A few weeks ago the Royal Bank of Canada (RBC) and Shoppers Drug Mart launched a new national program, where clients will be able to now collect Shoppers Optimum points through the use of a brand new RBC Shoppers Optimum banking account and debit card.
That being said, today I will give an overview on what you can expect to find this account to include when it is launched. The RBC Shoppers Optimum banking account is expected to launch in March 2012.
To get things going, I have compiled a table with what you should see the account features of the RBC Shoppers Optimum Banking account has:
|Royal Bank of Canada (RBC)
|Account||RBC Shoppers Optimum bank account|
|Sending INTERAC e-Transfer||$1.00 per transaction|
|Non-(bank) ABM withdrawals||$1.50 each withdrawal|
|Account Benefits||Shoppers Optimum Rewards|
As you can see, this chequing account offers the necessities and an additional benefit of allowing clients to earn rewards on purchases inside and outside the store.
How does the rewards program work for this new account?
The rewards program is quite simple; you earn Shoppers Optimum points for every dollar ($1) spent on both inside and outside the store.
The rewards program for the RBC Shoppers Optimum bank account is as follow:
|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|
As you can clearly see, the amount of rewards you can earn at Shoppers for their Optimum points is large, well that is once you spend at a Shoppers Drug Mart,
Is the RBC Shoppers Optimum Banking account worth the cost?
Truthfully, I am a person who looks at account fees as a complete waste of money. I mean, there are several no fee accounts that are available which can definitely suit your needs.
However, as with any credit card that has a rewards program on it, the fee is always justified because you are provided with a great rewards program.
In this case, I feel the same way. The Shoppers Optimum rewards program is one of the largest and most popular loyalty programs in Canada. I do not see anyone not wanting to pay the monthly fee if it meant they would be able to increase the amount of Optimum points they can earn.
With that in mind, the monthly fee can be waived through RBC’s multi-product rebate program. In order to qualify for the multi-product rebate program, you will need to hold each of the following products:
- An RBC Royal Bank investment
- An eligible RBC Rewards® credit card
- An RBC Royal Bank residential mortgage or RBC Homeline Plan
Note: Clients, 60 years or older, require only an eligible credit card and investment to qualify for the MultiProduct Rebate.
All RBC accounts come included with Cross Border debit, which makes them great accounts for anyone who frequently travels to the US. That being said, I do not see why the RBC Shoppers Optimum Bank account would not have this feature included. If this account does have this feature, then it only makes it even better in my books.
With the account fee waived, it is more the RBC Shoppers Optimum Banking account is definitely worth the cost.
What do you think of the RBC Shoppers Optimum Banking account?