Air Miles

Definition

• Air Miles is a popular and recognized reward program that works with airline-affiliated co-branded cards. This means that the cardholder earns Air Miles (points) each time he or she uses the card. The earnings are then transferred on a monthly basis to the cardholder's account and can be redeemed for flights, travel discounts, or other merchandise.

Synonyms
Aeroplan, flight rewards, reward program

Related Terms and Acronyms

• Annual Fee — Definition,
  • A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual fee.
• Co-branded Card — Definition,
  • A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
• Credit Card (CC) — Acronym, Very Important,
  • A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
  ➥ A payment card that gives customers access to a revolving line of credit.
• Debit Card (DC) — Acronym, Important,
  • A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
• Point of Sale (POS) — Acronym,
  • A location where a sales transaction takes place.
  • An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.
• Rebate Card — Definition,
  • This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
• Standard Card — Definition,
  • The basic card offered by issuers. Customers with higher incomes and good credit reports can qualify for the higher-limit gold and platinum cards.
• Travel Insurance — Definition, Very Important,
  • Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
• Travellers' Cheques — Definition,
  • These are a safe way to carry large amounts of money if you are going on a trip. They are considered to be the same as cash, but can be replaced if they are lost or stolen. You can buy them at your bank for a small fee. If you have a special service package, you may not have to pay this fee.