[DISCONTINUED] CIBC Petro-Points and Telus Rewards Cards

Two of CIBC’s retail co-branded credit cards are being discontinued. The CIBC Petro-Points MasterCard Card and CIBC TELUS Rewards Visa Card. It is always disappointing to see credit cards being discontinued, as it decreases the competition in the market.

Below were the highlights of each credit card:

CIBC Petro-Points MasterCard

  • No annual fee
  • Earn 15,000 sign up bonus Petro points after your first purchase
  • Earn 5,000 bonus Petro points for every $1,000 spent per month
  • Earn 15 Petro points for every $1 spent at Petro-Canada, grocery stores and drug stores
  • Earn 10 Petro points for every $1 spent on all other purchases

CIBC TELUS Rewards Visa Card

  • No annual fee
  • Earn 1.5 point for every $1 spent on Telus (bill payments, accessories, devices), gas and grocery purchases
  • Earn 1 point for every $1 spent on all other purchases


CIBC already has limited MasterCard choices, but this doesn’t seem like a Visa versus MasterCard scenario, as it is one of each anyway.

Were these products unprofitable? It can’t be an overall company problem, as they just increased their profit by 47% in their last quarterly report.

Did they coincidentally have a terrible relationship with two retailers at the same time, Petro-Points and Telus Rewards? I hope that this not a preview of things to come with CIBC, I say CIBC because they are the common denominator in both scenarios. The only two co-branded credit cards left with CIBC are Tim Hortons and Aeroplan.

This does not bold well, as I just wrote a negative post about CIBC only two days ago.


  1. It interesting to note that the “My Petro-Canada” site is still continuing to promote the card and provides links to the CIBC site to apply for this card. The CIBC application process is still active. It only after the completion of the application form that the CIBC that the site indicates that the card is no-longer available… BTW… Petro Points customer service, when contacted, were unaware of this change… It sounds like the left hand doesn`t know what the right hand is doing… This parallels my recent experience with the Capital One – IHG

  2. Just because they did well in the last quarter doesn’t mean they did well in this area of business.

    1. No it doesn’t. Sometimes other areas of business can pull up other areas to offset overall. Who knows what the real reason is. We may never know the truth anyway!

  3. Hello Matthew;

    I have not been notified by CIBC about discontinuing the card. Is there an article or an announcement that references this?

    1. If you click my link, you will see that they are not taking new applications. For the time being it seems that existing credit card holders are grandfathered. So you can continue to keep it till further notice.

  4. I have not heard that they disontinuing the petro points visa card. They should send something just like they did with the telus reward.

    1. If you already have the card, you are grandfathered. Which means you can still use it while you have it. They just don’t accept new applications.

  5. Got an email from Petro Canada saying “Our credit card partnership with CIBC will be winding down in 2017. Later this year, we will be announcing an exciting partnership with even greater benefits. More information on the new partnership will be sent out this summer.”

  6. Got a email from CIBC that they will discontinue my petro point credit card and they will switch me to the CIBC dividend card and this will happen in may 31 2017.

  7. What happens if I already have the CIBC dividend card.
    Are they going to combine my CIBC Petro card and the CIBC dividend amalgamating the two credit limits….???

  8. I got the letter a few days ago from CIBC as well. I’m hoping Petro Canada will partner with another Master Card company and continue to provide the fuel savings, that was the main reason why I got the Petro Point Master card at the first place.

      1. I’m good with Visa. If not I can get a 1.25 percent cash back card not as good as the petro but better then nothing i guess.

  9. CIBC are always pis..ng people off. I just received the notice that the CIBC Petro-points MC is being replaced by another kind of card. CIBC can stuff their credit card, as a matter of fact I’m cancelling my CIBC credit cards. I get better options with BMO and PC mc. Bye Bye CIBC. I will also pull out my GIC that’s coming up in June 2017. CIBC stop playing games with the consumers.

  10. Hi Matthew.

    Do you know of other retail co-branded credit cards for Petro Canada?

    I wonder what the exciting partnership with even greater benefits means.

    1. There is a rumour that we may seen a new co-branded Petro Canada card, just not sure with who yet…

      Oddly enough, Petro-Canada has yet to update their website for with card with CIBC.

  11. Thanks for the info, Matthew. I use my CIBC card only for gas at Petro Can. I like the 2c/litre immediate discount and not having to redeem for cash back later. I, also like not having to scan my points card at the pump every time. Will you please let us know if another card will be able to do this?

    1. Will do! Hopefully we will see Petro-Canada team up with another credit card company!

      1. The latest in the Petro Point saga… This month my petro points from the CIBC MC didn’t show up as usual. I contacted Petro Points and was told that they have had system problems with their new system and that they will show up shortly. A week later they still had not shown up. I contacted them again to be told that the problem will be corrected by the 15th… True to their word the points showed up around the 15th on my Petro Points account. I went to reload the rewards card online and it wouldn’t reload with a message to contact Petro Points with their contact phone number. I phoned Petro Points and they couldn’t reload the Rewards Card either and that they would need to investigate… My charity, by now has now worn out, and I requested a manager. The line managers solution was to get a new card. I’m wondering if anyone else is experiencing similar problems…?

    1. You can still continue to earn the regular Petro-Points just by filling up with them. Also, look into the survey program to rack up points faster!

      1. The Saga continues with a letter today from Petro Points indicating that the CIBC Petro-Points MC will continue until August 19th as long as you do not activate CIBC new replacement VISA card. The 2 cents per litre discount and the accumulation of points for purchases at Petro-Canada. Point won’t be earned on purchases made outside of Petro-Canada and the 5,000 points bonus on new purchase of more than $1,000 are discontinued. The letter indicates that they will be announcing a new partnership with another Canadian Bank with opportunities for even greater benefits.

        So the decision point is which will provide the best benefit? The new replacement cash back CIBC Visa card or continuing on the interim with the CIBC Petro-Points MC until the new Petro-Points partnership is established…

  12. Anyone see this?

    “Instantly Save 2¢ Per Litre
    Enjoy This Introductory Offer From RBC and Petro-Canada”

    “Pay with any RBC Credit Card* and instantly save 2¢ per litre at Petro-Canada on all grades of fuel, until October 30, 2017. No minimum purchase required.”

    It looks like Petro Canada will partner with RBC. Looks like to me they needed a extension to hammer out the details so they’re giving this Oct 30 2017 deal until the new petro point credit card by RBC comes out. What do you guys think?


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.