Retail News Breaks
Shoppers Drug Mart, RBC plan co-branded bank card
January 17th, 2012
TORONTO – Shoppers Drug Mart and Royal Bank of Canada (RBC) are slated to introduce a co-branded banking account and debit card that will offer extra benefits through the retailer's Shoppers Optimum rewards program.
Canada's largest drug chain and its biggest bank said Tuesday that the nationwide co-branding program, slated to launch March 17, includes a RBC Shoppers Optimum banking account and debit card with enhanced Shoppers Optimum rewards.
Other benefits include unlimited debit transactions in the account, access to Canada's largest combined network of ATM's and branches — including more than 300 new RBC ATMs in Shoppers Drug Mart and Pharmaprix locations — and the ability to convert RBC Rewards points to Shoppers Optimum points.
"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," Shoppers Drug Mart president and chief executive officer Domenic Pilla said in a statement. "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."
Shoppers Drug Mart noted that the co-branding program will make it easier for customers to earn rewards. For example, using the RBC Shoppers Optimum banking account and debit card, consumers can collect Shoppers Optimum points at Shoppers Drug Mart as well as at other retailers. And because the card offers unlimited debit transactions, shoppers can build up points faster — they can earn 10 additional Shoppers Optimum points for every $1 spent at Shoppers Drug Mart using the RBC Shoppers Optimum Banking Account, in addition to the points earned using the Shoppers Optimum card.
Also, the program enables consumers to earn one Shoppers Optimum point for every $1 spent outside Shoppers Drug Mart using the RBC Shoppers Optimum Banking Account, as well as 50,000 Shoppers Optimum bonus points for setting up a payroll or pension deposit to the new account and completing two online bill payments.
RBC and Shoppers Drug Mart added that they plan to roll out a series of co-branded products in addition to the banking account and debit card.
"We are excited to announce the launch of the new RBC Shoppers Optimum banking account and debit card," stated Dave McKay, group head of Canadian Banking at RBC. "Canadians trust RBC and Shoppers Drug Mart as industry leaders and, together, we are advancing the banking and retail experience by making financial products and everyday banking more accessible. This is the first step in a new alliance that will make banking more convenient by expanding beyond our branches and providing Canadians with enhanced reward options on everyday spending."
Shoppers Drug Mart has more than 1,200 retail drug stores under the Shoppers Drug Mart and Pharmaprix banners across Canada, along with 60 Shoppers Simply Pharmacy and Pharmaprix Simplement Santé medical clinic pharmacies, eight Murale luxury beauty stores, and 63 Shoppers Home Health Care stores.
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