CIBC GETS INTO LONG DISTANCE PHONE WAR
By Adnews Staff
The Canadian Imperial Bank of Commerce has moved into the long-distance phone market. The company launched a new program this week called CIBC Guaranteed Proof. Under the deal, which will initially be available to CIBC Aerogold, Gold and Vacationgold Visa customers, cardholders will be guaranteed long distance rates at 10% less than the plans offered by AT&T Canada, Sprint Canada and the Stentor member companies. Each month, the program compares every call to three calling plans, one each from AT&T, Sprint and Stentor. CIBC Guaranteed Proof then selects the rates from the lowest priced plan and takes an additional 10% off. In addition, the Visa cards become a calling card and credit card all-in-one. In early 1999, the Guaranteed Proof program will be extended to all other CIBC VISA cardholders. Advertising for CIBC is handled by Padulo Integrated of Toronto.