Redemptions for merchandise are up 72 per cent since March

TORONTO, Aug. 6, 2020 /CNW/ - With summer underway, many Canadians would typically be redeeming credit card rewards points to book vacations, but with travel restrictions still in place many Canadians are shifting their redemptions to make the most of staycations without taking a hit to their wallets.

From March to June, redemption of CIBC Aventura rewards points for merchandise and gift cards increased significantly, according to CIBC data:

• Merchandise in the Electronics, House & Home Improvement categories is up 72 per cent
• Gift cards in the Grocery and Retail categories is up 8 per cent

For Canadians considering how they can redeem their credit card rewards points beyond travel, there are many ways to apply points to everyday life. Points can be as good as cash when making everyday purchases, paying down your credit card balance or even donating to charity.

"Rewards points may not commonly be viewed as a financial asset, but they can provide immediate benefit when it comes to everyday needs," said Jennifer Davidson, Vice-President, Cards Products, CIBC. "While travel redemption is down significantly, clients are finding value in the flexibility of using their Aventura points where it matters most to them in this environment. It's important to think of your points as any other asset, which can be used to pay for everyday purchases or pay down a loan or credit balance."  

By visiting the Aventura Rewards site, clients can easily redeem their Aventura  points online to:

• Shop the Rewards catalogue - browse over a thousand items available for purchase with points, such as houseware, electronics and clothing items, as well as digital gift cards for personal use or gifting to others who may be in need.
• Donate to charity – redeem points for a Charitable Impact voucher to direct points to thousands of registered Canadian charities, including both local and national organizations.
• Access items on popular online retailers - just sign on to your CIBC Rewards account and click the online retailer link on the shop page

Pay with points:

Through online and mobile banking, clients can apply points to recent credit card transactions or use points to conveniently and simply pay down a credit card balance, loan or line of credit.

Recently, CIBC offered Canadians an opportunity to receive double the points on their CIBC rewards credit cards when spending at local restaurants through the CIBC Revival Rewards program. 

About CIBC

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC