Saturday Sep 20, 2014

RBC and Shoppers Drug Mart Launches new Nation Wide Program

17 January 2012

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:

RewardsDetails
Earn 10 additional Shoppers Optimum PointsFor every $1 spent using the RBC Shoppers Optimum Banking Account at a Shoppers Drug Mart
Earn 1 Shoppers Optimum pointFor every $1 spent outside Shoppers Drug Mart using the RBC Shoppers Optimum Banking Account
Earn 50,000 bonus Shoppers Optimum PointsYou 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.

RBC ShoppersCard RBC and Shoppers Drug Mart Launches new Nation Wide Program

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?

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (9 )



toguy Wrote:

$10.95 per mth according to the globe, star, etc…

[Reply]

Sensei Reply:

Thanks! I was looking around and guess I missed it when I visited the globe.

[Reply]

Doug Wrote:

This account isn’t really that competitive, especially since Shoppers Optimum rewards program is one of the most convoluted, complicated and unattractive rewards programs in Canada. Additionally, if there is no fee waive with minimum monthly balance, I can’t see paying $10.95. Why not get a Scotia Moneyback Account if you make a lot of debit card purchases and get several hundred dollars a year cash back, instead of lousy Shoppers rewards? Plus, with BMO’s new partnership with Sobeys to create BMO Club Sobeys Banking, coupled with PC Financial, Coast Capital Savings, Canadian Direct Financial no-fee accounts, I question the value.

I would’ve preferred to see a no-fee banking account from RBC for unlimited, self-serve/cheque/electronic transactions and maybe have a $5.00 transaction fee when the debit/credit is posted by a CSR.

Cheers,
Doug

[Reply]

Sensei Reply:

It just came to my attention that you can get the fees waived through RBC’s multi-product rebate program. Although I do agree that some people might prefer the Scotia moneyback account if the fee was not able to be waived.

[Reply]

Trevor Wrote:

This new RBC/Shoppers Optimum account will also qualify under RBC’s multi-product rebate program so if a customer with this account also has an RBC Rewards Visa, an investment of any type and a mortgage, the 10.95 monthly fee is waived.

[Reply]

Sensei Reply:

Thanks for the info!! I will update the article with it.

[Reply]

mark robson Wrote:

this venture will fail.
who is going to sign up for $10.95 monthly fee especialy for new customers?, but i think current rbc customers who content with paying $10.95 will flock to this product for sure but bmo club sobeys or ING are far superior to this crap one.

pass it!

[Reply]

Sensei Reply:

From what Trevor has said, the fees can be waived, which can put the account back in the running for some people. Although, having a no fee account can be a great way to go for a lot of people. Both ING and BMO Club Sobeys offer great no fee chequing accounts.

[Reply]

So this is what happens when CIBC fails with Shoppers, then MBNA Canada picks them up but then decides to leave the Canadian market. No doubt an RBC Royal Bank Shoppers Optimum World MasterCard with PayPass is being built as we speak.

[Reply]

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