New collaboration features exclusive cash back offers and a convenient financing solution
TORONTO, Sept. 22, 2022 /CNW/ - Today, Royal Bank of Canada (RBC) and Lowe's Canada announced their joint strategic initiative to help Canadians obtain more value from their home improvement products and services. Lowe's Canada is the latest major retailer to join Canada's largest proprietary rewards program–Avion Rewards–to deliver exclusive offers to eligible Avion Rewards members. Launching later this fall, the collaboration will also include a flexible financing option to help Canadians pay for their purchases, whether or not they bank with RBC.
"We're continuing to see strong demand within the home improvement and DIY renovation space as Canadians look to enhance their property value and quality of living," said Niranjan Vivekanandan, Senior Vice-President, Loyalty & Merchant Solutions, RBC. "We're excited to collaborate with Lowe's Canada – one of Canada's most prominent home improvement retailers – to help Canadians realize savings and provide more ways to finance their renovation projects so they can turn their home improvement vision into reality."
Starting today, shoppers can use their RBC debit or credit card to earn cash back in the form of statement credits at all Lowe's, RONA and Réno-Dépôt corporate stores across Canada and online to immediately access the following offers:
Personal banking clients will receive 10% cash back on the first $250 of their total spend, followed by 5% cash back on their next $1,250 of total spend (a total value of $87.50).
Business banking clients will receive 5% cash back on the first $3,000 of their total spend (a value of $150).
Canadians who apply for a new RBC credit card through Lowe's, RONA and Réno-Dépôt corporate stores or online will receive 10% cash back on all purchases for the first 12 months at Lowe's Canada's banner locations, up to $1,000 in total spend (a total value of $100). Additionally, once clients have achieved their $1,000 in total spend, they will be eligible to receive a 1% cash back offer on all purchases.
To start saving, clients can sign-in to RBC Online Banking, the RBC Mobile app or the Avion Rewards app to load their offers to their RBC debit or credit card before they shop. Once they make a purchase and pay with their RBC card, their cash back savings will be credited to their account.
In the coming months, eligible customers will also have a more flexible payment option at checkout, both in-store and online with Lowe's, RONA and Réno-Dépôt. PayPlan by RBC will be available at participating stores, offering a wide range of transparent terms, no late fees and greater payment flexibility. Lowe's, RONA and Réno-Dépôt customers will soon have the option to use PayPlan by RBC to help them break down larger purchases and pay in installments.
"Bringing great value to our customers is an everyday priority for our teams, especially in the current environment. We are thrilled to partner with RBC to help Canadians get even more bang for their buck, thanks to the strength of our combined networks. This partnership will not only make it easier for our customers to access financing for their projects, but it will also create savings for them, making families' dreams for their homes even more accessible," said Tony Cioffi, President of Lowe's Canada.
About Lowe's Canada
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 19 million customer transactions a week in the United States and Canada. With fiscal year 2021 sales of over $96 billion, Lowe's and its related businesses operate or service nearly 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Boucherville, Quebec, Lowe's Canadian business, together with its wholly owned subsidiary RONA inc., operates or services some 450 corporate and independent affiliate dealer stores in a number of complementary formats under different banners, which include Lowe's, RONA, Reno-Depot, and Dick's Lumber. In Canada, they have more than 26,000 associates, in addition to approximately 5,000 employees in the stores of independent affiliate dealers operating under the RONA banner. For more information, visit lowescanada.ca.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 92,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/22/c4455.html