TD plans to acquire roughly half of CIBC’s existing Aeroplan credit card portfolio, the banks and Aimia Inc. said Monday. The announcement was made to clarify an earlier deal inked between TD and Aimia that will see TD become Aimia’s official Aeroplan travel rewards loyalty program sponsor for the next 10 years starting January 2014.
So what’s this mean for existing CIBC Aeroplan Visa branded cardholders? Nothing, for now. Cardholders can continue using their existing cards and will carry on earning miles for the rest of this year and through next year. Chances are cardholders without banking ties to CIBC beyond the Aeroplan credit card will get transitioned over to a TD Aeroplan branded credit card eventually however.
“TD and CIBC will communicate directly to cardholders about next steps very soon, to make the transition a smooth and comfortable experience,” the banks said in a joint release.
For more on the switch, head over to Canadian Business.