New RBC Shoppers Optimum Banking Account

RBC and Shoppers Drug Mart recently announced the launch of a nation-wide program that makes it more convenient for Canadians to bank and earn rewards at Shoppers Drug Mart locations across Canada.

RBC Shoppers Optimum Banking

The new program will take effect on March 17, 2012, and will feature a co-branded RBC Shoppers Optimum banking account and debit card with enhanced Shoppers Optimum rewards.

Other benefits include unlimited debit transactions, access to Canada’s largest combined network of ATM’s and branches (including more than 300 new RBC ATM’s in Shoppers Drug Mart locations) and the ability to convert RBC Rewards points to Shoppers Optimum points.

In addition to the banking account and debit card, RBC and Shoppers Drug Mart will introduce a series of co-branded products.

“With one of the largest and most popular loyalty card programs in Canada, we are continually focused on developing innovative, high-quality products to offer our Shoppers Optimum program members,” said Domenic Pilla, president and CEO, Shoppers Drug Mart. “Aligning with RBC, a trusted leader in banking, allows us to expand upon our current financial services offering, providing our customers with even greater convenience and enhanced rewards.”

Key features of this program:

• Clients can use their RBC Shoppers Optimum banking account and debit card to collect Shoppers Optimum points.
• Collect 50,000 Shoppers Optimum bonus points for setting up a payroll or pension deposit to the new account and completing two online bill payments
• Earn 10 additional Shoppers Optimum points for every $1 spent at Shoppers Drug Mart using the RBC Shoppers Optimum Banking Account (this is in addition to the points earned using the Shoppers Optimum card)
• Earn one Shoppers Optimum point for every $1 spent outside Shoppers Drug Mart using the RBC Shoppers Optimum Banking Account

More Debit Rewards

Scotiabank pioneered the debit rewards card in Canada last summer with their Scotia Moneyback Account, which comes with a monthly fee of $14.95 and pays you 1% cash back on all purchases.

Since then, other Canadian banks have launched their own special debit card promotions.  Three months ago, BMO Bank of Montreal partnered with Sobeys to launch a co-branded debit card.

However, the BMO Club Sobeys card is a discount banking product, like those offered by ING or PC Financial, featuring a no fee chequing account and high interest savings account.

In comparison, the RBC Shoppers Optimum card will be a full service product that’s comparable to the RBC’s no-limit chequing account, which has a monthly fee of $10.95 but includes unlimited debit transactions.

Shoppers’ Optimum loyalty program members currently earn 10 points for every $1 spent in the store.  With an RBC Optimum card, they can earn an additional 10 points in Shoppers and 1 point for every $1 spent at other locations.

As an added bonus, holders of other RBC rewards cards, like the Visa Avion credit card, will be able to transfer their points to the Optimum program and redeem them for cosmetics, groceries and merchandise instead of travel rewards.