“Can you please clarify the switch from Shoppers Optimum to PC Optimum?” asks Margaret Codrington, a puzzled loyalty point collector.

“I understand that my 95,000 Shoppers Optimum points will be converted to $170 under the new PC Optimum program on Feb. 1.

“But almost every time I shop, the Shoppers Drug Mart cashiers tell me I should spend my points now because they will be worth $95 under the new program.”

“I keep telling them they are wrong, but I am starting to doubt myself.”

Yes, Codrington is right and the store staff who say otherwise are wrong.

When Loblaw Companies announced a merger of the points plans last November, it said: “Your PC points and Optimum points will be worth the same or more in the PC Optimum program.”

Still, some people are concerned that Shoppers Optimum points will be devalued. And I can see their point of view, since collectors with a large amount may be somewhat worse off.

In the new program, PC points will be converted to PC Optimum points at a ratio of 1 to 1. For example, 10,000 PC points will become 10,000 PC Optimum points, worth $10.

Shoppers Optimum points will be converted at a different rate, according to a chart found at a company website devoted to the merger.

For example:

8,000 Shoppers Optimum points will become 10,000 PC Optimum points, worth $10. That’s a conversion rate of 1 to 1.25.

38,000 Shoppers Optimum points will become 60,000 PC Optimum points, worth $60. That’s a conversion rate of 1 to 1.58.

95,000 Shoppers Optimum points will become 175,000 PC Optimum points, worth $170. That’s a conversion rate of 1 to 1.79.

You can find a calculator at the PC Optimum site that will show how much your existing points are worth.

“With Shoppers Optimum, your points become more valuable the more of them you redeem,” says Stephen Weyman, who created and runs two Canadian personal finance blogs, How to Save Money and Credit Card Genius.

Shoppers Optimum points are worth 0.125 cents at the low end and 0.179 cents at the high end. But with PC Plus, each point is worth the same, no matter how many points you redeem – exactly 0.1 cents each.

But there’s an offsetting benefit. Under the PC Optimum program, you will earn 15 points per $1 spent on eligible products at Shoppers Drug Mart stores – a 50 per cent increase over the current 10 points per $1 spent at Shoppers. And the increase will also apply to 20 Times Points Days and other promotions.

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What does this mean? Under the old way of looking at point value, each point would be worth 0.15 cents under the new rules. That is better than the 0.125 cents at the previous low end and worse than the old high end of 0.179 cents.

“With the new system, you will be losing a little bit of value if you had saved up your points and redeemed for the maximum discount,” says Weyman.

“However, if you couldn’t wait to collect that many points and often redeemed for smaller amounts, like $10, then you will actually be getting more value.”

People with high Shoppers Optimum balances will be able to convert $170 worth of points at the top end to $170 worth of PC Optimum points. So, they have no cause for concern.

At the same time, the old $170 limit on the number of points to be redeemed on a single purchase at Shoppers Drug Mart will go up to $500 on a maximum $500 purchase under the PC Optimum program.

“Sure, it’s a bit disappointing for big Shoppers Optimum points collectors like me that I will be losing some value on new points collected,” Weyman concludes.

“But that is offset by the fact there is no longer a $170 limit. Now I can actually buy my full grocery order at any PC-affiliated store instead of trying to find practical items to buy at Shoppers Drug Mart, which is much harder.”

My advice: Don’t try to redeem all your Shoppers Optimum points before Feb. 1. Ignore people who tell you it’s a smart thing to do.

Instead, try to collect more Shoppers Optimum points in the next three weeks because of the favourable conversion.

Please let me know your views on the Shoppers-PC points merger.

Ellen Roseman’s column appears in Smart Money. You can reach her at eroseman@thestar.ca.