TORONTO, Feb. 20, 2014 /CNW/ - Tim Hortons (TSX: THI) and CIBC (TSX:CM) (NYSE:CM) today announced an agreement to launch a co-branded credit card, which will offer instant Tim Hortons loyalty rewards to CIBC clients on their everyday spending. The new CIBC Visa credit card is scheduled to launch in May 2014, and will allow cardholders to accumulate Tim Cash rewards for all purchases made on the card. That Tim Cash can then be redeemed instantly using the same card at participating Tim Hortons locations to purchase coffee, baked goods, or any other Tim Hortons offerings. "At Tim Hortons we're fortunate to have very loyal guests, many of whom visit us every day. We feel that an innovative card such as this not only provides our guests added convenience, but is a great loyalty rewards solution offering instant redemption for their favourite Tim Hortons menu items," explains David Clanachan, COO, Tim Hortons Inc. "This new card complements our strategy to actively pursue further technological innovation that help directly connect our guests with our brand." "We are excited to partner with Tim Hortons to bring this one of a kind innovation to Canadians by combining the convenience of a CIBC credit card with the ability to earn and redeem loyalty rewards from Tim Hortons, all on a single card in their wallet," said David Williamson, Senior Executive Vice-President and Group Head, Retail and Business Banking, CIBC. "This partnership gives CIBC a meaningful channel to attract new clients to CIBC, and allows us to deepen the relationships we have with existing clients by further rewarding them for banking with us." With over 2 billion cups of coffee served annually at Tim Hortons, the combination will benefit both regular Tim's guests and CIBC clients.