Royal Bank has rolled out a customer loyalty program targetting the Toronto-based financial institution’s Visa card accounts.
The two-legged program comprises three new features for Royal Bank’s Visa Classic cardholders and a catalogue of products and gift items that the bank is making available to its customers at below-average retail cost.
The new Visa card features are being offered as part of a newly created ‘peace of mind’ product called Panorama Club.
Under the terms of the program, Panorama Club members who buy goods using their Visa card get a 60-day lowest price guarantee, 90 days coverage for theft, loss or damage, and a doubling of the original manufacturer’s warranty.
As well, Panorama Club members accumulate points, based on money spent on their Visa card, that can be used to shave up to 20% off the listed price of goods sold in the catalogue.
Cardholders who do not join the club can buy goods from the discount catalogue, but they do not benefit from the extra savings resulting from the collection of points.
Royal Bank developed the program in conjunction with Marlowe Communications of Montreal.
Toronto agency Chiat/Day created the direct mail piece Royal Bank sent out in its October cardholders’ statement. PA
