Rogers Communications granted approval to start offering its own credit card

TORONTO – Rogers Communications Inc. (TSX:RCI.B) has received approval from regulators to start offering its own credit card.

The telecommunications giant announced Friday that the Office of the Superintendent of Financial Institutions has granted it an order to commence and carry on business.

Rogers will start offering its credit card in 2014 but a select group of customers will be able to use the card sooner as part of a pilot program.

Although the card will be available to everyone, Rogers customers who use the card will be able to accumulate loyalty points, under the Rogers First Rewards program.

The credit card is the primary focus of Rogers Bank, which was incorporated earlier this year.

Last month, Canadian Tire Corp. (TSX:CTC.A) announced it was looking for a financial partner for its own credit card business.