfolio appeared first on MoneySense.
Aeroplan Credit Cards: TD, CIBC and Aimia Reach Agreement
– ratesupermarket.ca
A three-way deal has been reached regarding the future of Aeroplan rewards credit cards in Canada. Aimia, the owner of the Aeroplan program, TD and CIBC have hashed out an agreement to split existing consumers in what will total a $312.5-million deal.
TD will receive roughly half of CIBC’s current Aerogold Visa clients – about 550,000 cardholders, representing $3 billion in outstanding balances. Transferred customers will be made up of mostly credit card only-clients; CIBC will hang on to its cardholders with “broader relationships” such as bank accounts and mortgages.
As part of the agreement, CIBC will retain the right to issue Aeroplan credit cards and products, while TD will become the official providing partner of Aimia for a 10-year term, to commence when CIBC’s current agreement expires on December 31. TD is paying $200 million upfront to CIBC, followed by three years of $37.5-million annual payments.
What Does This Mean For Current Cardholders?
CIBC clients have been waiting with uncertainty all summer as the big banks hashed out the legalities…
