Toronto-Dominion (TD) bank will be Air Canada’s main credit card issuer when the airline’s in-house loyalty program launches in 2020, the bank and airline both confirmed Thursday.
Nothing is known about the new program — which will be entering a competitive space which includes Air Miles, CIBC’s Aventura and Ampli — a new RBC and WestJet partnership which was announced as a competitor to the Air Canada program.
A collaboration between TD and Air Canada was first talked about back in November, but the credit card deal was only finalized this month.
The deal is one of several developments at Air Canada’s loyalty program ever since the company announced, in 2017, that it would be leaving its long-standing partnership with rewards program Aeroplan to create its own in-house brand.
In August, Air Canada, in partnership with TD, the Canadian Bank of Commerce, and Visa was able to acquire Aeroplan and its roster of customers from the rewards program’s parent company, Aimia, after a string of unsuccessful bids. Approximately half of Aimia’s 1,500 employees will be moving to Air Canada as a result, the Financial Post reported Thursday.
The confirmation of Air Canada’s deal with TD means that current Aeroplan customers can continue to earn and redeem Aeroplan miles as usual. Any remaining points will be honoured on a one-to-one basis in the new Air Canada program.
The deal will especially benefit current TD Aeroplan cardholders, for whom TD and Air Canada expect a smooth transition in 2020.
“This agreement is a key milestone, providing our customers with confidence and continuity, while securing the long-term stability of a great travel program with our Canadian national carrier,” said Katy Boshard, senior vice president, Canadian Credit Cards, at TD.
“Customers can look forward to a refreshed and exciting program and we're thrilled to continue offering our customers value and a wide range of cardholder benefits in 2020.”