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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Air Miles

Air Miles
is a registered company.

Synonyms:Aeroplan, flight rewards, reward program
Filed Under: companies-associations, financial-banking
 

Definition of Air Miles

Air Miles
1. 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.


Related Terms and Acronyms:

  • annual fee   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   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)   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)   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)   A location where a sales transaction takes place.
  • rebate card   This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
  • standard card   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   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
  • travellers' cheques   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.

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