American Express signs new multi-year deals with Aimia and Air Canada

MARKHAM, Ont. – American Express Canada said Thursday it has signed new multi-year agreements with Aeroplan parent company Aimia (TSX:AIM) and Air Canada (TSX:AC.B).

Financial terms were not available.

The agreements, which extend a long-standing relationship between the companies, include plans for a new travel credit card next year.

American Express currently offers co-branded charge cards that allows users to earn Aeroplan points.

Aeroplan also allows American Express members to exchange their membership rewards points for Aeroplan points.

The American Express deal follows a decision earlier this year by Aimia to pick TD Bank (TSX:TD) as the primary issuer of Visa credit cards for the Aeroplan program over CIBC, which had held that distinction for more than 20 years.

CIBC contested Aimia’s decision and eventually reached a deal to keep about half of its Aeroplan credit card customers.