What Are President’s Choice Financial Mastercards?

While most might recognize the Loblaw-owned President’s Choice brand for its various products, including coffee, cuts of meat, and even pet food, they also offer a mobile phone service, PC Mobile, and various financial services under the umbrella of President’s Choice Financial. In addition, through this offshoot of the company, they offer a trio of credit cards known as the PC Mastercards.

There are a total of three types of PC Mastercards:

• PC Financial Mastercard,
• PC Financial World Mastercard,
• PC Financial World Elite Mastercard. 

These cards allow you to earn PC Optimum points, which can be spent at Shoppers Drug Mart, Esso gas stations, and Loblaws stores. Cardholders can accumulate points not just at Loblaws-owned stores but also at various other retailers.

You can earn points from the following grocery stores:

• Atlantic Superstore
• Dominion
• Fortinos
• Independent CityMarket
• Loblaws
• Maxi
• No Frills
• Real Canadian Superstores
• The Independent Grocer
• Valu-Mart
• Wholesale Club
• Zehrs

You can also earn points shopping at Esso and Mobil gas stations, Shoppers Drug Mart and Pharmaprix pharmacies, and fashion brand/retail chain Joe Fresh.

The Allure of the Optimum Points System

First and foremost, the most popular draw of the PC Financial Mastercard is the Optimum points system. Reward programs are common these days, and it’s hard to find a card that offers nothing to its loyal users. PC Financial fulfills this need and more.

Obviously, shopping within the PC system will reap the most rewards. Not only will you earn more points, but they’ll go further on redemption when you put them towards approved products, services, and retailers. Stacking rewards with a PC Optimum credit card is a welcome feature, too.

In addition to the points you’ll be receiving and spending, there are a few extra bonuses, such as free PC Express pickup and 5% back on any PC Travel spending.

Common Advantages Across All PC Mastercards

While the three cards on offer vary in the details, such as how many PC Optimum points you earn while using each, certain benefits apply to all of them, such as the lack of an annual fee. In addition, none of the PC Financial Mastercards require a yearly payment to keep them active. All three cards also allow you to add up to four additional users for free.

Interest Rates and Balance Transfers

You’ll only pay 0.97% interest for the first six months on balance transfers. After that, purchase interest starts and remains at 20.97% for all three cards.

Exclusive Services and Travel and Insurance Benefits

The top two cards, PC Financial World Mastercard and PC Financial World Elite Mastercard, offer Mastercard Global Service Protection, 24/7 concierge service, purchase assurance, and extended warranties.

Finally, owners of a PC Financial World Elite Mastercard will also have access to travel emergency medical service and collision damage waiver insurance on owned and rented vehicles.

Limitations of PC Mastercards

No credit card is perfect, and that’s just as true for the PC Financial selection of Mastercards. As mentioned above, the biggest draw of these cards is the PC Optimum points system. If you regularly shop within the PC and Loblaw networks, the cards make for an excellent deal, especially the PC Financial World Elite Mastercard, which nets you the most points.

The Importance of the PC and Loblaw Network for Maximizing Points

However, that also points out the biggest downside to these cards. The cards lose most of their appeal if you don’t shop at PC partner stores or purchase PC products and services. You’ll earn points at a much slower rate – 1% on everyday purchases – and the points won’t be redeemable anywhere but PC Optimum retailers. Of course, one could make the argument that any points outside of their network are better than none, but these days, most cards offer points.

Lack of Cash Welcome Bonus: A Missed Opportunity?

Usually, the cards also don’t offer any sort of welcome bonus. While this may not be a big deal to some, it’s worth noting that, like rewards programs, welcome bonuses are increasingly common for new credit card owners. If various cards offer equally good plans, a welcome bonus might be enough of an incentive for someone to choose one card over another.

Limited-Time Welcome Bonus on PC Mastercard

To address the lack of a cash welcome bonus, PC Optimum is offering a limited-time opportunity to earn up to 100,000 welcome points until November 4, 2023. If you apply for a PC Mastercard on the PC Financial website, you can earn the following with your new PC Mastercard in Canada:

• 75,000 PC points when you spend $50 or more at partner stores within the first 60 days.
• 25,000 PC points when you spend $50 or more at Esso or Mobil within the first 60 days.

Comparing Travel Benefits with Competing Cards

Aside from the rewards, the cards generally don’t offer as many travel benefits as competitors’ cards. The lack of premium travel insurance makes this card less than ideal for people on the go. While it’s nice not having to pay an annual fee, some argue that this is why the card lacks many benefits that other cards carry.

Minimum Annual Income Requirements

On top of all that, the minimum annual income requirement for the PC Financial World Elite Mastercard is a whopping $80,000 for a single person and $150,000 for a household. In addition, if you qualify for the card, you have to charge a minimum of $15,000 every year to keep from being downgraded.

Whether or not you should pick up a PC Financial Mastercard depends on a few factors. At the risk of sounding redundant, it only makes sense if you regularly shop within the Loblaw network. However, if you do happen to shop at those stores, especially if you purchase PC items, the card is an absolute must-have. If used properly, it’s possible to rack up many points in very little time.

If you don’t shop at those stores, take a hard look at some competing cards. The one exception is if this will be your first credit card. The lack of an annual fee is a huge incentive if you’re just starting out. And while the PC Financial World Elite Mastercard card might carry a hefty income requirement, the basic PC Financial Mastercard has no income requirement to speak of. Again, the benefits aren’t going to blow you away if you don’t shop within the network, but it’s a solid starter card regardless.

Here are three interesting alternatives to consider alongside PC Financial Mastercards:

Scotiabank Passport Visa Infinite Card

This card offers up to 35,000 Scene+ points and a first-year value of $747. It’s ideal for travelers and frequent shoppers at grocery stores like Sobeys and IGA, offering 3X Scene+ points on these purchases. Additionally, it has no fees for foreign currency transactions and offers free access to airport VIP lounges.

Walmart Rewards World Mastercard Card

With a first-year value of $274, this card offers a 3% cashback for online purchases on Walmart.ca and 1.25% in Walmart stores and on gas. It’s ideal for frequent Walmart shoppers and those looking to maximize cashback.

Tangerine World Mastercard

This card offers up to $100 cashback and a first-year value of $220. It’s perfect for those who want to customize their cashback, offering 2% cashback on two categories of your choice and 0.5% on all other purchases. It also offers several insurances, including mobile device and rental vehicle insurance.