Canadian Imperial Bank of Commerce (CIBC) has launched Aventura, a new travel rewards credit card, in an attempt to grow its travel market and boost competition among the other lenders.
The card’s program will be offering customers points that can be redeemed for travel on any airline. Customers will also be able to use their collected points to pay for flight taxes and fees, get additional perks like bonus points when they sign up, the option to earn points faster and trip cancellation or medical insurance.
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Only weeks ago,the Toronto-based lender struck a deal with Aeroplan rewards program owner Aimia Inc. (AIM) to continue offering its Aerogold Visa card for 10 more years, even as Toronto-Dominion Bank becomes Aimia’s primary card issuer.
Canadian Imperial recently agreed to sell about half its Aerogold Visa card portfolio to Toronto-Dominion, which is starting its own Aeroplan card program in January. Toronto-Dominion reportedly gains about 550,000 cardholder accounts, primarily those without a CIBC banking relationship, and Canadian Imperial gets to extend its 22-year relationship with the loyalty program.
Even if still promoting Aerogold, CIBC will shift mass-marketing and concentrate on promoting Aventura cards.
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