newfbc

http://www.theglobeandmail.com/repor...ticle12852318/

"TD to take over Aeroplan credit cards after split with CIBC"

Ron.

danapop

Interesting. I wonder what will happen, if anything, to the TD travel rewards card.

operajoe

Just heard the announcement on the radio a few minutes ago. I guess all the speculation of CIBC ending its relationship to AE turned out to be true. I hope UA will enter the Canadian market with a MP credit card. If and when it does, I will dump my Aerogold in a nanosecond!

Sebring

Interesting, for a time CIBC seemed to be the one whip-sawing Aimia, but now it looks like Aimia has struck back. With the CIBC's matching right, it has put itself into the position of having to match what amounts to a competitors' sweetheart offer sheet, or drop Aeroplan. If it wanted to muscle Aimia to lower the cost of its points, it has had the opposite effect. Aimia's position is well protected now, with the country's second largest bank ready to pay more for the points, and guarantee more points purchases in the aggregate.

Clearly, being Aimia's lead banking partner is a coveted position.

Benner

Interesting that the article says that American Express is also negotiating with Aeroplan.

The Canadian AMEX card really needs some new program partners and better conversion rates, especially if Aeroplan is no longer a partner. Right now the only thing AMEX Membership Rewards points seem useful for is transfer to Avios during promo periods.

I think it would be a tough slog for CIBC without any travel partner. Although the Avion card is a travel-any-time card I know a lot of people that carry and use the card for its conversion to Avios during their promotional periods.

Maybe someone will partner with Alaska Airlines. Although not at all useful for flights within Canada the program is really strong for international travel. For example YVR to CPT (through HKG) is only 140,000 in CX F

Rosens222

"Negotiations with American Express are proceeding in parallel and are ongoing."

CIBC has the right to match the TD offer as well, not sure if they would be likely to do so...

http://www.newswire.ca/en/story/1191...mmence-in-2014

Ichinensei

this is great news. Since I work for TD, maybe I won't have to pay for the fee.. Or 50% since I have to pay 50% for the TD card if I were to apply for one..

Clipper801

I wish the TD Aeroplan card will be something similar to the Chase UAMP Club Card.

I really see no value to the $499 fee demanded for an Amex Aeroplan Platinum. The CIBC Aerogold Infinite Visa, the supposedly top end premium card also offers very little.

It should come with an A35K tier membership with fasttrack to the A50K.

Heffeh41

Not to long ago I had a deal in my CIBC Aventura statement for reduced redemption rates on Porter Airlines flights. Maybe they are going to partner with them. Porter needs a cc deal with someone if they are to grow there business.

global happy traveller

*sigh* i was hoping TD would partner with a less scamdalous partner than AP.

CloudsBelow

So TD has offered to pay a premium for a assets that are devaluing by the day.
Today's winner = Aimia.
I would not be surprised to see CIBC match this.

mapletree

To be clear...TD has not won the portfolio. CIBC has the option to match terms with deadline of August 9.

mapletree

Official announcement by AIMIA (owns Aeroplan):

http://aimia.com/English/Media-Cente...4/default.aspx

migali

I hope TD gets it done, and offers the card for free with the "All-inclusive, everyday banking" chequing account like the TD First Class Travel Visa Infinite Card. In that case TD might get a new customer.

Shareholder

Both TD and AIMIA shares were up yesterday at the close of the market, CIBC was down.

It is not normal for such a public exposure of negotiations in such matters, so obviously AIMIA must think it's in the driver's seat on this deal, though realizing it must up the benefits ante to keep AE attractive to big spenders.