Expired Hot Deals

[CIBC] $100 Amazon GC+ FREE 12 months on new Chequing account

  • Last Updated:
  • Mar 23rd, 2020 9:10 pm
[OP]
Member
Feb 18, 2019
224 posts
588 upvotes
Toronto

[CIBC] $100 Amazon GC+ FREE 12 months on new Chequing account

Get a $100 Amazon.ca Gift Card
Plus, pay no monthly fee for up to 12 months† when you open a new CIBC Smart™ Account.

Want to keep paying no monthly fees?
After your 12-month offer ends, keep your daily balance at $3,000 or more. Plus, make 1 recurring direct deposit or 2 pre-authorized debits each month.
20 replies
Sr. Member
Jan 21, 2013
547 posts
543 upvotes
Seems like CIBC got a whole bunch of Amazon.ca gift cards, got this email from Simplii (a CIBC subsidiary) this morning:
You could win a $50 Amazon Gift Card!

To show you our appreciation, you've been automatically entered to win a $50 Amazon Gift Card.*

Ten Simplii clients will be randomly selected and winners will be notified by January 27th. Good luck!

Thank you again for being a loyal client of Simplii.
We're committed to making your banking simple.

[...]

*NO PURCHASE NECESSARY. Open January 20, 2020 to January 24, 2020 to legal residents of Canada (excluding Quebec) who: (i) have reached the age of majority in their jurisdiction of residence and (ii) are Simplii Financial account holders in good standing at the time of entry and winner selection. 10 prizes available to be won, each consisting of: $50 Amazon Gift Card. Odds of winning depend on number of eligible entries received.
Deal Addict
Oct 2, 2005
1419 posts
691 upvotes
Montreal
Not worth the hassle of reading all the fine print, applying, risking getting your card and pin stolen in the mail, activating the card, linking accounts to transfer funds, setting up pre-authorized debits, transferring remaining money out, then cancelling the account.
IBM 701 | germanium diodes | 2000 multiplication or division operations per second | 2048 word memory on 72 tubes, 1024 bits per tube| 38-bit Accumulator | 36-bit Multiplier-Quotient | 2 IBM 726 magnetic tapes - 2x 2 million digit storage
Deal Addict
Dec 25, 2017
1739 posts
1160 upvotes
genericasianguy wrote: Seems like CIBC got a whole bunch of Amazon.ca gift cards, got this email from Simplii (a CIBC subsidiary) this morning:
I got no such email from Simplii, anyway to opt into he prize draw?
Newbie
Feb 15, 2006
73 posts
79 upvotes
dyalect wrote: $1000 in feesFace With Rolling Eyes
Is there some fine print where you can't cancel the account until you die or something?
Deal Addict
Feb 22, 2009
1760 posts
1590 upvotes
Whitby
Hornell wrote: Is there some fine print where you can't cancel the account until you die or something?
Read fine print for anything CIBC.
I cancelled a high interest cc from them - they offered me many more.
Paid off ploc - they offered me another one a few weeks later.

Just too many fees that end up eating anything you get from them as a gift. There are better options out there. This spider and fly thing with these companies should not appeal to anyone. Just sharing my 0.02.
Deal Fanatic
Oct 7, 2007
7210 posts
3374 upvotes
dyalect wrote: Read fine print for anything CIBC.
I cancelled a high interest cc from them - they offered me many more.
Paid off ploc - they offered me another one a few weeks later.

Just too many fees that end up eating anything you get from them as a gift. There are better options out there. This spider and fly thing with these companies should not appeal to anyone. Just sharing my 0.02.
+100
Newbie
Feb 15, 2006
73 posts
79 upvotes
dyalect wrote: Read fine print for anything CIBC.
I cancelled a high interest cc from them - they offered me many more.
Paid off ploc - they offered me another one a few weeks later.

Just too many fees that end up eating anything you get from them as a gift. There are better options out there. This spider and fly thing with these companies should not appeal to anyone. Just sharing my 0.02.
I appreciate it. I wanted to open up an Investor's Edge account and had a lot of difficulty transferring in money from my Simplii account. I was planning to open up the basic chequing and just use it as a conduit to get money into Investor's edge using e-transfers.

I am guessing what they are really angling for with these incentive deals is for overdraft charges, since they can charge you ridiculous sums of money even if you're overdrawn by $10.
Sr. Member
User avatar
Jul 20, 2017
575 posts
665 upvotes
Noobzilla wrote: Not worth the hassle of reading all the fine print, applying, risking getting your card and pin stolen in the mail, activating the card, linking accounts to transfer funds, setting up pre-authorized debits, transferring remaining money out, then cancelling the account.
Agree. Even if you are since your job doesn't pay so much and this is ~3-4 hours of work (You'd think faster, but i've actually done this and no that is about as fast as possible doing it online since I was forced into a branch both to activate, and to cancel later.) tops if your savvy and CIBC doesn't screw anything up. That's $25-33/hr, meh.

Plus the usual bait for all these rip off banks is $300. And $300 for a reason, they did the math, the amount of fee's they collect from the average person even if like 90% of cancel after getting the cash still nets them a huge profit. So even if you want to, just wait a bit and the $300 bait will come back, probably in the summer.

At $300 I did it a cpl years ago, slightly higher than my usual pay at that rate but still not sure id bother again.

Other notes:
CIBC is the only big 5 that threatens you with a clawback if you cancel after you get the award (all of them claim to award in 3-4 months, in practice at least that or longer or never). I cancelled soon after I got the cash and its over a year now with no clawback. (Realistically they won't because it costs them more them more man hours they are likely to get back from the lost clients, so not a good bet)

Amazon GC are great and very easy to use.. I shop there all the time. But even then, they are not cash-equivalent, because it's very easy to get them with 5%-20% or more cashback/points. (Huge corp discounts that a company CIBCs size they probably just straight up got a 20% or more discount on buying these in bulk).
Member
Dec 15, 2015
255 posts
197 upvotes
Hamilton, ON
Too many conditions for a small reward. If they would have made it simple people would jump on this.
Deal Addict
User avatar
Aug 10, 2006
1447 posts
776 upvotes
promo sounds interesting. thinking of switching from smart account to smart plus account after i get the GC to avoid future fees after the 12 mos.
Deal Fanatic
Nov 22, 2015
5654 posts
5043 upvotes
Hornell wrote: I appreciate it. I wanted to open up an Investor's Edge account and had a lot of difficulty transferring in money from my Simplii account. I was planning to open up the basic chequing and just use it as a conduit to get money into Investor's edge using e-transfers.

I am guessing what they are really angling for with these incentive deals is for overdraft charges, since they can charge you ridiculous sums of money even if you're overdrawn by $10.
No.. what they are angling for is long-term customers with investable assets, borrowing needs (both personal and business).

Banks make shit-all on bank fees and overdraft charges if you consider how much money they lose / have to write-off due to delinquent accounts. Also, overdraft charges are clearly spelled out in the account agreement... $5/per day or $4/month, plus interest... not arbitrary or ridiculous sums of money.

Credit cards, investments, and business banking make up the bulk of most banks' profit.
Deal Fanatic
Nov 22, 2015
5654 posts
5043 upvotes
Eleventeen wrote: Agree. Even if you are since your job doesn't pay so much and this is ~3-4 hours of work (You'd think faster, but i've actually done this and no that is about as fast as possible doing it online since I was forced into a branch both to activate, and to cancel later.) tops if your savvy and CIBC doesn't screw anything up. That's $25-33/hr, meh.

Plus the usual bait for all these rip off banks is $300. And $300 for a reason, they did the math, the amount of fee's they collect from the average person even if like 90% of cancel after getting the cash still nets them a huge profit. So even if you want to, just wait a bit and the $300 bait will come back, probably in the summer.

At $300 I did it a cpl years ago, slightly higher than my usual pay at that rate but still not sure id bother again.

Other notes:
CIBC is the only big 5 that threatens you with a clawback if you cancel after you get the award (all of them claim to award in 3-4 months, in practice at least that or longer or never). I cancelled soon after I got the cash and its over a year now with no clawback. (Realistically they won't because it costs them more them more man hours they are likely to get back from the lost clients, so not a good bet)

Amazon GC are great and very easy to use.. I shop there all the time. But even then, they are not cash-equivalent, because it's very easy to get them with 5%-20% or more cashback/points. (Huge corp discounts that a company CIBCs size they probably just straight up got a 20% or more discount on buying these in bulk).
Where can you get 20% off Amazon GCs as an individual? Would love to know... I've purchased close to $10000 worth of Amazon GC in the past 2 years and my average is maybe 9% off.

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