Target Canada today announced its guests will receive an additional 5 percent off every day when shopping at Target with its REDcard products, which include the Target Debit Card and Target RBC MasterCard. Similar to the REDcard Rewards loyalty program in the U.S., the additional savings – which apply to almost everything at Target – will be applied instantly at time of purchase, on top of Target’s already low prices.
“We’re excited to bring the unique Target shopping experience to Canada and offer guests quality products at affordable prices. Our REDcard 5% Rewards loyalty program is an important part of this commitment, and will ensure that our Canadian guests enjoy additional everyday savings when they shop at Target,” said Tony Fisher, president, Target Canada.
The Target Debit Card, a proprietary Target Canada offering, will link to the cardholder’s existing chequing account and can be used only at Target stores in Canada.
Royal Bank of Canada will issue the no-annual fee Target RBC MasterCard, which offers cardholders not only REDcard 5% Rewards at Target, but also the ability to earn Target GiftCards® based on their purchases outside of Target.
“RBC is proud to team up with Target as it enters the Canadian marketplace and offer enhanced savings to their guests. We look forward to a successful relationship between our two highly recognized brands,” said Linda Mantia, head, Credit Cards and Payment Solutions, RBC.
Target has announced plans to open 125 stores across Canada starting in March/April 2013. Beginning in early 2013, in advance of store openings, Canadian guests can apply for both REDcard products online. Applications for the Target RBC MasterCard will also be available in RBC branches at that time. Once Target stores are open, Canadian guests will be able to apply for both REDcard products in store.
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,772 stores across the United States and at Target.com. The company plans to open its first stores in Canada in 2013. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/hereforgood.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, and are among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and investor services on a global basis. We employ approximately 80,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries. For more information, please visit rbc.com.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.