Aeroplan members might need to make a decision on whether to get a new credit card

19 August 2013 - Which Way To Pay

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Is CIBC's relationship with Aeroplan coming to an end? What the future holds for their reward credit card program

The decision day is looming on whether CIBC matches TD's offer for their rewards program. Aeroplan members are waiting to find out whether they will be changing their credit card to accumulate their air miles. CIBC is taking its time to decide whether to match an offer by TD to become the new reward credit cards partner for AImia, owner of Aeroplan.

Existing customers will have to decide whether to get a new credit card

If CIBC declines to do so, current Aeroplan members will have to decide whether to get a new credit card to continue adding miles to their existing account. Regardless of the bank's choice, the miles currently stockpiled by Aeroplan's 4.6 million members will not be affected, a spokesperson for Aimia said. "The miles are not tied to the credit card," Isabelle Troïtsky said. "They will stay in your account (with Aeroplan)."

CIBC has been the main credit card partner for Aeroplan for 22 years, purchasing air miles from Aimia, the Montrealbased company that operates the reward program. Aimia opened up the Aeroplan contract to competing bids from other financial institutions earlier this year following failure to reach an agreement with CIBC on renewing its contract.

Unlikely that CIBC will match offer on rewards credit card program

Aimia gave CIBC until midnight Friday to match TD's offer and remain Aeroplan's partner. Analysts predicted that the bank would likely walk away and start its own reward credit card.

"We do not believe that it is probable [that CIBC will match the offer] as the relationship between the two organizations has likely become tarnished through these developments," wrote Barclays analyst John Aiken when the TD offer was announced in June.


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