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.