Millions of Canadians who hold PC MasterCards will be watching to see what impact, if any, the decision by CIBC to “absorb” those attached to bank accounts into a new brand called Simplii Financial has on their day-to-day use of the card. CIBC has provided the back-end banking services for PC Financial for nearly 20 years but the companies said Wednesday they are going their separate ways. Loblaws owned PC says it will continue to offer MasterCard credit card products and the PC Plus loyalty-points program as usual but the mechanics of that are not outlined. PC spokesperson Lana Gogas did write to The South Bayview Bulldog to state that there are no changes to the PC Financial Mastercard products as they are solely provided by PC Bank.
EFFORTS TO EXPLAIN
There are brave media efforts to keep this clear for PC card holders who are not depositors at CIBC. It appears to be the case that PC branded cards will still be issued but the future is by definition unknown. “We are excited about the future and our ability to create new products to serve Canadians,” PC Financial spokesperson said Ms Gogas. “Today marks the start of an exciting new chapter for PC Financial, including continued strength in payments and loyalty through our PC Financial MasterCard products.” Canadian Press CBC