Sometimes in a relationship you just want out, other times you’re willing to ‘see other people.’ The latest drama in the Credit Card Soap Opera shows CIBC is willing to let Aeroplan see other people, instead of calling it quits all together.
The Globe and Mail recently reported that TD Bank and CIBC agree to split current Aeroplan accounts and share the role of being Aeroplan providers for the next 10 years. Many Aeroplan cardmembers with TD Bank and CIBC are outraged and confused by the news, stating they have yet to hear directly from the banks about the upcoming switch. We’ve put together a quick breakdown for current confused cardholders…
What you need to know, if you’re a CIBC Aeroplan Cardholder
How can CIBC Aerogold customers tell if their accounts will be moved?
“It is primarily credit card accounts held by clients who hold only a credit card with CIBC that will be transitioning to TD. For CIBC clients with a broader banking relationship – nothing changes.”
When will the accounts headed to TD actually make the move?
“Pending regulatory approval, the agreement is expected to close at the end of the year. It will take some time to roll out new cards to clients in 2014. For clarity, AeroClassic cards are not included in the agreement [with TD and Aimia Inc.]”
Will there be any changes to CIBC Aerogold cards for the CIBC credit card clients who stay with the bank?
“We have not yet announced any changes to our Aerogold product for 2014, but clients can look forward to a strong lineup of features and benefits they’ve come to expect from their CIBC Aerogold card.”
What happens if I paid my annual Aerogold card fee recently?
“Any annual fee already paid on a CIBC Aerogold credit card will be applied if it remains with CIBC, or as part of a transition would be automatically applied to a new TD co-branded credit card.”
source= edited transcript of CIBC’s responses to Rob Carrick
What you need to know, if you’re a TD Bank Aeroplan Cardholder
What does this mean right now for TD customers?
It’s business as usual for TD – while we will have a suite of co-branded Aeroplan credit cards to offer our customers beginning in January 2014 to complement our strong line-up of existing cards, we don’t have any Aeroplan products to offer customers at this time. Our current travel products continue to be a core component of our product suite and meet a variety of customer needs and preferences.
How will the TD Aeroplan credit card program work?
Both TD and CIBC will be offering an exciting new suite of Aeroplan 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, 2014.
More details will be shared about some of the additional benefits and features of the Aeroplan credit card offerings later this year.
Will the Aeroplan Program be the same as the one in market today?
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.
Distinction, Aeroplan’s new recognition program, will offer exclusive flight rewards, bonus mile offers, preferential treatment and privileges beginning in January and Market Fare Flight Rewards will provide members exceptional availability and value on Air Canada flights.
In the meantime, as a CIBC Aerogold credit cardholder you will continue to earn Aeroplan Miles as usual. Aeroplan Miles will remain in your Aeroplan Account and will not be impacted by any changes to your credit card, including if you continue with CIBC or transition to TD.
Do I get to choose which credit card I have in 2014?
Both TD and CIBC will be offering a new suite of credit cards that offer the same Aeroplan Program and Air Canada features and benefits starting in January 2014. Therefore, we do not anticipate that members will need to make any changes when the transition occurs. That said, we respect and know that customers always have the right to choose the product that is best suited to their needs, and we will work with customers on a case-by-case basis should they wish to change cards.
If I am interested in a new TD Aeroplan card when and how can I apply?
Beginning in January 2014 you will be able to apply online, in branch or by phone for the new TD Aeroplan credit cards.
Do existing CIBC Aeroplan customers need to re-apply for a card if their account transitions to TD?
No, customers will not need to re-apply for a card if their existing CIBC Aerogold credit card account transitions to TD.
CIBC Aerogold credit cardholders will receive a communication from CIBC later in the year informing them of any changes to their credit card. We are all committed to ensuring customers stay informed throughout this process. In the meantime, members can continue to use their existing CIBC Aerogold credit card this year, earning Aeroplan Miles on every purchase they make as they do today.
If I renew my CIBC Aerogold card this year, but transition to a TD Aeroplan credit card in 2014, will my annual fee apply to next year as well?
For CIBC Aerogold credit cardholders that are automatically transitioning to TD – no duplicate annual fee will be charged for the annual fee that you paid on your CIBC Aerogold credit card.
Will the existing TD Travel Rewards card suite be discontinued?
No. TD currently has a strong line-up of credit card products, which meet a variety of customer needs and preferences. When the suite of TD Aeroplan credit cards become available at TD beginning in January 2014, they will complement – not replace – our existing credit cards.
What will happen to TD Points, are they being decommissioned or automatically converted?
No. The TD Aeroplan credit cards will complement – not replace – our existing cards and TD Travel Rewards Program. As a result, your TD Points will not be automatically converted to Aeroplan miles.
source= TD Canada Trust
