BMO Is Rescuing Air Miles From Bankruptcy & This Is What Is Going To Happen To Your Points
All hope is not lost.
The Bank of Montreal building in Toronto. Right: A computer on the Air Miles website.
People who have been collecting their Air Miles points may have some good news on the horizon.
One of Canada's biggest banks has come to the rescue of Air Miles, a company that has been in dire financial straits recently.
According to Bloomberg News, Loyalty Ventures Inc., the company that owns Air Miles, filed for bankruptcy and announced a plan to be bought out by the Bank of Montreal (BMO).
And in a press release from March 10, BMO confirmed that they are indeed in the process of acquiring the brand.
However, the deal is not completely final yet. Its success is still dependent on approval from the courts, regulatory approval and "other customary conditions."
"If our acquisition of the AIR MILES business is successful, we will bring the ownership of AIR MILES home to Canada," said Ernie Johannson, an executive at BMO. This means that Air Miles ownership will shift from Houston, Texas, to the Great White North.
All that being said, you're probably wondering how this will affect your stockpile of Air Miles points.
The good news is that your points will be a-okay.
"BMO's agreement to purchase the Air Miles business has no impact on AIR MILES collectors' Reward Miles balances or on collectors' ability to collect and redeem AIR MILES Reward Miles," said Air Miles President Shawn Stewart.
So, you can still stock up and redeem points like you always did.
For those who might be unfamiliar with Air Miles, it is a rewards points program founded in the early 1990s, where you can collect points by making purchases at participating stores.
Once you sign up for a card, you can get points at retailers like Shell, Thrifty Foods, Metro, IGA and more.
Then, you can spend your accumulated points on travel and products or just get straight-up cash in some cases.
Meanwhile, if you're looking for other ways to save money in Canada, there are a number of cool rewards programs that you can take advantage of — from Aeroplan to Tims Rewards!
This article's cover image was used for illustrative purposes only.