Spend your remaining Air Miles points

Spend the remaining Air Miles points

UPDATE DAY

The Jean Coutu chain, which belongs to the giant Metro, recently announced that it was dropping the Air Miles loyalty program in favor of its own, Metro &Moi. < /p>

This change is hardly surprising, especially since Metro, which also owns Brunet, bought Jean Coutu for $4.5 billion in 2017. 

This decision practically sounds the death knell for Air Miles in Quebec, the oldest generalist loyalty program in the country (it celebrates its 30th anniversary this year in Canada and was created in the United Kingdom in 1988). The parent company's stock, Loyalty Ventures, has been hovering below $2 on the NASDAQ stock market since early September and is trading below the company's book value. It has lost 96% of its value over the past year. Debt worries investors.

And it is only a matter of time before Sobeys, which manages most Shell stations in Quebec, ejects Air Miles in turn to impose Scene+, which it owns at 30%. In mid-June, Sobeys had dropped Air Miles in its IGA stores to favor Scène+. 

Empty your account

In concrete terms, if you have one of the 11 million Air Miles cards in circulation in the country, hurry to liquidate all your points as soon as possible. Why?

The company's situation is so fragile that it has been impossible to redeem miles for IGA gift cards since the end of September. 

And I wouldn't be surprised if if Air Miles shut down or went bankrupt, holders would likely lose all their points. “We have never experienced this kind of situation, comments Jean-Maximilien Voisine, founding president of Milesopedia. It is not even known whether the holders would have creditor status in the event of bankruptcy. » 

On the side of the Consumer Protection Office, we could not be told whether members of loyalty programs had any recourse or protection in the event of closure or bankruptcy.

< p>There are several trillion bonus points in circulation around the world. What made The Economist magazine say that it is a private parallel economy without government supervision. In short: it's the Wild West.  

Tips

  • Loyalty program points are not RRSPs. Do not accumulate them for years: inflation greatly reduces their value.
  • The BMO Air Miles Mastercard credit card for students allows you to get 3000 miles after $5000 in purchases, a value of $310, with no annual fee for the first year. She gives 1 mile for every $12 at Costco.
  • The best way to use her loyalty programs is to use them quickly for real benefits: either through discounts on credit card spending, or through purchases made directly in stores; especially if your program allows, for example, to redeem 6 per dollar like Scene+ with a ScotiaCard, which represents 6 % (which is almost the average of the inflation of the last 12 months).

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