Tim Hortons and CIBC offering free coffee for a year, but the deal comes with TONS of fine print

If you thought the free donut was good for using Interac, then free coffee for a year is even more enticing.

The latest promo is called “Bank with CIBC, Get a Year of Coffee FREE.” Of course, there are TONS of fine print and stipulations to score the free caffeine.

Apparently all you have to do is open a new CIBC chequing account by February 29, 2016 and perform several banking functions.

First, when you use CIBC Mobile Banking or CIBC Online Banking to pay a bill, send an Interac e-Transfer or deposit a cheque with CIBC eDeposit, you will receive a $25 Tim Card.

Next, for the big kahuna, CIBC Tim Hortons DoubleDouble card holder will receive free coffee for 1 year when you complete a recurring direct deposit or 2 different pre-authorized payments from your new eligible CIBC chequing account.

Here is the fine print that one should be aware of:

“To qualify, an eligible client must first open a: (i) CIBC Unlimited® Chequing Account; or (ii) CIBC PremierService® Account. Next, within three calendar months, register for CIBC Online Banking or CIBC Mobile Banking and then pay a bill, send an Interac e-Transfer or deposit a cheque using the CIBC eDeposit option to be eligible to receive a $25 Tim’s Cash Reward; and/or set up at least one (1) eligible recurring direct deposit or at least two (2) different eligible recurring pre-authorized debits to be eligible to receive the FREE Coffee for a Year Reward‡ Reward is valid once each calendar day (based on Eastern Standard Time) for 365 consecutive days starting on the day of first redemption. Coupon will expire automatically. Offer is intended for the CIBC Tim Hortons Double Double Visa cardholder whose name and email account appears on the coupon.”

Finally, “coupon can be redeemed for one free Medium Sized Coffee, Hot Chocolate, Steeped or Specialty Tea.”

A medium beverage at Tim Hortons is $1.57 and the offer is giving you 365 of them. This is $573.05 per year.

It should be stated that the Tim Hortons Double Double Visa Card is free, but the fee for the chequing account has a monthly fee of $13.95, which translates to $167.40 per year. In addition, the CIBC PremierService Account comes with a fee of $28.95/month and $347.40 a year.

Overall, if you’re a Timmies addict this is a sweet deal, but remember you will have to complete all the steps to get the full reward.

About Ian Hardy

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I'm obsessed with Tim Hortons. It runs through my veins and I've probably spent enough money downing Steeped Tea's that I could have purchased my own franchise.