In September, it was announced that Toronto Dominion Bank would acquire half of the Canadian Imperial Bank of Canada's Aeroplan account portfolio. This unprecedented deal will result in some 550,000 CIBC Aeroplan cardholders being transferred to TD. Though the details of this three-way agreement between CIBC, TD, and Aimia (the company that owns Aeroplan) are still being worked out, it has been confirmed that customers that do not have savings accounts or other products with CIBC will be transferred to TD.
The agreement comes into effect in January 2014.
We caught up with Christa Poole, the manager of external communications at Aeroplan, to find out exactly what this means for cardholders.
Why did Aimia decide to move to TD as the primary issuer of Aeroplan branded credit cards?
The contract renewal process has provided an opportunity for Aeroplan to negotiate unique agreements with both CIBC and TD that will allow us to significantly reinvest back into the Aeroplan program to create an even better program for our members. It's important to note that in the meantime, members can continue to use their existing CIBC Aerogold credit cards, earning Aeroplan Miles on every purchase they make as they do today.
How does the new agreement affect customers?
Aeroplan Members have a lot to look forward to in 2014. Both TD and CIBC will offer a new suite of Aeroplan co-branded credit cards, providing members with more earning options and benefits than ever, including exclusive Air Canada benefits. This is in addition to the benefits to be added under Aeroplan’s Distinction member recognition program that will offer exclusive flight rewards, bonus mile offers, preferential treatment and privileges beginning in January. More details will be shared about some of the additional benefits and features of the Aeroplan credit card offerings later this year.
How will customers know if they will be transferred to TD? Do they have to call the bank?
We are all committed to ensuring members can stay informed throughout this process. We will communicate more information directly to all cardholders later in the year.
Will customers notice anything different?
Both TD and CIBC will be offering an exciting new suite of credit cards in 2014, providing members with more earning options and benefits than ever, including exclusive Air Canada benefits. This is in addition to the benefits to be added under Aeroplan's Distinction member recognition program that will offer exclusive flight rewards, bonus mile offers, preferential treatment and privileges beginning in January.
More details will be shared about some of the additional benefits and features of the Aeroplan credit card offerings later this year.
If customers have any questions what number should they call?
Members can contact Aeroplan's Contact Centre at 1-800-361-5373.
There is no better time than now to review your travel rewards options. Both TD and CIBC will be releasing a slew of new cards in 2014 and other lenders, such as American Express, are not far behind. Compare credit cards easily and find the card that's right for you.
