TORONTO — Royal Bank of Canada and Canadian pharmacy retailer Shoppers Drug Mart have introduced a new cobranded 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 of Canadian banking at 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 chip and PIN security, extended warranty and purchase security insurance.
The RBC Shoppers Optimum MasterCard program is the latest cobranded financial services product offered by two of Canada's leading brands and complements the RBC Shoppers Optimum banking account and debit card. Since March, 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," Shoppers Drug Mart president and CEO Domenic Pilla said. "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."