Tim Hortons and CIBC Launch Double Double Visa Card
First-of-its-kind technology allows clients to earn rewards and instantly redeem them for their favourite cup of coffee and other Tim Hortons menu items, all at the touch of a button
Toronto, ON - July 2, 2014 - CIBC (TSX:CM) (NYSE:CM) and Tim Hortons (THI: TSX;NYSE) today launched the innovative new CIBC Tim Hortons Double Double Visa Card, leveraging a first-of-its-kind two-button technology that combines a no annual fee CIBC Visa credit card with a classic Tim Card, all in one.
Cardholders simply press the CIBC Visa button on the front of the Double Double card to pay for their everyday purchases anywhere Visa is accepted, and 1 per cent of each dollar spent is converted instantly into Tim Cash rewards. With a simple touch of the Tim Hortons Tim Card button, cardholders can then redeem their Tim Cash for their favourite coffee and menu items at Tim Hortons.
Each button on the CIBC Tim Hortons Double Double Visa Card has its own coloured light that illuminates when the cardholder chooses either the Visa or Tim Card option. The new card also offers the convenience of Visa payWave and the security of chip-and-pin technology that consumers enjoy today.
"This new CIBC Tim Hortons Double Double Visa Card with its dual light technology is the first of its kind in Canada," says David Clanachan, Chief Operating Officer, Tim Hortons Inc. "At Tim Hortons we are focused on bringing forward innovations and technology with a purpose that will help make our guests lives easier - much the same as we do with food and coffee innovation. And this is technology that people are going to want to have in their wallets."
"We're excited to bring another banking innovation to Canadians," says David Williamson, Senior Executive Vice-President and Group Head, Retail and Business Banking, CIBC. "Our new Double Double card gives clients more choice in the type of rewards they earn, and our partnership with Tim Hortons gives us an opportunity to attract new clients to CIBC who already enjoy Canada's favourite coffee as part of their daily routine."
Every year, Tim Hortons sells two billion cups of coffee in Canada. The new Double Double card gives Tim Hortons an innovative loyalty rewards program for their guests, and gives CIBC an opportunity to acquire new clients to a banking relationship with CIBC.
The technology underpinning the new card leverages patented technologies developed by Dynamics. CIBC and Tim Hortons are the first to offer this award-winning technology to the Canadian marketplace. CIBC is the exclusive Canadian provider, and Tim Hortons is an exclusive provider in the Quick Service Restaurant category in Canada.
For more details on the CIBC Tim Hortons Double Double Visa Card and to sign up for one, visit www.DoubleDoubleCard.com. Join the conversation on Twitter, Facebook or Instagram with #DoubleDoubleCard.
Tim Hortons (THI: TSX;NYSE) is one of the largest publicly-traded restaurant chains in North America based on market capitalization, and the largest in Canada. Operating in the quick service segment of the restaurant industry, Tim Hortons appeals to a broad range of consumer tastes, with a menu that includes premium coffee, hot and cold specialty drinks (including lattes, cappuccinos and espresso shots), specialty teas and fruit smoothies, fresh baked goods, grilled Panini and classic sandwiches, wraps, soups, prepared foods and other food products. As of March 30, 2014, Tim Hortons had 4,524 systemwide restaurants, including 3,610 in Canada, 870 in the United States and 44 in the Gulf Cooperation Council. More information about the Company is available at www.timhortons.com.
CIBC (TSX: CM) (NYSE: CM) is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
For further information:
Head of External Communications, CIBC