Personal Finance

When to cancel Aerogold?

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  • Jul 29th, 2013 12:46 pm
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Deal Addict
Jul 11, 2008
1791 posts
184 upvotes
Ottawa

When to cancel Aerogold?

Just got the Aerogold VISA from CIBC, $120 annual fee. When do I cancel it to avoid the fee but keep the points?

Thanks.
7 replies
Member
Aug 17, 2008
481 posts
262 upvotes
Did you get it during a promotion (first year waived)? The full annual fee is charged at the very start of the CC's life (when activated). If the first year was waived, you have a year to enjoy it and rack up points and can cancel it a few days or so before you get charged for the following year (its instant cancellation). You can always call the number on the card to know the exact date you'll be charged.

I'm going through this myself. Got it last November so I'll probably be downgrading to a different free CIBC VISA (probably dividends) and getting a different travel loyalty program card with a different institution most likely.
Deal Addict
Mar 3, 2009
1913 posts
1221 upvotes
Ottawa, ON
Even after they charge the annual fee, you have 30 (or maybe 60) days to cancel and they will refund the fee when you cancel the card.
Deal Addict
Jul 11, 2008
1791 posts
184 upvotes
Ottawa
I applied recently, while a promotion was on. However, I didn't apply through the promotion link, so I doubt they're gonna waive the fee.

Will I get to keep the 15000 bonus points after I cancel?

Thanks guys.
Sr. Member
Oct 14, 2009
559 posts
588 upvotes
Rothesay
pace wrote: I applied recently, while a promotion was on. However, I didn't apply through the promotion link, so I doubt they're gonna waive the fee.

Will I get to keep the 15000 bonus points after I cancel?

Thanks guys.
Yes, once the miles are deposited in your Aeroplan account they can't typically take them back. I have never heard of this happening before at least and I have cancelled several cards shortly after I've applied for them.
Banned
User avatar
Dec 1, 2011
2427 posts
342 upvotes
Winnipeg
When my Aerogold was offered pre-approved, with the 15k Aeroplan bonus, I told the lady on the phone I would only accept it if the annual fee was waived for the first year. I went on to say that I know they've had the promotion before with the fee waived, and that's the only way I would take the card.
So I would call before you even receive the card, if you haven't already, and tell them you expect the fee waived for the first year, or you're cancelling the card right away.
Got mine in April, and will downgrade or cancel before the year is up.
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
Banned
User avatar
Dec 1, 2011
2427 posts
342 upvotes
Winnipeg
FWIW, when/if the fee is charged, you can cancel the card at any time, even months later, and the fee is normally pro-rated, so you'll get a portion of it back no matter when you cancel.
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
Deal Addict
Jul 11, 2008
1791 posts
184 upvotes
Ottawa
i'll follow your path wayne74. i've received the card already but haven't activated.

thanks a bunch, everyone.

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