On March 10, BMO announced the acquisition of Air Miles in Canada. What does this mean for consumers?
• Read also: Bankruptcy soon for Air Miles
• Read also: Your Air Miles points may be saved: BMO bank buys the loyalty program
BMO paid US$160 million to acquire the Canadian operations of Air Miles from bankrupt US parent company Loyalty One. The threats of bankruptcy that weighed on the program are ruled out for Canadian consumers: they can accumulate and redeem their Miles as if nothing had happened.
A few years ago, Air Miles created two categories of points: Dream and Money. Currently, the redemption rate is 95 Silver Air Miles for $10 at checkout. For Dream Miles, their value is, in a way, fixed by that of plane tickets, car rental and merchandise that can be purchased in the Air Miles online store.
“The best way to liquidate your Dream Air Miles is to buy a trip or gift vouchers from participating merchants,” says Jean-Maximilien Voisine, founding president of Milesopedia.
Remember that loyalty programs are not RRSPs: it is best not to accumulate them over a very long period. With the uncertainty surrounding the future of the Air Miles program in Canada (because BMO has not signaled its intentions), it is wise to spend your Miles as soon as possible!
Less and less advantageous
Especially since the program is less and less advantageous. Thus, Empire (IGA’s parent company) opted for its own program, Scène+, which it owns with Banque Scotia and Cineplex. You therefore have until March 23 to earn or redeem your Air Miles points at IGA, Tradition and Rachelle Béry.
Afterwards, you will not even be able to transfer your Miles to Scène+.
At Jean Coutu, which has been a subsidiary of Metro since 2017, the MOI program (the former metro&moi program) will be implemented next May, replacing Air Miles. As of May, you will also not be able to exchange your Miles for MOI points at Jean Coutu. This program will also be offered at Brunet, Super C and Première Moisson.
Even if the loyalty programs do not apply to prescription drugs, you can easily spend your accumulated Air Miles on toilet paper, makeup, hygiene products and other everyday consumer products at Jean Coutu, by May .
“Air Miles still has 10 million members, and it’s one of the oldest programs of its kind,” continues Mr. Voisine. It still has value, especially since the BMO takeover.”
Advice
Even following the end of Air Miles at the IGA and at Jean Coutu, you can spend your Miles elsewhere (Sephora, Best Buy and Shell, in particular).
If you can buy food at IGA with your accumulated Air Miles, redeem them as much as possible before March 23. Food is expensive and comes before travel. You benefit from the exchange immediately, instead of a possible journey planned in several months or years, the price of which will increase (but not the value of your Miles).
Inexorably, the value of points in any loyalty program declines over time due to inflation.
