CIBC divorce from PC Financial shines light on bruised loyalty card industry + MORE Aug 22nd

With medical services already costly and unpredictable, adding a credit card surcharge could push some customers over the edge

MONTREAL — Another divorce in Canada’s loyalty card sector has consumers stuck in the middle asking questions about the future of an industry still bruised by the actions of some of its largest providers.
The Canadian Imperial Bank of Commerce announced this week it is severing ties with Loblaw’s (TSX:L) President’s Choice Financial and rolling PC’s two million bank accounts into its Simplii Financial brand starting Nov. 1.
It is the latest split between loyalty programs and the country’s banks, which are increasingly moving towards digital banking, following prior breakups between Shopper’s Drug Mart and Royal Bank of Canada and Costco and American Express. TD took over from CIBC as the primary card for Aeroplan, while Air Canada recently said it plans to move away from Aeroplan to start its own loyalty program after 2020.

Time to grab $16 billion in unredeemed loyalty points

Technology and the structure of loyalty programs have dramatically changed since CIBC and Loblaws partnered almost two decades ago, said Jacques Nantel, marketing professor emeritus at the University of Montreal’s HEC business school…

If I can recall correctly, this new offer is the best ever offer for an AIR MILES credit card. Now I have covered over 30,000 bonuses on our sites over the years so I may be wrong but I’m pretty sure that’s not the case.Right now when you apply for and receive the BMO AIR MILES World Elite Mastercard they will give it to you with no annual fee in the first year which means all of the bonuses and benefits it comes with come to you at no charge.Let’s look at the sign up bonus. They have actually increased it with this offer of the first year free from the previous 2,000 miles to 3,000 miles! The 3,000 AIR MILES Reward Miles bonus is broken down as such: you’ll receive 1,000 miles on your first purchase and an additional 2,000 miles when you spend $3,000 on eligible purchases (pretty much your everyday spending, things like interest, cash advances etc. are not eligible) within the first three months of having the card.When redeeming for flights we value AIR MILES Reward Miles at 11 to 15 cents each…

Another divorce in Canada’s loyalty card sector has consumers stuck in the middle asking questions about the future of an industry still bruised by the actions of some of its largest providers.
The Canadian Imperial Bank of Commerce announced this week it is severing ties with Loblaw’s (TSX:L) President’s Choice Financial and rolling PC’s two million bank accounts into its Simplii Financial brand starting Nov. 1.
It is the latest split between loyalty programs and the country’s banks, which are increasingly moving towards digital banking, following prior breakups between Shopper’s Drug Mart and Royal Bank of Canada and Costco and American Express. TD took over from CIBC as the primary card for Aeroplan, while Air Canada recently said it plans to move away from Aeroplan to start its own loyalty program after 2020.
Technology and the structure of loyalty programs have dramatically changed since CIBC and Loblaws partnered almost two decades ago, said Jacques Nantel, marketing professor emeritus at the University of Montreal’s HEC business school…

Three Air Miles collectors came close to saying goodbye to their points after they ran into problems