CIBC Once in a Lifetime Sign Up Bonus
CIBC is offering several promotions at the same time, but this time with an unfortunate catch. I reviewed the wording on several of its credit cards. This is the trend that I noticed. If it is a promotional offer, you will find this term:
- You are eligible for this offer only if you apply and are approved for your first CIBC credit card. If you are a current or former CIBC cardholder, we may approve your application but you will not be eligible for the offer.
The above term applies to the promotions offered by the:
- CIBC Aerogold Visa Infinite Privilege Card – Earn 50,000 sign up bonus Aeroplan miles (normally 25,000)
- CIBC Aventura Visa Infinite Card, CIBC Aventura Gold Visa Card, CIBC Aventura Visa Card – first year fee waived
However, the regular sign up bonuses with cards such as:
It was really only a matter of time before we saw this trend continue. This is why I always recommend that if you see a decent offer, just go for it. If you wait, there is a higher chance that it will go away, rather than come out with a better offer.
Granted this was an expected turn of events, but it is still very unfortunate to see. I wish I did not have to be so negative, and wish that I was proven wrong. I rather our wishes come true. If CIBC is going to take this approach, I just hope that they sweet the benefits and features associated with their credit cards to justify the annual fees, so that it encourages people to retain the credit card year after year.
Seems to me that CIBC is making enough profits, so they are ready to squeeze churners. All this means is that we have to constantly readjust our strategy to keep up!
Thanks for sharing this T & C detail!
I am currently on the first year of Dividend Visa Infinite. As much as I like the fact that they give 4% on gas and grocery. It hurts to receive the cashback as a lump-sum only once a year on in December statement. Good bye CIBC post December.
Yea, they could be more user friendly than that.
@Matthew……………….I never considered CIBC user friendly. Thank you for your information. Although I knew about the discontinuing of the Petro Points MC and I thought I was the only one that got quite annoyed. It’s not a big loss for me but for CIBC is a huge one as I’m sure I’m not the only card holder that’s going to shred my present CIBC cards and future CIBC cards that come one way. I’m burning the CIBC bridge behind me as they say. BMO has a few choices of Shell MC which I’m looking into it. The Petro-Points MC was a very good program as you get instant 2c off per litre. plus earing fuel points.
Glad to help! Seems like CIBC is getting somewhat unpopular.
I think it has said this for years. TD has similar language. Nevertheless the bonus always seems to arrive!
Good to know!
I wish this would apply to existing cardholders who were upgrading to the Visa Infinite Privilege. Being a current Aerogold card holder, I’ve never felt the bonus justified the increased annual fee to upgrade, and now I’m excluded from this promo. Doesn’t seem worth the gamble, based on Dylan’s comment
I would only take the risk if you don’t mind the credit hit and have nothing else to apply for during that time period. Otherwise, better off going for another credit card instead.