Used correctly, credit cards can be very convenient tools, offering great rewards.
Choosing the one best rewards card is not something easy to do. Actually, it's not even possible. It must be said that there are some good indicators of an overall value of a rewards card.
A robust rewards program allows you to take advantage of such features as cash back offers, free merchandise and even take advantage of special discounts. These are just a few common types of rewards. But not all rewards programs are as good as others. How to tell the robust from the lame? Note that there are differences in how quickly a person can accumulate reward points, and what items allow you earn greater rewards. You should also consider restrictions on reward redemption.
But not every person is created equal.However, we each live different lives, with different activities and different priorities. Not every card is suited to every person. For instance if you are a true frequent flyer, a frequent flyer card might be your best option. Who cares about interest rates if you pay down your balance every month. However, high interest rates could more than demolish the value of points or cash back if you carry a monthly balance.
The MBNA Shoppers Optimum MasterCard
Of those reward cards that are more useful than others, and should appeal to most people in Canada, is the [spin/]MBNA Shoppers Optimum MasterCard|Shoppers Optimum credit card|Shoppers Optimum MasterCard|Shoppers Drugmart Mastercard|Shoppers Optimum Mastercard|Shoppers Drugmart credit card|MBNA Shoppers Optimum credit card[/spin]. The reason it can appeal to most people, is that the rewards points are applicable to things that every person, regardless of lifestyle needs.
The Shoppers Optimum credit card is designed specifically to benefit customers of Shoppers Drug Mart.
There are more than 1,000 Shoppers Drug Mart locations throughout Canada, so most people can benefit, and you can earn points for purchases made at any other store that takes the MasterCard brand. The only people who would not be able to truly leverage this card are people in remote communities where there is not a Shoppers Drugmart store. Cash-back lovers will obviously prefer a different card, too.
What the Shoppers Optimum MasterCard Offers
Some of the features included with a Shoppers Optimum credit card account include up to 25 points for each $1 you spend at Shoppers Drug Mart. You can also get five points every time you spend $1 at other stores. When you make your first purchase, you will receive 15,000 points. That's enough to get a $25 in-store credit at Shoppers Drug Mart. You will also receive other perks, including a low introductory rate and purchase protection.
The card also allows you to withdraw cash from more than 430,000 ABMs in countries all over the world. The 19.99% regular interest rate on the Shoppers Optimum credit card is an expected interest rate for many Canadian credit cards that offer rewards. As long as you pay off your credit card balance each month, the interest rate doesn't matter very much. The Shoppers Optimum card also has an additional perk: Shoppers Drug Mart often runs special promotions that allow you to earn even more bonus points on selected items.
Low Balance Transfer Rate with the Shoppers Optimum MasterCard
With the MBNA Shoppers Optimum Mastercard, you can also enjoy the low introductory rate. This introductory rate is 1.99% on cheque cash advances, as well as balance transfers, for six months. If you have high interest credit card debt on other accounts, you can transfer it to the MBNA Shoppers Optimum card and pay just1.99% for six months. This can be a great help for those with a debt reduction plan.
It is best to pay off the balance transfer as much as possible during the introductory period. It is also important to realize that your introductory can be revoked if you miss a payment, pay late, or go beyond your credit limit.
Conclusion
The MBNA Shoppers Optimum MasterCard offers one of the most generous credit card rewards programs for people who shop at a certain store. Most Canadians can benefit, and if rewards points are your preference, this card will appeal to a fairly wide spectrum of people.
If you shop frequently at Shoppers Drug Mart, this MBNA rewards card should be near the top of the list when choosing a credit card, since you can earn loyalty points quickly on purchases that you are already making.
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