It’s unknown which bank will provide Aeroplan-branded credit cards in 2014.
Talks between Aimia, owner of the Aeroplan loyalty program, CIBC and TD are ongoing. A release from TD Bank says “the parties are discussing a framework that would see CIBC retain cards held by their franchise banking customers, which are about half the portfolio, and TD acquire the remainder.”
Read: TD confirmed as new banking partner for Aeroplan card
Aimia says it expects to provide an update before month’s end. If the three parties can’t reach an agreement, TD will become Aeroplan’s sole financial credit card partner on January 1, 2014.
Aeroplan’s current agreement with CIBC will continue until December 31, 2013. Members can continue to earn miles as usual on their Aeroplan/CIBC co-branded credit cards for the remainder of 2013. Miles that members have accumulated with their Aeroplan/CIBC co-branded credit cards until the end of 2013 are deposited into their Aeroplan accounts and are not tied to their credit cards.
Read: TD may become primary credit card issuer for Aeroplan
CIBC has partnered with Aeroplan for more than 20 years but its current 10-year term agreement with Aimia ends this year. The bank declined to match an offer from TD, but has proposed it keep half of current Aerogold customers who have other products with CIBC that earn Aeroplan miles, such as chequing accounts and mortgages.
Read: The tax consequences of loyalty programs
Montreal-based Aimia, which began as division within Air Canada that managed frequent fliers points, has since expanded to handle other customer loyalty programs in various industries in several countries.