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!