To the point
BMO announces its intention to purchase the AIR MILES Reward Program, following the news of LoyaltyOne's impending bankruptcy.
Milesopedia recommends this card from BMO
BMO wants to buy the AIR MILES Reward program
On Thursday, March 9, 2023, we learned that Loyalty Ventures, which owns the AIR MILES program in Canada, was discussing its imminent bankruptcy. This announcement was then made official on Friday afternoon, March 10.
Meanwhile, on Friday morning, BMO announced its intention to purchase the AIR MILES program. This is an opportunity for BMO to revitalize this program that has been struggling in recent months.
On its website, the AIR MILES program has reassured its members. They said that AIR MILES balances will not be affected to collect and redeem their points.
What to do with your AIR MILES miles?
Neither the AIR MILES program nor BMO have confirmed that the redemption rates for the rewards will remain the same.
Currently, the redemption rate for Cash miles is 95 AIR MILES for $10 off at checkout. Redeem them at IGA/Sobeys until March 22, 2023, or at Jean Coutu before May 2023.
After these dates, AIR MILES will no longer be accepted at these stores. Then it may be time for you to choose a Scene+ credit card if you shop for groceries at IGA/Sobeys (with some cards, you can earn up to 6 points per dollar at IGA/Sobeys).
For Dream Miles, they depend on the reward (merchandise, airfare, car rental, etc.).
All that has been confirmed is that”balances will be maintained” and that”members can use their reward miles in a way that meets their needs.”
For now, we are very careful with this kind of mentions. We still advise you to analyze whether an immediate exchange is more beneficial for you or to wait for a better deal after the BMO takeover.
Bottom Line
This acquisition of AIR MILES by BMO is reassuring for the future of the AIR MILES program. But this intention is subject to the authorization of the courts and the authorities. Nothing is confirmed at this time.
This kind of announcement is a reminder of what we often say: Earn and burn as much as possible. Loyalty programs are not savings accounts, they can be devalued at any time.
There will surely be some new features and changes in the coming months. Restructuring a program to generate profits requires making choices that can be difficult. In fact, there are sure to be new BMO – AIR MILES co-branded credit card offers. We are very much looking forward to the next steps.
However, we’ll have to wait and see what happens with miles earning and redemption rates. We will keep you informed as we go along!
Come to discuss that topic in our Facebook Group!
