American Express extends Aeroplan deal to 2020 to exit alongside Air Canada
An Aeroplan card is seen in this file image.
The Canadian Press
Published Monday, May 14, 2018 7:23PM EDT
Last Updated Monday, May 14, 2018 9:27PM EDT
TORONTO -- American Express Canada says it has reached a deal with Aimia Inc. and Air Canada extend its term as a credit card partner in the Aeroplan rewards program.
The company says the renewed contract extends through to June 29, 2020, to end at the same time as Air Canada's participation in Aeroplan.
Aimia's stock price has struggled since Air Canada announced last year that it would be splitting with the loyalty points company to start its own rewards program.
Montreal-based Aimia announced in March that it was partnering with Amazon to earn points with purchases, but lost Imperial Oil's Esso gas stations as a partner in the same month.
The company announced last week its board of directors appointed Jeremy Rave as the new CEO after David Johnston announced his departure in late April.
Visa also provides Aeroplan-branded credit cards through TD Bank and CIBC on contracts that expire in 2024. American Express's contract was set to expire this year.