CIBC to launch travel rewards program
The Canadian Imperial Bank of Commerce is launching an enhanced travelers’ loyalty program to broaden its offerings two weeks after it agreed to sell about half its Aeroplan customer base to TD bank.
Aeroplan originated as Air Canada’s frequent-flier rewards program. The points collect with the new CIBC Adventura cards can be used to buy tickets on any airline.
Because of a series of long-term agreements, CIBC has been issuing Aeroplan credit cards for more than 20 years. The agreements are said to expire this year. Over time other banks have introduced travel points cards to attempt to compete with CIBC’s Aerogold and Aimia.
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David Williamson, senior vice president of retail and business banking, said Tuesday that the CIBC Aventura lineup was developed “based on extensive research with Canadians on what they want in a travel rewards program.” Aventura cards offer the most choice of any travel rewards program, giving them “the opportunity to choose the rewards program that best meets their needs,” according to the bank.
The changes are following a decision made by Aimia to use TD Bank Finanical as the primary issuer of Visa credit cards for the Aeroplan program. The deal is a 10-year term that starts Jan. 1, 2014.
TD has stated that the transition of Aeroplan-branded credit cardholders from CIBC will be “seamless” with no interruption in Aeroplan miles earned by customers.