1Newflyer

There are more issues to be unhappy about. Who collects the money and where it goes, TD or CIBC is the least of my worries. Accounts receivables are traded like stocks anyways at banks, stores etc., so what is the difference to us. Its the best price, service that counts the most to us the customers.

pointshogger

I'm surprised that CIBC can still issue Aeroplan affiliated credit cards with TD taking it over. That means that there must be an agreement that allows both banks to continue to issue Aeroplan affiliated credit cards.

When I asked the CIBC CSR how much longer Aeroplan will stay affiliated with CIBC, they do not have an answer. I wonder what the actual agreement is between all three parties.

Does anyone have any details?

MaydayMayday

TD is going to be the primary issuer or AE mile cards but I don't believe it will be the only issuer. So CIBC is still in the game.

They are still holding on to all clients who have aeroplan cards along with loc's, home loans, etc. So CIBC isn't going to stop giving AE miles all of a sudden.

pointshogger

Thanks for the info!

Anyone have experience churning this card in the past?

Symmetre

How do you figure TD kicked the legs out from under CIBC?

CIBC retains the most profitable customers from the Aerogold file (i.e. the ones with other CIBC investments, mortgages, LOCs etc) while TD got just the card-only customers (or from the bank's view, the bottom feeders). This card-only group almost certainly has a higher rate of churn than the clients CIBC kept, and no doubt some percentage of them already use TD as their primary bank. So TD paid a lot of money for ..... what, exactly?

Short answer --> they bought a list of credit card clients who are now all looking for a much better deal. Given they represent card-only business, there isn't much loyalty in this group. If Amex or RBC bring out a better offer, they will bolt for Amex or RBC instead of TD.

The way I see it, TD didn't kick CIBC, it kicked itself ... and squarely in the 'nads. It paid a bundle to free up a group of quasi-profitable customers, only so it could get into a bidding war with every other bank out there for their continued business. It's a crappy deal, and heads should roll for it.

Cana2013

CIBC is probably the most friendly bank for churners. Several people I know applied for mutiple Aerogold and infinite cards from CIBC and received full sign up bonus every time.

yyzsfoflyer

I would wait a few more days/weeks. This is looking like a bidding war for business.

1Newflyer

Why wait?, get now it and later when offers are even better.

yyzsfoflyer

True. Two cards is better then one, three is better than two. Although the ol' credit rating starts talking a hit after too many hard credit checks and account churns (at least, it does in the States).

The Lev

If CIBC can continue to issue cards to "new" credit card customers, I'd have to agree with you. If however CIBC can't issue any new cards and only retains its existing customer base, then they've lost a key driver of profit growth for their retail bank.

Notwithstanding the current promo, I can't imagine that TD paid all of that money to still have CIBC as a competitor for "new" business.

1Newflyer

You must not be reading any of the posts including the title of this thread or OP. True, it is hard to "imagine" why TD made this transaction but that is exactly what CIBC retained the right to do, compete with the half of "old" card holders and compete for the "new" card applicants. Stop imagining, it is a fact. Read the "old" press releases by all parties.

Altaflyer

That's a pretty crappy deal for TD! I was sure CIBC would not be able to issue new AP cards but apparently they can! Great for consumers

1Newflyer

Well if you are Aeroplan member, you would have received the news about its arrangements telling us that it will have TD as an additional not exclusive card issuer. They also signed with Amex to continue as well, did you know that?
If you look at it this way: TD got 500000 new accounts with 3 B$ or so of billings and 13$ or so in annual charges on accounts. Aeroplan points and bonuses etc are typically just a cost of doing business, advertizement cost. Its not that easy to get that many accounts that fast. Only few will cancel as people hate changes and most do not know that it happen until they get statements under TD letterhead. How many people know that MBNA is TD, or Best Western Visa the same. I had these before and still do.
Folks that churn or are on this or similar threads that are posting are miniscule compared to the number of card holders. My conclusion on this, I can not do anything about the transaction, no one asked me for advice, I can just cancel and apply for what ever card I deemed appropriate for me.

Clipper801

CIBC Aerogold Infinite cardholders also get when flying on an Aeroplan reward flight on AC, *A excluded:
1 MLL pass. Expiry Feb. 28, 2015.
Priority check-in and priority boarding.
1st bag free.

Additional benefits coming mid 2014:
3 day out-of-province medical for those aged 65 or older
Trip Cancellation Insurance
Purchase Security & extended Protection Insurance

I just received my MLL voucher today and it is not personalized but restricted to be used in conjunction with an Aeroplan reward ticket on AC only.

yscleo

You just don't get it. It's not who collects the money, but who provides the service.

If cibc says my wife is technically no longer a customer, that is rude and says they don't want to service her any more. But if that is true (she's no longer a customer because her card is sold to TD), should that mean my wife doesn't need to pay cibc any more, until TD does the transfer and issue the statement in mid-2014? Don't think so.

It is just wrong a rude to say you're no longer a customer because your card is sold to TD. CIBC should say you are still a customer and we'll still provide service to you until you get transitioned.


Not quite true. My wife has a LOC, but she is sold to TD. CIBC even told her on Dec. 31 that she is technically no longer a customer of CIBC.

In RFD, there was someone who said they have NO account with CIBC, other than the aero peso card, but CIBC told them they are keeping them as customer (i.e. not transitioning to TD).