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Redeeming travel rewards triggers two-fold emotional response in Canadians
Collection of travel rewards is about earning miles on the initial purchase and anticipation of future reward redemption
TORONTO, Jan. 21, 2014 /CNW/ - Canadians aren't just happy when they make a purchase which could result in travel rewards, they're also happy when they redeem those travel rewards down the line. More than a third of Canadians (35%) say they feel happy when they redeem for travel rewards because they love to get a good deal, according to the TD Travel Rewards survey conducted for TD Canada Trust, which introduced a suite of TD Aeroplan Credit Cards on January 1. The next most common emotion when redeeming miles is satisfaction with the chosen reward (26%), followed by a sense of accomplishment in collecting the required number of miles and excitement about being able to take a dream trip (16%).
"The new suite of TD Aeroplan Credit Cards offer a great way for travel enthusiasts to get the most out of everyday credit card purchases and feel that exhilaration of reaching a goal when they redeem their Aeroplan Miles for a trip or reward that they have been planning for, for themselves, or with family or friends," said Christine Hunter, Vice President, North American Credit Cards, TD.
In addition to exploring the emotional response to the redemption of travel rewards, the survey also explored the personality types of travel rewards collectors. The results showed that most Canadians who collect travel rewards fall into three main personality types - Strategizers, Savers and Accidental Tourists.
Strategizers, who make up 27 per cent of collectors, develop a detailed plan to earn as many miles as possible, including accumulating bonus multiplier miles by using a rewards credit card to purchase such things as groceries and gasoline. The second largest group - at 24 per cent - are Savers, who accumulate miles specifically for a dream getaway. Close behind are Accidental Tourists (22 per cent), who earn miles randomly and travel randomly.
"In addition to our broader suite of travel and other reward credit cards, the new suite of TD Aeroplan Credit Cards focus on faster earning, redeeming and flexibility to help Canadians - including the Strategizers, the Savers and the Accidental Tourists - reach their travel goals even faster," said Hunter. "The introduction of the suite of TD Aeroplan Credit Cards allows us to continue to build on the choice and convenience offering that our customers have come to expect from us."
Choosing the Right Travel Rewards Card
Whether a Strategizer, a Saver or an Accidental Tourist, it's important to choose the travel rewards credit card that best fits your needs and helps you to achieve your goals as quickly and as easily as possible. The new suite of TD Aeroplan Credit Cards offers a range of options that provide faster earning of Aeroplan Miles, more flexibility and easier redemption while a monthly statement can also help to manage credit responsibly by tracking your spending.
- TD Aeroplan Visa Platinum Card- Welcome Bonus of 10,000 Aeroplan Miles upon first purchase; insurance features; earn one mile for every $1.00 spent on gas, grocery and drug store purchases made with the Card (one mile for every $1.50 spent on all other purchases made with the Card)
- TD Aeroplan Visa Infinite Card - Welcome Bonus of 15,000 Aeroplan Miles upon first purchase ; insurance features; Air Canada benefits; Visa Infinite Concierge Service; earn 1.5 miles for every $1.00 spent on gas, grocery and drug store purchases (one mile for every $1 spent on all other purchases made with the Card)
- TD Aeroplan Visa Infinite Privilege Card - Welcome Bonus of 25,000 Aeroplan Miles upon first purchase; insurance features; Air Canada benefits; Visa Infinite Privilege Concierge Service; earn 1.5 miles for every $1.00 spent on gas, grocery, drug store and Air Canada purchases (1.25 miles for every $1 spent on all other purchases made with the Card)
- TD Aeroplan Visa Business Card - Welcome Bonus of 20,000 Aeroplan Miles to the Account with the $149 annual fee upon first purchase ; insurance features; Air Canada benefits; earn 1.5 miles for every $1.00 spent on gasoline and travel purchases made with the Card (one mile on all other business purchases made with the Card)
Achieving Your Goals
"With travel reward programs, the rewards section of our brains light up two-fold," said Ashley Howe, a Clinical Individual and Family Therapist. "We get a thrill out of buying that desired item and a second thrill by redeeming miles saved down the road."
Howe suggests this is why reward programs are very popular with Canadians, particularly with those who set goals and want to get as much value as possible out of every transaction.
"Travel rewards programs satisfy both the planning and rewarding aspects of accomplishing a goal," said Howe. "When we collect travel miles and regularly check to see our progress, it allows us to celebrate that sense of accomplishment in really concrete ways and help propel us towards our ultimate goal."
About the TD Travel Rewards Poll
TD Bank Group commissioned Research House Inc.to conduct an online custom survey of 1,001 Canadians aged 18 years and older. Responses were collected between December 19 and 23, 2013.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches, with convenient hours to serve customers better. For more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.
SOURCE TD Canada Trust
Image with caption: "Choose the Right Travel Rewards Card For You. No matter what type of collector you are, the new suite of TD Aeroplan Credit Cards offers a range of options that provide faster earning of Aeroplan Miles, more flexibility and easier redemption, so you can choose the right card for you. (CNW Group/TD Canada Trust)". Image available at: http://photos.newswire.ca/images/download/20140121_C9925_PHOTO_EN_35712.jpg
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