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PC Financial Mastercard: A Detailed Review

PC financial mastercard

According to a research report by the Canadian Bankers Association, there are 76.2 million Visa and Mastercard cards in circulation in Canada. The number is higher than the total population of the country, which means technically everybody in Canada owns at least one card.

Furthermore, the research shows that more than 75% of credit card owners in Canada go for cards with a rewards program.

Consequently, Canadians are always on the lookout for credit cards with the best rewards and no fee, and PC Financial Mastercard is one such option.

This detailed review of the President’s Choice Financial Mastercard will answer most of the questions we get from our clients about the product.

What is PC Financial Mastercard?

The President’s Choice Financial Mastercard is a creation of Loblaw Companies Limited (TSX:L). Loblaw is Canada’s largest retailer. It is invested in all kinds of assets, from pharmacies and grocery stores to real estate and the President’s Choice Bank. 

PC Bank issues three popular Mastercards, which you can use to earn points in over 2000 stores across the nation. If you love shopping at Loblaws, Shoppers Drug Mart, Pharmaprix, Esso, and Mobil, you will rake in many optimum points with PC cards.

Features of the 3 PC Mastercard

PC Financial Mastercard

  • No annual fee
  • No income requirement, but subject to credit approval and other eligibility criteria
  • Welcome bonus-20,000PC optimum points after your first purchase
  • Interest rates-20.97% purchase, 22.97% cash advance, and 22.97% balance transfer (If the transfer happens within the first 6 months, you pay 0.97% interest)
  • Insurance coverage-2
  • Foreign transactions fee-2.5%
  • 21 days interest-free grace period on new purchases
  • Minimum redeemable points- 10,000

PC World Mastercard

  • No annual fee
  • Income requirement- $60,000 minimum personal annual income or $100,000 per household and subject to credit approval and other eligibility criteria
  • Welcome bonus-20,000 PC optimum points after your first purchase
  • Interest rate-20.97% purchase, 22.97% cash advance, and 22.97% balance transfer (If the transfer happens within the first 6 months, you pay 0.97% interest)
  • 24/7 concierge service
  • Insurance coverage-2
  • Foreign transaction fee-2.5%
  • 21 days interest-free grace period on new purchases
  • Minimum redeemable points- 10,000

PC World Elite Mastercard

  • No annual fee
  • Income requirement- $80,000 minimum personal annual income or $150,000 per household and subject to credit approval and other eligibility criteria
  • Welcome bonus-20,000 PC optimum points after your first purchase
  • Interest rate-20.97% purchase, 22.97% cash advance, and 22.97% balance transfer (If the transfer happens within the first 6 months, you pay 0.97% interest)
  • 24/7 concierge service
  • Identity theft assistance service
  • Insurance coverage-5
  • Foreign transaction fee-2.5%
  • 21 days interest-free grace period on new purchases
  • Minimum redeemable points- 10,000

PC Mastercard Optimum Points

Optimum pointsPC MastercardPC WorldPC World Elite
Points per $1 spent at PC grocery stores102030
Points per $1 spent at Shoppers Drug Mart253545
Points per $1 spent at Esso or Mobil fuel purchases (per litre)303030
Points per $1 spent on purchases at PC Travel202030
Points per $1 on all other purchases outside the Loblaw network101010

Where can I redeem PC Optimum Points?

The following are the most common places where you can redeem your points. However, you can check the entire catalog here.

  • Loblaws, Loblaw City Market, or Independent Grocer
  • Joe Fresh
  • Zehrs
  • Value Mart
  • Fortinos
  • Shoppers Drug Mart
  • Real Canadian Superstore
  • No Frills
  • Pharmaprix
  • Dominion
  • Maxi
  • Provigo

How to boost your PC points

  • Open a PC Money Account. It’s like a regular cash account but without the chequing option. You get to enjoy free unlimited transactions throughout the day, free withdrawals from PC ATMs, account-to-account transfers, and bill payments.

Wherever you use the PC money account card for shopping, you earn optimum points.

  • PC Optimum Insiders billed at $9.99 a month or $99 annually. This is a subscription service with the following benefits:

1. You earn 200 points per dollar in specific purchases

2. You get PC travel credits

3. Free deliveries or pickups.

  • PC travel. You get to enjoy exclusive deals and earn points each time you make your bookings. If you have a PC insider, you get multiple benefits with PC travel.

How to apply for PC Financial Mastercard

You can either apply online or with a PC pavilion or in-store representative. If you choose to apply online, here are the steps

  • If you already have an account at PC Financial, go ahead and log in. If you don’t, click the sign-up button.
  • Next, the PC disclosure summary tab opens. Please review it and print a copy for your records.

Then accept the summary and click the ‘get started’ button.

  • At the third stage, you will enter your personal information, e.g.

1. Language preference

2. Referral code (if any)

3. First, middle, and last name

4. Date of birth

5. Primary address, telephone number, and e-mail.

6. Housing arrangement (whether you own or rent your house)

7. Other optional information like SIN and credit card numbers from other institutions.

  • Then enter your employment status
  • After that, you will give the name of the authorized user, answer a few extra questions, review your application from top to bottom and submit

How do I check my PC Mastercard balance online?

  • Sign in to your online account
  • Select ‘accounts and cards.’
  • Click ‘accounts’ and choose the account you want to check balance.
  • Then click ‘e-statements.’

How do I contact PC Mastercard?

  • Within Canada and the U.S., call toll-free: 1 866 246 PCMC (7262)
  •  Outside Canada and the U.S., call collect: 1 647 426 1343

PC Financial Mastercard pros and cons

Pros

  • It’s easy to redeem your points.
  • No annual fee for the three cards
  • High welcoming bonus
  • Loblaw network partners are everywhere in North America.
  • The PC Mastercard gives competitive benefits as other cards in the market.
  • You get to earn points on essential everyday commodities.

Cons

  • You get to earn high points only if you shop within the Loblaw network.
  • You can only redeem the points at the participating outlets
  • The income requirements for PC World and PC world Elite are pretty high.
  • Other cards have a better insurance coverage.

The Bullish takeaway

PC Financial Mastercard benefits those who love shopping and traveling. You get to earn points as you do what you love, and you can redeem those points anytime you want. Also, for those without a source of income but who have a good credit score, PC Financial Mastercard is ideal for you.


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