National Bank has signed an agreement with the Canadian Automobile Association (CAA) for the launch of the National Bank CAA Rewards MasterCard credit card further to the acquisition of Bridgewater Bank’s portfolio of 42,000 CAA credit cards. As a result, CAA members across seven regional CAA clubs, not including Quebec, who have a CAA credit card will receive the new National Bank CAA Rewards MasterCard card in the next few months.
“At National Bank, we are proud to help our clients carry out their business and personal projects,” stated Pierre Dufour, Vice-President – Card and Payment Solutions, National Bank. “And that’s exactly what we’re offering the members of the regional CAA clubs that have signed this agreement. With the National Bank CAA Rewards MasterCard, they’ll be able to enjoy a host of advantages, especially when they travel, be it in Canada, the United States or anywhere else in the world.”
“The goal of the CAA Rewards Program is to provide CAA Members with best-in-class offers and savings from brands that they know and love” stated Jeff Walker, Chief Strategy Officer, CAA. “With the new CAA Rewards Mastercard, CAA Members can get even more value from their membership, earning CAA Dollars on all of their purchases. Members can redeem their CAA Dollars on a wide array of CAA products and services, including their next vacation, retail products like movies and attraction tickets, as well as their CAA membership”.
The CAA partnership includes that of Ontario, Manitoba, Saskatchewan, Alberta and British Columbia. It offers National Bank a significant opportunity to expand its credit card distribution to a premium customer base, throughout Canada. MBNA currently has the credit card partnership with CAA Quebec. It will be interesting to see if National Bank is able to pick up that partnership as well.
Bridgewater Bank, owned by the Alberta Motor Association, had been trying to sell the co-branded credit card program for several years.
This will be National Bank of Canada’s first foray into a national co-branded credit card program. National Bank has been aggressively pursuing growth outside of Quebec, and this partnership seems to fit the bill.