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!

".. and are you a Shoppers Optimum Card holder?"

Lets face it.. we've all been asked the fixed question, "do you have a ________ card?".

From Shoppers Drugmart, to Chapters- it seems as if every company has a rewards program these days, and its hard to differentiate from the good ones, and the bad ones.

Loyalty reward cards DO have the potential to save you money, IF you know how to use them. Most companies reward with such diminutive amounts of points that it seems as if it takes a lifetime to earn $5, however if you shop on the right days, and for the right products- rewards cards will pay off.

For Example, Shoppers Drugmart's Optimum card works like this,

At 10 points per dollar, It would take you about $1500 to save $25. However, if you shop on a 20X the points day, it will only cost you $75 to earn $25- Now thats a deal!