RBC Royal Bank and Shoppers Drug Mart have made a “mutual decision” to end their co-branded partnership.
“As part of our normal business practice, we periodically review the relationships we have to ensure they best suit our clients’ banking needs,” says an RBC spokesperson.
You can no longer get the RBC Shoppers Optimum banking account or apply for the RBC Shoppers Optimum MasterCard. They were both launched in 2012.
Customers with those accounts have been notified of the changes and they’ll be transferred to comparable RBC products. The RBC Shoppers Optimum MasterCard will be replaced by the RBC Cash Back MasterCard.
But the end of the partnership won’t impact the Shoppers Optimum program.
The partnership between RBC and Shoppers Drug Mart was expected to end eventually because of Loblaw Companies’ purchase of Shoppers, which was completed in 2014.
If you’re looking for an alternative credit card that will allow you to earn rewards on your Shoppers Drug Mart purchases we recommend the Tangerine Money-Back Credit Card. Although you won’t earn Optimum points, you’ll earn 2% cash back on in up to three of your chosen Money-Back categories. This means that if you choose “Drug Stores/Pharmacies” as one of your categories you’ll earn a 2% return on all your purchases made at Shoppers Drug Mart. In addition, you can continue collecting Optimum points by presenting your Optimum membership. The benefits don’t end here, take a look at some of the additional perks you’ll have with the Tangerine Money-Back MasterCard:
- Cash Bonus offer
Tangerine Money-Back Credit Card
Earn an extra 10% back on up to $1,000 in everyday purchases within the first 2 months. Must apply by April 30, 2024.
- Earn 2% Money-Back Rewards on purchases in up to three 2% Money-Back categories of your choice, and 1% Money-Back Rewards on all other purchases
- For a limited time, earn 4% Money-Back Rewards for the first three months in your chosen 2% Money-Back categories
- No annual fee for yourself and additional cardholders
- Accepted at Costco and all Loblaws stores