Cana2013

I think you can based on last year's experience.

1Newflyer

Yes I did.

splicer100

I also have the Aerogold from last year. Applied for it again since my first one is transitioning over to TD. I was approved and now have two Aerogolds. I will likely cancel the one being transitioned over to TD soon.

markandrew

Per my post here, http://www.flyertalk.com/forum/22147476-post630.html, I was encouraged by a CIBC rep upon canceling my "to be migrated" card to sign up a new CIBC Aerogold card.

JJonahJ

Well, it depends.

Did get your notification letter from CIBC on whether or not your Aerogold card has been sold to TD?

If yes, then go ahead and apply for a new CIBC Aerogold.

If no, then go ahead and apply for a new CIBC Aerogold.



YES, go for it!

1Newflyer

Too much humor on these threads, lets get serious.


Today I received the good bye letter from CIBC and welcome letter from TD for the Visa card that I canceled 15 days ago. I applied and were approved for Aeroplan card from each party 10 days ago.

mikeycanuk

Back to CIBC we go! No fee , 15K x2cards?? No brainer! Wonder if they will waive the Aerogold biz fee? My latest balance from ap shows Aerogold Business Purchase(TD). Have to check out the last time the fee was charged, at least I'll get 15k. I do have a biz account with TD. Maybe a call is in order to TD.

Ancien Maestro

I'm thinking of staggering the card churns between TD and CIBC. This will make churning useful, and keep a cc in my pocket in the long term fee free, plus a flow of bonus points each year.

gchc

By cancelling my current aeroplan and signing up for a new one, someone at CIBC said that it will give my credit score a huge hit. Could someone explain this to me further?

1Newflyer

delete

IBNR

I'm also intereted in knowing.

BTW: when you say Amex qualifies, do you refer to the miles awarded by the Aeroplus Gold? How about the miles transferred from Amex Gold reward points?

Thanks,

markandrew

Your score will be hit in a few ways, but huge is a gross exaggeration. I have heard this several times from banks to dissuade a cancellation. Your credit (Equifax in the case of CIBC) gets hit a few points for the hard enquiry, your average age of accounts will fall with a new account open, number of recent accounts increases, eventually the credit history of the old longstanding card will be lost....But we are certainly not talking "huge" and if you are not doing it frequently, it is no cause for concern particularly if you are not looking for a mortgage or other major credit source in the coming months.

Transferred miles are not eligible. TD and Amex have indicated that their sign up bonuses are Distinction eligible until April 1, 2014. This covers the suite of TD cards plus Aeroplus cards signed up via Amex site or via AP.com (which has a promotion on the Plat card). For both of the Aeroplus cards, the most miles offered is still through referral but there are no T&C indicating whether referral cards' sign up bonuses will be Distinction recognized. On a personal note, I personally would not give two hoots as a Diamond member by default not design I can advise that I see nil value so far to the programme.

mikeycanuk

You mean those sorta march break flights from yyz-cun from Tuesday to Tuesday aren't a huge benefit? Lol the only benefit I see is the 3x points on estore purchases. Wow eh?

Looks good on commercials like the one on right now. Only Aeroplan offers distinction!

Cana2013

Transferred Amex Gold Reward points do not counts.

swannybc

According to this article http://www.creditcards.com/credit-ca...-card-6000.php your credit score will not be necessarily hurt by cancelling your credit card(s).
If you have negative information on your card (late payments etc.) that information will not go away if you cancel your card. It stays on your credit score for up to 7 years after the card is cancelled. Just as importantly is the utilization rate on the cards you have. That is the total amount owing relative to the total credit limit on all your cards. If you cancel a card and still have big balances owing on your remaining cards this impacts negatively on your credit score because it means a higher utilization rate (the ratio of your total balance owing to total credit limit goes up because cancelling your card lowers the total credit limit). On the other hand, if you have zero balance owing on all your cards when you cancel a card, your utilization rate is zero and cancelling a card or all your cards will have no negative consequences for your credit rating.
So, according to this article, if you are churning your cards make sure you make all your payments on time and make sure all your balances are zero on all your cards when you cancel and it should have no negative consequences on your credit score.
ps. My spouse and I cancelled 3 Amex cards each in January 2013 and qualified for a mortgage in August 2013 and our credit union up here in Vancouver Canada said our credit score is excellent.