Convenience or Con?

Are rewards credit cards as convenient as they claim, or are they really just a scam to earn more money?


This post will examine various credit card offers and their interest rates.


Shoppers Optimum Mastercard:

For the first 6 months, Shoppers Drugmart offers a 1.99% interest rate, with a 21 day grace period. However after these 6 months, the rate jumps to 19.99%! Thats TEN TIMES the original rate! That means that if you have a $100.00 payment unpaid after the 6 month grace period, you will be required to pay approximately $20.00, just in interest charges!






HBC & Capital One Mastercard:
Right off the bat, the Hudson's Bay Company charges you a 29.9% interest rate, with a 21 day grace period. That means that if you have a $100.00 payment unpaid, you will have to pay approximately $30.00 in interest fees! Thats almost 1/3 of your total purchase!




PC Mastercard:
This mastercard seems to me to be the best deal out there! For the first 6 months they offer a extremely low rate of .97%, and after the initial 6 months they offer a rate of 19.97%! Although this is a large increase from the initial offer, considering the premium benefits you are given with this card - Purchase Assurance and Extended 2 year warranties on EVERYTHING you buy- it is definitely worth it!


Although each card has its own individual benefits, and unfortunately their own downfalls- each card can offer extreme savings if you are responsible and make your payments on time.

The D-L

Every loyalty card is different and each company offers unique savings- from free groceries, to free make up! This post will provide you with information on the top three rewards programs;

Optimum Card:

What you earn: 10 points per $1.00 spent before taxes.

Redemption: 75,000 points = $150.00

My Opinion: As an avid Shoppers Drugmart shopper, my opinion may be biased. However I feel that the Shoppers Optimum card is one of the best programs out there as they offer many bonus points events on all of your essentials- food & make-up- and to strategically place the cherry on top of it all, its a one-stop shop!

*Added Benefit: frequent 20X your points events!

PC Points:

What you earn: 10 points per $1.00 spent before taxes.

Redemption: 120,000 points = $120

My Opinion: Because this program is done via a Master Card, it is very easy to earn enough money to redeem your reward savings. I also enjoy this program because you earn points on everything you buy, and it is redeemable for groceries - something you cant live without, so why not get it for free!

*Added Benefit: 40,000 bonus points when signing up!

HBC Reward:

What you earn: 50 points per $1.00 spent before taxes.

Redemption: about 400,000 points = $50 gift card

My Opinion: Due to HBC offering so many points per dollar spent, it is kind of distracting as a consumer because calculations are much more complex and you don't realise how much money you have to spend before you can actually be rewarded.

*Added Benefit: Ability to redeem on gift cards for various locations!