(Toronto) CIBC has signed an agreement to acquire retailer Costco’s credit card portfolio in Canada and become the exclusive issuer of Costco Mastercard cards in the country as part of a campaign to expand its credit card portfolio.
The bank did not disclose the deal’s financial details but said the portfolio included millions of credit cards with more than $3 billion in outstanding balances.
The deal will help CIBC expand its offering for cards that don’t offer travel rewards and should help attract Costco cardholders to other CIBC products, the group leader for cardholders said Thursday. Personal and commercial banking services, Laura Dottori-Attanasio, in a statement Thursday.
“This relationship allows us to diversify our portfolio of rewards credit cards on everyday purchases and carve out a better market share in the payments sector and deepen our relationships in concrete ways by meeting the financial needs of Costco members.”
“We are committed to providing them with an excellent customer experience and winning over their business more with our expert advice and best-in-class solutions to help them turn their ideas into reality. »
The Capital One card sound until the change
The bank says Capital One Costco Mastercard cardholders can continue to use their current card until they receive their new CIBC Costco Mastercard, which is expected to happen early next year. The bank said it would clarify the rewards associated with the new card in the coming months.
The new CIBC Costco Mastercard will offer rewards for purchases at more than 100 Costco warehouses in Canada and on the Costco.ca website. It will also act as a Costco membership card.
The deal adds a Mastercard offering to CIBC’s Visa card portfolio, including its Aventura and Aeroplan traveler rewards cards and its Dividend cash back card.
Speaking on an investor call last week, the bank’s chief executive, Victor Dodig, stressed the importance of having a balanced card portfolio.
“As the economy continues to return to normal, our goal is to ensure we have a strong presence in travel and non-travel cards to gain market share as consumer spending increases. »
Profitable for CIBC?
Scotiabank analyst Meny Grauman said that adding a portfolio of this size in a mature market was undoubtedly a positive for CIBC. However, questions remain about the deal’s profitability, given Costco’s reputation for negotiating hard.
“The real payoff here for CIBC will be the cross-selling opportunities to millions of affluent cardholders, only a small portion of whom are current CIBC customers. »
Grauman added that the deal would increase CIBC’s total card balances by approximately 30% to more than $13 billion, cementing its position as third in Canada for outstanding balances and purchase volumes.
Banks saw credit card transactions increase as spending increased, but card balances remained lower as more consumers paid off their balances.
Statistics Canada reported last week that Canadians paid off $16.6 billion in credit card debt in the first year of the pandemic, reducing the total outstanding balance to $74 billion in January 2021.
This 18.3% reduction marked a sharp reversal of the trend of the past 20 years, which saw credit card balances increase by an average of 20.7% per year to reach a peak of 90.6 billion in February 2020.
How To Choose The Right Commercial Contractor For Your Project?
Choosing the right contractor for any building project is certainly going to be key to the success of the project itself. After all, the main contractor could very well be involved in every single detail of the project. With that in mind, we can’t really overstate the importance of finding the right Calgary commercial renovation contractors for your particular project. What should you be looking for though, when you’re out searching for that right contractor? The easiest thing to point out, yet potentially the hardest thing to find is a contractor that you know you can trust. If this person or company is going to be involved in every aspect of the project trust is key. How can you build that trust or reach a certain comfort level with a group of people that you potentially just met?
The way that we see it, the contractor’s reputation has to speak for itself. This can make it hard for new companies to break into the market because as an investor what you probably want is someone with a proven track record. Staying on that subject of the proven track record another key to picking the right general contractor, commercial renovation oriented, is making sure they have experience in your niche. The term commercial building encapsulates so many different things. Yet, working on building a new hospital wing is not necessarily similar to setting up a restaurant. Making sure that the contractor you hire has experience with a similar project is another box that you potentially want to check.
The Price Tags Are All Over The Place
One of the things that you’re potentially going to find in your search for a contractor is that the price tags for the services of these contractors can be all over the place. Some of the more established companies in the region are going to have a high fee that you need to cover, and they won’t budge off that. On the other hand, up-and-coming contractors may be more willing to give you a bargain deal. More expensive work is not necessarily better work, but these companies are able to bring a higher level of experience to the table. This is in many ways what we’ve mentioned as the key to finding that right contractor. Finding the perfect balance between experience and a decent price with a sense of trust between both sides is pretty much all that you can ask for.
Make Of List Of The Things That Are Important To You
Should the company that you hire have experience with similar projects? That’s probably a must for sure! Is there a price tag that you don’t want to go over? What are other specific needs you have? If you make a list of the things that you want and you can cross reference that with what you’re being offered by the options that you look into you can make the selection process much smoother. Even if there is no perfect way to be able to find the right commercial contractor.
Why You Should by Custom Pins?
You can have custom pins made in any shape, size or variety. You might get a reproduction of your organization’s logo. There are various expert reasons you could do this, whether it be for special purposes, part of a uniform, or even a sponsorship for a non-benefit occasion. As an individual, you might need to have a family pin made to distribute at the yearly get-together. Then again, perhaps your book club is praising its fifth year together and you would like a method for celebrating the event. Something different that has filled in ubiquity is to have a wedding pin made to pass out to every visitor as memorabilia of your exceptional day. There are numerous different motivations to use this one-of-a-kind help. Individuals love substantial articles, regardless of anything the size or worth. Basically, individuals love the stuff! Regardless of the occasion, what is preferable to give over something modified that they can wear on their lapel, satchel, cap, scarf, or tie?
Custom pins are accessible is a few assortments. One such assortment is Cloisonne. Cloisonne is the method of brightening metal. The hard lacquer Cloisonne pin is a metal pin that is played with polish and afterward prepared at a high temperature to fix the paint. It is then cleaned. At the point when done in this mold, the pin is smooth across the top.
Another assortment is the delicate finish. Delicate finish custom pins additionally have veneer fill, however, they are air-dried instead of prepared. The fill sits lower than the metal edges that structure the frameworks of the pin. This style of pin isn’t totally smooth across the top. It has a fairly raised frame. The delicate finish is a more affordable option in contrast to the hard polish.
The bite the dust struck pin is normally found in metal shades. It very well might be shaded, however, most frequently isn’t. These are the main sort of pins that made be done three correspondingly.
The photograph scratched pin is an option in contrast to the finish pin when you are needing something with a ton of detail. This is a more slender choice than the hard or delicate veneer.
At last, there is the photograph arch pin. These custom pins are fitted with a copy of the image you give and the epoxy is streamlined from the top to a pleasant domed completion.
You can track down organizations online that offer this kind of altered work. Some have valuing data accessible on their sites while others expect you to submit data on their statement structure. The data they will require normally incorporates your contact data, a depiction of the sort of custom pins you are hoping to arrange, and a duplicate of your craftsmanship. When you present this structure, the organization will handle your statement solicitation and reach you with an expected cost. Prior to consenting to have any work done, make certain to peruse the reached terms completely. Ask about creation time, yet additionally delivering time. You need to ensure that your request will get to you in time for the planned occasion.
What are Micro-Credentials & what are their Benefits?
With rapid changes and development in technology, the current job structure has completely transformed. Many new job roles are emerging and becoming immensely vital for the organization. There is also a need for acquiring newer skill sets which means that the workforce has to gain new expertise to be able to flourish in the modern workforce.
Micro-credentials become extremely important in this scenario as they are the best tool for upskilling. They are a feasible means of acquiring competencies that allow one to carry out job responsibilities effectively.
Micro-credentials are mini qualification that allow an individual to gain knowledge or expertise in a given area or domain. The skills that these nano degrees provide are very narrow and limited to particular expertise. Unlike diplomas or degrees that take several years to complete, micro-credentials imbibe all the necessary knowledge in a short time frame.
The expertise that you gain from these mini qualifications is immediately applicable to your job role. You can acquire a micro-credential in various fields ranging from social media marketing to even business communications.
These nano degrees are offered as digital badges which are given after you have successfully acquired a skill. Along with universities and colleges, you can also get these badges at work through practical job training.
Need of the hour
The business landscape has shifted drastically after the pandemic as every industry has adopted newer technological tools. This has greatly impacted job roles as responsibilities have upgraded. Revamping of work culture and the introduction of modern tools including the digitalization of every sector has left vast room for upskilling.
For example, the traditional form of marketing which was once the norm has now been replaced by digital marketing. Those part of the workforce who lost their job due to all these changes or are looking to adapt to the new work tactics can gain a lot from a micro-credential.
Also, the millennials and Gen Zs are keener to acquire skills that are directly applicable to the workplace and benefit a lot from such digital badges. There are many benefits that micro-credentials have which makes them immensely popular and useful in the current times
Benefit of microcredentials
Some of the main advantages that micro-credentials have are the following:
- Practical skill-building
In the age of micro content and bite-sized videos, everyone is looking for easier ways to gain new skills. Gaining any expertise is only useful if it is applicable to one’s current job role or can help them switch to something better.
Obtaining a micro-credential has an edge over other qualifications here as it imbibes necessary training that can be immediately applied to one’s work. It also allows you to illustrate to your employers that you have the necessary practical knowledge needed for the job profile. Those who are looking to become technologically competent can make great use of this mini qualification as well. They can easily learn how to navigate through the digital landscape in a short time.
- Feasible to learn
Talking of learning in a short time, not everyone can afford to go back to college or university to continually upskill. From a practical point of view, it makes no sense as it becomes a time-consuming and expensive way of learning.
On the other hand, micro-credentials can be acquired in a smaller time frame without burning a hole in your pocket.
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