The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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TD Bank Group and Canadian Imperial Bank of Commerce have settled on a deal over Aeroplan loyalty credit cards that will see half of CIBC’s Aeroplan card portfolio shift to TD Bank.
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.
Visa Canada donated money to the Consumers’ Association, whose research it used in the high-profile battle over merchant credit card fees.
Sep 16 Update: Aeroplan-TD-CIBC Deal, Reader question on help for selecting a credit card, National Car Rental Earn a Free Day offer
– RewardsCanada.ca
The whole TD-CIBC-Aeroplan (Aimia) love triangle is making waves in the news again today! News, Tips & Tricks Here is my post from this morning about the latest news on the TD Canada Trust-CIBC-Aeroplan (Aimia) deal. You will also be able to find some of my answers to many questions about the deal on the Globe and Mail, Toronto Star and Global TV today.In the bonus offer section you’ll see a Free Rental Day promotion from National Car Rental. With the addition of this promotion we are pleased to announce the launch of the Emerald Club Bonus page on Rewards Canada. Reader Question: We received this question from one of our readers via email: “I wonder if you take phone calls or emails from clients asking you to help them pick a credit card. I have read your website, but still find myself confused about whether I should be getting a Hybrid card or a Travel Points card with an annual fee. I was hoping to discuss my particular situation with someone, if that is a service you offer…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…
