Dear Members,
Bank of Montreal is ending the AFM/CFM MasterCard Affinity Program. This is due to low participation rates and their program now only accepts larger organizations with a minimum of 50,000 Canadian members. Current AFM/CFM MasterCard accounts will still be active, so if you have that credit card you will continue on as a BMO client. There will be a switch from the AFM/CFM MasterCard to the BMO MasterCard. The following two changes may occur: Adjustment of interest rate and the issuing of a blank BMO MasterCard in replacement of the AFM/CFM branded card.
The product types remain the same after the transition, with the exception of the “No Fee Cashback” product which actually increases to 1% cashback reward. Meanwhile, the interest rates will increase for both Retail Purchases and Cash Advances.
| Current product | Product transfer to |
| AFM NO FEE AIR MILES | NO FEE AIR MILES |
| AFM NO FEE CASHBACK 0.5% | NO FEE CASHBACK 1% |
| AFM WORLD AIR MILES | WORLD AIR MILES |
| AFM WORLD CASHBACK | WORLD CASHBACK |
| Interest Rates for Retail Purchases | Interest Rates for Cash Advances |
| Changed from 17.5% to 19.99% | Changed from 17.5% to 22.99% |
BMO will release a letter in May to clients of the changes and all accounts will be rolled over by the end of June. For further questions, please contact BMO at 1-800-263-2263.
We are currently investigating alternative programs with other financial partners and will update you as new information is available.
Sincerely,
Canadian Federation of Musicians
For more information please visit us at www.cfmusicians.org | CFM on Twitter|CFM on Facebook.