Okay, I called CIBC credit card services and they explained what happened. It was NOT based on the phone call I received, but rather on the mailing that I received.
- CIBC sent me a mail asking if I wanted to upgrade to their gold card with a return envelope.
- I returned the application in the return envelope with the only thing written on the application form was "please do not send me junk mail".
- Whatever agent received the notification only looked at the name side of the form and didn't look to see if I filled in the application side and the authorization side and ASSUMED I wanted the new card.
- The agent then CANCELLED my old card and issued this new card.
Credit card services said that they will speak with the agent and coach him that he MUST check to see if the card has an authorizing signature on it. But he said there was nothing they could do to get my no-frills card back. Once a card is cancelled, it's cancelled for good. So given that it was their mistake and that I now have to call around to all the places that do auto-deductions off my credit card and change the number, he offered to waive the fee for the first year and give me a $100 credit. I negotiated $250.
I'll keep the card temporarily, use the 15,000 Aeroplan miles that come with the new card, use the $250 and then cancel. I have already asked TD to send me one of THEIR cards.
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