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CIBC is again having a 100% fee rebate on their premium travel credit cards, which is wonderful. With the uncertainty of the future between CIBC and Aimia (which owns Aeroplan) it’s good to have one last churn just to shore up your Aeroplan account balances if Aimia decides to go looking for another bank (and we can see goodbye to promotions like these for a few months).
This promotions is exactly like the one they had last June, except the non-premium cards are excluded (but I don’t really care about those:)). Four cards have fee rebates, which require $500 in spending for the first three months (which honestly isn’t too bad):
CIBC Aerogold® Visa Infinite™ Card
15,000 Aeroplan Miles on first purchase. This card is a no-brainer for your next churn, if you don’t already have it.
CIBC Aerogold Visaâ„¢ Card
This card is for the people who don’t meet the requirements for the Infinite. Also 15,000 points on first purchase. The only differentiator is that the insurance coverages are a bit weaker.
CIBC Aventura® World Elite MasterCard™ Card
This is the Aventura product which earns “CIBC” miles, but are transferrable to Aeroplan only in 10,000 mile increments. So essentially this is 10,000 Aeroplan miles and ~$50 upon first purchase. To get the other 10,000 miles, you need to spend $5,000, to reach the 10,000 points per transfer.
CIBC Aventura Visa Infinite Card
This is the Visa version of the above card. Again, 10,000 Aeroplan miles and ~$50 travel credit upon first purchase and you need $5,000 in purchases to reach the 10,000 point threshold to transfer.
This offer ends June 28th, so you have time until then to decide whether to do a churn or not. I would say you should simply apply not only because of the discussion over whether the CIBC/Aimia contract is being renewed, but also since this is a (roughly) bi-annual promotion, so the best times to apply is now (and November/December).
CIBC is generally very lenient on its approvals as long as you meet the minimum income requirements. I’ve heard reports on churning multiple CIBC cards at once, having more than one of the same type of card open at once, and all sorts of stories like that. I will have an update on those once I get the applications, but for my family it’s much easier because we have always done our small business and personal banking with them. I am currently not in Canada so I’d rather wait until I’m back. :)Â
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Here is the fine print:
Terms & Conditions:
* Offer applicable only to CIBC’s personal travel rewards credit cards
1Â Offer valid for applications received by CIBC between June 3, 2013 and June 28 2013. To qualify for the first year annual fee rebate offer, you must have at least $500 in net card purchases (card purchases less returns) posted to your Credit Card Account during your first three consecutive monthly statement periods, starting from the first day covered by your first monthly statement period until the last day covered by your third monthly statement period (regardless of whether or not your monthly statement is issued to you).
Annual fee rebate offer applies to the first year annual fee for the Primary Cardholder and for any Authorized Users on the Credit Card Account (up to maximum of 3) at the time you have $500 in net card purchases posted to your Credit Card Account. Please allow up to eight weeks from the date you have $500 in net card purchases posted to your Credit Card Account for the annual fee rebate to be credited. You are responsible for making a payment on the annual fee amount and any interest that accrues if you make partial or no payments by your payment due date.
If you cannot be approved for the: (a) CIBC Aerogold Visa or CIBC Aerogold Visa Infinite Card, or (b) CIBC Aventura World Elite MasterCard or CIBC Aventura Visa Infinite Card, but are approved for either the CIBC Aero Classic Visa or CIBC Aventura MasterCard instead, you will receive a 100% rebate on the first year annual fee for the Primary Cardholder. The annual fee rebate will appear automatically on the Primary Cardholder’s first monthly statement as a full offset against the annual fee. Offer only applies to new approved Cardholders. Credit Card Account must be in Good Standing and you must have the same credit card product that you were approved for at the time the annual fee rebate is applied (otherwise, rebate is cancelled). Limit one annual fee rebate per customer per Credit Card Account. CIBC reserves the right, in its sole discretion, to disqualify, limit or revoke this offer in respect of any CIBC customer who it determines or believes is abusing or manipulating this offer, or is engaged in any suspicious/fraudulent activity. Offer is not transferable and cannot be combined with any other offer. CIBC may, at any time and without prior notice to you, change this offer or any of the Terms and Conditions.
2 Offer valid for applications received by CIBC between June 3, 2013 and June 28, 2013. If you are approved for the CIBC Aero Classic Visa Card or CIBC Aventura MasterCard Card, you will receive a 100% rebate on the first year annual fee for the Primary Cardholder. Annual fee rebate will appear automatically on the Primary Cardholder’s first monthly statement as a full offset against the annual fee. Offer only applies to new, approved Cardholders. Credit Card Account must be in Good Standing and you must have the same credit card product that you were approved for at the time the annual fee rebate is applied (otherwise, rebate is cancelled). Limit one annual fee rebate per customer per Credit Card Account. CIBC reserves the right, in its sole discretion, to disqualify, limit or revoke this offer in respect of any CIBC customer who it determines or believes is abusing or manipulating this offer, or is engaged in any suspicious/fraudulent activity. Offer is not transferable and cannot be combined with any other offer. CIBC may, at any time and without prior notice to you, change this offer or any of the Terms and Conditions.
3Â Welcome Bonus cannot be combined with any other offer and applies to new, approved primary cardholders only; it may not apply if you convert your existing CIBC credit card, or if your existing CIBC credit card is converted into this card. Welcome Bonus will be awarded after you complete your first card purchase. Offer may be changed or withdrawn at any time.
4 Aeroplan Miles are earned on card purchases less returns, and not on cash advances, Convenience Cheques, Balance Transfers, fees, interest and payments. Aeroplan Miles will be awarded only if your Visa Account is in Good Standing on the monthly statement date (otherwise miles are cancelled). Aeroplan Miles are not actual miles, but points towards Aeroplan Rewards. Aeroplan Partners, rules and regulations are subject to change without notice. Taxes, landing and departure fees and other charges and surcharges may apply to Aeroplan Flight Rewards. For more information on flight rewards, please refer to aeroplan.com.
You should definitely highlight the $500 spending (seems to be a first) requirement in blog post, in addition to the T&C. Last few promos were “after first purchase”
Not sure if the $500 requirement is needed for phone or branch application
Which also means, so to get 4 cards x 15000 points = 4 x $500 ($2000) minimum spending
You don’t need $500 spending to get the points. You need $500 spend to get the fee rebate. Thanks for pointing that out – I completely missed that!
I wonder what the time line is between applications?
I had this card last May with the 15K free offer. I closed it in November. I have no other business with CIBC.
It doesn’t specifically say in the T & C bonuses.
That should be fine. I did Aerogold Infinite in June, Aventura MC in November.
Good to know. We will try it and see.