RBC and Shoppers Drug Mart extend alliance with new Shoppers Optimum MasterCard
TORONTO-- Royal Bank of Canada and Shoppers Drug Mart Corporation have introduced the new co-branded RBC Shoppers Optimum MasterCard. In conjunction with the launch, RBC announced its intention to acquire the existing Shoppers Optimum MasterCard credit card portfolio.
"This is a natural extension of the strategic alliance between RBC and Shoppers Drug Mart," said Dave McKay, group head, Canadian Banking, RBC. "Our joint program is designed to deliver financial flexibility while giving Canadians access to one of the top loyalty programs in the country. This is another step forward in making banking easier and the retail experience more rewarding for everyone."
The RBC Shoppers Optimum MasterCard is a no-annual fee credit card with increased Shoppers Optimum Points earning potential. The credit card features state-of-the-art chip and PIN security, extended warranty and purchase security insurance.
The RBC Shoppers Optimum MasterCard program is the latest co-branded financial services product offered by two of Canada's leading brands and complements the RBC Shoppers Optimum banking account and debit card. Since March 2012, Canadians with this account have been able to earn more Shoppers Optimum points by paying with their debit card and have gained access to Canada's largest network of ATMs across the country, including more than 250 ATMs in Shoppers Drug Mart and Pharmaprix stores and an additional 50 ATMs to be installed by year-end.
"We are continuously looking for new ways to reward our Shoppers Optimum members and are pleased to provide this enhanced financial service offering with RBC, a trusted leader in banking," said Domenic Pilla, president and CEO, Shoppers Drug Mart. "Our Shoppers Optimum loyalty program members are among our most passionate customers, and with the launch of this new credit card they will have more options for earning rewards."
Key features of the RBC-Shoppers Drug Mart Program:
Earn more rewards points even faster: Canadians can earn Shoppers Optimum points whether they shop at a Shoppers Drug Mart/Pharmaprix location or at any merchant that accepts MasterCard or Interac debit.
Bonus points: Collect extra points for signing up. Earn additional points on purchases when presenting the Shoppers Optimum loyalty card at Shoppers Drug Mart/Pharmaprix.
Financial terms of the proposed acquisition of the existing Shoppers Optimum MasterCard credit card portfolio by RBC were not disclosed. The proposed transaction, expected to close later this fall, is subject to customary regulatory approvals and other conditions. Upon completion, RBC expects to roll the existing Shoppers Optimum MasterCard credit cards into the RBC Shoppers Optimum MasterCard credit card program. In the meantime, existing cardholders can continue to use their Shoppers Optimum MasterCard and receive the same benefits that they do today.