We already know that there are many credit card companies that offer promotions and incentives to use their cards instead of their competitors.
But did you know that companies offer incentives to fill prescriptions at their pharmacies instead of their competitors?
Prescription drugs have always been widespread, but we can expect it to only increase over time as pharmaceutical companies bring new drugs to market. For example, in 2013 Gilead Sciences brought to market their Hepatitis C drug Sovaldi, which has a cure rate of 90% compared to previous treatments that had a cure rate of less than 30%.
If you fill prescriptions each month, you might as well get some benefit from the pharmacy you choose to fill it at. After all, you are getting the same prescription regardless of which pharmacy fills it.
Today I attempt to answer the question “who has the best pharmacy rewards program?” I’ll compare the pharmacy rewards program of three of the most widespread pharmacies in the United States: Target, CVS, and Walgreens.
Target Pharmacy Rewards
Target’s pharmacy rewards program is called…Target Pharmacy Rewards. Not very original name, but we aren’t concerned with creativity here.
Target’s reward program is very straightforward: fill five prescriptions, get a certificate for 5% off a day of shopping. The certificate comes in the mail and can be used on as many purchases as you want, as long as it’s within the same day. That means they can be used on as many transactions as you want.
When you receive your 5% off certificate in the mail, it will also come with a coupon code that can be used online as well. It truly is a full day of saving 5%.
Finally, the 5% savings can be stacked with the standard 5% you save when you use your Target REDcard. It can also be used in conjunction with other Target money-saving strategies.
One final note: in the past Target has had “double” months where you get two credits for each prescription filled instead of the standard one credit.
CVS Pharmacy Rewards
CVS’s pharmacy rewards program is part of their bigger loyalty program, ExtraCare Rewards.
The pharmacy portion of ExtraCare Rewards is straightforward. Every time you fill a prescription, you get 1 “credit.” If you fill a 90-day online prescription, you get 3 credits. When you have 10 credits, you get $5 ExtraBucks Rewards that can be redeemed at CVS.
In other words you need to fill 10 prescriptions to earn $5 ExtraBucks.
There are a few other ways to earn credits including:
- Get 1 credit each time you get a flu shot or vaccination from a CVS pharmacist
- Get 3 credits when you add prescription management to your CVS.com account
- Get 1 credit when you sign up for Refill Reminder emails in the Online Prescription Center
- Get 1 credit when you sign up for prescription text alerts in the Online Prescription Center
The only bad thing about the extra credits is that you can only complete them once, besides the annual flu shot which you can gain you an additional credit each year.
Walgreens Pharmacy Rewards
Walgreens pharmacy rewards program is part of their bigger loyalty program, Balance Rewards.
The pharmacy portion of Balance Rewards provides you with 500 “points” each time you fill a prescription. You can start redeeming points for actual rewards once you reach 5,000 points. 5,000 points can be redeemed for $5 that can be spent at Walgreens.
If you save your points you can get a better point/$ redemption ratio. Here’s the redemption breakout:
10,000 points – $10
18,000 points – $20
30,000 points – $35
40,000 points – $50
Similar to CVS’s pharmacy rewards program, Walgreens rewards 500 points for each flu shot or immunization.
Since this is part of a bigger rewards program, you can also earn points from purchasing products that are listed in their weekly points offers.
The Best Pharmacy Rewards Program
While any reward is better than no reward, what we are looking for is the best pharmacy rewards program. When you compare Target, CVS, and Walgreens pharmacy rewards programs, it’s hard to deny the fact that Target has the most favorable program.
The reason Target Pharmacy Rewards is the best pharmacy rewards program is simple: there is no cap on your savings. For example, if you fill 5 prescriptions and use your 5% off certificate on a $100 purchase, you save $5. It would take 10 prescriptions at CVS or Walgreens to gain this same amount of rewards.
In fact, you really only have to spend $50 at Target with your 5% off certificate to match the savings you’d receive at CVS or Walgreens.
Do you use a pharmacy rewards program? If you don’t fill prescriptions, what else do you do to save money through loyalty rewards programs?
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Photo by Bart
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Interesting to know. Thankfully we don’t have a whole lot in terms of prescriptions, save for when someone is sick or something and we just go to Walgreens because it’s less than a mile away from our house. Other than through credit card rewards we don’t do a whole lot, save for having an Executive membership at Costco since we do most of our shopping there.
I don’t fill a lot of prescriptions, but I’m a big fan of Target so I had a feeling they’d win. I already use their RedCard for 5%, Cartwheel and their mobile coupons. The 5% certificate plus another 5% from the RedCard is pretty awesome 10% savings.
I don’t even think about pharmacy rewards because we don’t really fill prescriptions, but I love the idea of getting them, especially for people who fill them regularly. For me, I just use a pharmacy based on convenience rather than rewards, so we use CVS, but come to think of it, I don’t always use my card in the pharmacy and need to start doing that.
Sadly Target is not close enough to be a viable option for us. We generally use Kroger because it’s convenient and we don’t need that many prescriptions. If I had to take lots of medicines I would probably order online. I believe our insurance gives a discount for online prescriptions but I’ve never tried it out.
I never really thought much about this as we thankfully don’t have to fill too many prescriptions, so it tends to be a matter of convenience. But even then, Target is just a few minutes from my home, so I have no excuse now!
FrugalRules Lots of people I know are all about Costco. I’ve never even set foot in one of their stores :0
Andrew LivingRichCheaply Yeah, we shop at Target at least once a week. You just can’t beat their 5% off REDcard and with the additional 5% off from pharmacy rewards you really can’t go wrong.
blonde_finance I think a lot of people just go to the pharmacy that is most convenient. After all, that’s why I first went to Target. I’m really happy with the rewards they offer, though, and I just hope they don’t downgrade their rewards in the future.
Eyesonthedollar Our insurance has some online prescription deal, but honestly it seems a bit difficult to get good customer service. With Target’s rewards and the convenience of going there about twice a week anyway, it just makes sense for us.
ShannonRyan Yes remember this if you do have to get some prescriptions filled! Even if it takes a while, I think it’s worth taking advantage of the rewards. You never know when a family member will get sick and need to have a number of prescriptions filled.
While my household fills a lot of prescriptions, unfortunately in NJ rewards on them are prohibited by law. I do use both Walgreens and CVS rewards programs for non-prescription needs, and I think CVS is vastly better. We don’t shop at Target quite as often, but when we do, we always use our REDcard to get 5% off.
Gary @ Super Saving Tips Interesting that rewards programs are prohibited in New Jersey. I had no idea. I’ve heard good things about the CVS rewards program. If you understand the program and take advantage of it it seems like there are some great rewards for loyalty.
I like when the pharmacies or local grocery store does the “transfer a prescription and get a $25 GC.” promotion. Can’t beat a deal like that! I never paid much attention to actual reward programs though, good tips!
I love Target Pharmacy Rewards, especially when stacked with my REDcard discount. It’s really a one-stop shop for me. So convenient!
believeinabudget Oh good point about the prescription transfers! It might be a pain to do, but honestly you could just transfer the prescription back within a few months. I’ll have to keep my eyes out for those promotions.
SimplySave Same here! It doesn’t hurt that I live very close to one and it’s right on the way home from work. So easy to stop in and pick up prescriptions while getting groceries.