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Things to Keep in Mind if CIBC Transfers your Credit Card to TD

There have been a lot of cases where existing CIBC Aerogold Visa cardholders are being transferred to a TD Aeroplan Visa.

It has generally been the CIBC Aerogold Visa Card and CIBC Aerogold Visa Infinite Card being converted to TD. The CIBC Aerogold Visa Infinite Privilege Card is actually a product that was created after January 1, 2014, which means after TD began issuing credit cards affiliated with Aeroplan.

The CIBC credit cards have been known to transfer to the TD Aeroplan Visa Infinite Card and the TD Aeroplan Visa Platinum Card. TD is also offering the Aeroplan Visa Infinite Privilege Card.

If you have been targeted to switch from CIBC to TD, I would keep the following factors in mind:

  • Be sure that if you previously had your first year annual fee waived, that it continues to be waived.
  • Determine when you will actually be charged the annual fee. Is it going to be 1 year from when you received the CIBC version or when you initially received the TD version?
  • Are you going to get another sign up bonus for the changeover? If not, would it not make more sense to cancel and re-apply for the new sign up bonus instead?
  • If you have an existing balance, which part of the balance gets transferred over?

I will just add a few more nuggets. If you want to avoid dealing with the hassle of being transferred over, then just cancel your CIBC version before they can transfer you.

I have noticed that if you already have a bank account with CIBC, and have strong assets in your account, generally they will not force you to switch. The people who have been targeted to switch tend to be people who have no other accounts with CIBC.

It is a case by case basis, so everyone will have to do their own calculations to determine what makes the most sense for you. For me, I like sign up bonuses and I do not like paying annual fees, so that would be the two factors I take in most consideration when determining what is my best strategy going forward.

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