Tim Hortons and CIBC announce agreement to launch co-branded loyalty rewards
Visa credit card
TORONTO, Feb. 20, 2014 /CNW/ - Tim Hortons (TSX: THI) and CIBC (TSX:CM)
(NYSE:CM) today announced an agreement to launch a co-branded credit card,
which will offer instant Tim Hortons loyalty rewards to CIBC clients on their
The new CIBC Visa credit card is scheduled to launch in May 2014, and will
allow cardholders to accumulate Tim Cash rewards for all purchases made on the
card. That Tim Cash can then be redeemed instantly using the same card at
participating Tim Hortons locations to purchase coffee, baked goods, or any
other Tim Hortons offerings.
"At Tim Hortons we're fortunate to have very loyal guests, many of whom visit
us every day. We feel that an innovative card such as this not only provides
our guests added convenience, but is a great loyalty rewards solution offering
instant redemption for their favourite Tim Hortons menu items," explains David
Clanachan, COO, Tim Hortons Inc. "This new card complements our strategy to
actively pursue further technological innovation that help directly connect
our guests with our brand."
"We are excited to partner with Tim Hortons to bring this one of a kind
innovation to Canadians by combining the convenience of a CIBC credit card
with the ability to earn and redeem loyalty rewards from Tim Hortons, all on a
single card in their wallet," said David Williamson, Senior Executive
Vice-President and Group Head, Retail and Business Banking, CIBC. "This
partnership gives CIBC a meaningful channel to attract new clients to CIBC,
and allows us to deepen the relationships we have with existing clients by
further rewarding them for banking with us."
With over 2 billion cups of coffee served annually at Tim Hortons, the
combination will benefit both regular Tim's guests and CIBC clients.
The new card will offer dual technology to combine two of the cards in your
wallet into one: it will function both as a CIBC Visa credit card and a Tim
Hortons loyalty card. Cardholders will earn 1% Tim Cash on all CIBC Visa
purchases made on the card, which they can redeem at Tim Hortons locations
using the same card.
Tim Hortons and CIBC have worked together on past innovations, celebrating the
first point-of-sale mobile credit card transaction using the CIBC Mobile
Payment App at a Tim Hortons location in November 2012.
As part of the May launch for the new co-branded card, CIBC and Tim Hortons
will launch a national marketing campaign to promote the availability of the
card to Canadians.
Be the first to know, visit CanadasNextBigThing.ca
Tim Hortons Inc. (TSX: THI) is one of the largest publicly-traded restaurant
chains in North America based on market capitalization, and the largest in
Canada. Operating in the quick service segment of the restaurant industry, Tim
Hortons appeals to a broad range of consumer tastes, with a menu that includes
premium coffee, hot and cold specialty drinks (including lattes, cappuccinos
and espresso shots), specialty teas and fruit smoothies, fresh baked goods,
grilled Panini and classic sandwiches, wraps, soups, prepared foods and other
food products. As of December 29, 2013, Tim Hortons had 4,485 systemwide
restaurants, including 3,588 in Canada, 859 in the United States and 38 in the
Gulf Cooperation Council. More information about the Company is available at
CIBC (CM: TSX;NYSE) is a leading North American financial institution with
nearly 11 million personal banking and business clients. CIBC offers a full
range of products and services through its comprehensive electronic banking
network, branches and offices across Canada, and has offices in the United
States and around the world. You can find other news releases and information
about CIBC in our Press Centre on our corporate website at www.cibc.com.
Michelle Robichaud, Tim Hortons,
Kevin Dove, Head of External Communications, CIBC,
To view this news release in HTML formatting, please use the following URL:
CO: Tim Hortons
NI: FIN NP VNT ADV
Press spacebar to pause and continue. Press esc to stop.