OTTAWA (CU)_In September this year, the Canadian Imperial Bank of Commerce (CIBC) announced that it had signed a deal to replace Capital One to become the exclusive issuer of Costco Mastercards in Canada from 2022. This was a rare opportunity for the Canadian multinational bank to pick up a whopping $3 billion in high-quality credit card balances in one swoop, as the lender also acquired the retail giant’s existing Canadian credit card portfolio, under the agreement.
Almost three months following the lucrative deal, CIBC on Thursday, revealed details regarding the attractive new benefits that could be enjoyed by cardholders, once the plastic arrives in their mailbox next year. One of the biggest rewards that can be enjoyed by the existing cardholders…
