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American companies have to battle to earn each consumer’s business, and they have come up with some pretty interesting ways to accomplish that goal. One of the most recent developments in the battle for buying dollars is consumer rewards programs, which were pioneered by credit cards but have since expanded into other arenas as well. Now, even pharmacies are offering reward programs for customers who shop and fill prescriptions at their locations.
Top Pharmacy Reward Programs
The once-iconic discount chain is trying to boost its pharmacy market presence with its Kmart Pharmacy Prescription Savings Club. Members are able to take advantage of paying just $5 for a 30-day supply and $10 for a 90-day supply of more than 500 different generic medications. All other Kmart generics are available at savings of between 5% and 35%. Club members can save money on name-brand drugs as well, earning discounts of 5% to 20%. The only drawback to Kmart’s plan is that it costs $10 per year to join the savings club.
This regional pharmacy is trying to compete with the big boys by offering its own rewards program called the my RXtra Savings Pharmacy Rewards. Customers can sign up for a free savings reward card and display it every time they get a prescription filled. When a given household fills ten prescriptions at Shopko, they’ll receive a 10% off coupon for any in-store purchase of $20 or more. However, members only have 30 days to redeem the coupon.
3. Rite Aid
The drugstore chain’s wellness+ pharmacy rewards program is modeled after the “points” system employed by many major credit cards. Customers earn 25 points every time they fill a prescription and one point per dollar spent on Rite-Aid merchandise. These points can be redeemed for 10% discounts off generic products, a 10% one-day shopping pass, and even 10% or 20% off all Rite-Aid purchases for a year. Plus, members who reach the 500-point threshold receive a wellness bonus reward like a health magazine subscription, gym membership, or health screening.
This is probably the most diverse pharmacy rewards program out there. CVS gives its customers plenty of ways to save, starting with coupons and discounts issued on store receipts. They also earn $1 in ExtraBucks Rewards for every two prescriptions filled, and 2% in ExtraBucks on all in-store purchases (though they must be redeemed at one time). Plus, CVS offers email and online coupons for savvy shoppers and also has other rewards programs like ExtraCare Beauty Club, GreenBagTag, and Advantage for Diabetes.
The chain is fighting for U.S. market share with WalMart and is engaging the giant retailer on the pharmacy battlefield as well. Target’s REDcard programs issue rewards for each five prescriptions filled at one of its pharmacies, but the bonus is attractive: a 5% off savings certificate for a day’s worth of Target shopping (though it takes about two weeks to receive the certificate). These awards accrue faster when other members of a household are added to the account. REDcard members can view the status of their account online and learn when their next 5% certificate will arrive.
written by: Chris Martin