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 everyday spending.
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.
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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 www.timhortons.com.
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.
SOURCE: CIBC
For further information:
Michelle Robichaud, Tim Hortons, 905-339-5047, [email protected]
Kevin Dove, Head of External Communications, CIBC, 416-980-8835, [email protected]
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