Description: The Air Miles customer rewards program has been purchased by Bank of Montreal, following financial problems that resulted in Air Miles parent company, LoyaltyOne, entering creditor protection. Losing the Sobeys grocery chain as a program participant in 2022 was a major blow to Air Miles. But a few years earlier, in 2016, Air Miles had a major publicity faux pas when it announced – then reversed in the face of an outcry – a plan to have an expiry date on customer points.

Date:  March 10, 2023

Source:  cbc.ca

 Link: https://www.cbc.ca/news/business/bmo-air-miles-1.6774434

Discussion points:

1) Are you a loyalty points collector? If so, which programs do you participate in?

2) Have you ever had a bad experience in trying to redeem loyalty points?

3) Chapter Ten, page 10-10, of Wiley’s Financial Accounting: Tools for Business Decision-Making mentions the Air Miles program. In what context is Air Miles mentioned in this chapter on reporting and analyzing liabilities?