The Royal Bank of Canada (RBC) and Shopper Drug Mart have announced today that they are launching a nation wide program that will now make it more convenient for Canadians to bank and earn rewards at Shoppers Drug Mart/ Pharmaprix locations throughout the country.
This is huge news, for the first time ever, a Canadian bank is offering Canadians the opportunity to collect reward points for one of the top loyalty programs in the country; this loyalty program is none other than Shoppers Optimum, through the use of their debit card.
What does the new nation wide program entail?
This new program as I mentioned above allows clients to earn Shoppers Optimum points for every $1 spent at Shoppers Drug Mart (in addition to the points earned using the Shoppers Optimum Card).
I have outlined the rewards you can gain with this program below:
|Earn 10 additional Shoppers Optimum Points||For every $1 spent using the RBC Shoppers Optimum Banking Account at a Shoppers Drug Mart|
|Earn 1 Shoppers Optimum point||For every $1 spent outside Shoppers Drug Mart using the RBC Shoppers Optimum Banking Account|
|Earn 50,000 bonus Shoppers Optimum Points||You need to set up a payroll or pension deposit for the new account and complete two online bill payments|
On top of earning a lot of rewards, you earn a bonus of 50,000 Shoppers Optimum points. As you have noticed in the table above, there is a new bank account coming into RBC’s lineup.
What is the new bank account being launched?
The new bank account being launched is called the RBC Shoppers Optimum account. The account offers unlimited transactions, on top of giving clients access to Canada’s largest ATM network. It will feature a co-branded RBC Shoppers Optimum banking account and debit card.
With this partnership is that Shoppers Drug Mart/ Pharmaprix locations will have more than 300 new RBC ATMs added. This only adds to the large network that RBC already holds.
Clients will also have the ability to convert their RBC Reward points to Shoppers Optimum points.
I will provide more details on the new RBC Shoppers Optimum account when I can.
I am curious as to how much the account will cost clients. The account will cost $10.95/ month. For what you are getting (rewards, unlimited transactions, large ATM network, etc), this is not a bad price on the account at all. Well that is just my opinion on it. I am sure there are a lot of people who will find the fee to be high, especially since there are plenty of no fee accounts that are just as good (though they are not linked with Shoppers Optimum Rewards).
In addition to the new banking account and debit card, RBC and Shoppers Drug Mart will be introducing a series of co-branded products.
This new program will take effect on March 17th, 2012.
What do you think of the new nation wide program?