PC Financial Mastercards: Everything you need to know
Do you regularly shop at Shoppers Drug Mart or grocery stores where President’s Choice products are sold, like Loblaws and No Frills? If you frequently shop at Loblaws-owned stores, one of the PC Financial credit cards may be the perfect fit for you. In this article, we will review the different PC Financial Mastercards and help you determine which one suits your needs best.
If you want to enjoy a no annual fee card and earn PC Optimum points towards your grocery or drugstore purchases, PC Financial Mastercards have something to offer you. Let’s dive in and explore the features and benefits of these credit cards - considered to be some of the best store credit cards in Canada.
Why Choose a PC Mastercard?
PC Financial Mastercards are a popular choice for many Canadians due to their rewards program and the fact that three of their four cards do not charge an annual fee. These credit cards are also widely accepted, making them a convenient option for everyday purchases. Here are some benefits of using a PC Financial credit card:
Earn PC Optimum Points
One of the main benefits of having a PC Financial Mastercard is the ability to earn PC Optimum points on all your purchases. These points can be redeemed for free groceries, beauty products, and more at participating Loblaws-owned stores.
The amount of points you earn per dollar spent varies depending on the specific Mastercard you have, but it can range from 10 to 30 points per dollar. This means that the more you use your card, the more points you can accumulate for future rewards.
No annual fee for most cards
Unlike many other rewards credit cards, three of PC Financial's Mastercards charge no annual fee (the newest premium card charges an annual fee). This means that you can enjoy all the benefits of a rewards credit card without having to pay a yearly fee.
Wide acceptance
PC Financial Mastercards are accepted at all Loblaws-owned stores, including Loblaws, Real Canadian Superstore, No Frills, and Shoppers Drug Mart. They are also accepted at any retailer that accepts Mastercard, making it a convenient option for all your purchases. Keep in mind that this card is accepted at Costco, but does not earn a higher rate of points at the retailer. If you are interested in a Costco credit card, read our guide to the best grocery credit cards in Canada.
Additional benefits
Depending on the specific PC credit card you choose, you may have access to additional benefits such as travel insurance, rental car coverage and concierge service. These perks can enhance your overall cardholder experience.
Types of PC Financial Mastercards
PC Financial offers four different credit cards, each with its own unique features and benefits (and all of them are Mastercards). Let's take a closer look at each one.
PC Mastercard
Best for PC Points
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 30pts / dollar spent
- Welcome bonus
20,000 points (a $20 value)
- Annual fee
$0
The PC Mastercard is the basic option and is suitable for those who want to earn PC Optimum points on their purchases without any additional perks. This card offers 10 points per dollar spent at participating stores and 10 points per dollar spent on all other purchases.
PC World Mastercard
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 35pts / dollar spent
- Welcome bonus
20,000 points (a $20 value)
- Annual fee
$0
The PC World Mastercard is a step up from the basic card and offers additional benefits such as travel insurance and extended warranty coverage. This card offers 20 points per dollar spent at participating stores and 10 points per dollar spent on all other purchases.
PC World Elite Mastercard
based on spending $2,200/mo after $0 annual fee
- Earn rewards
10pts – 45pts / dollar spent
- Welcome bonus
20,000 points (a $20 value)
- Annual fee
$0
The PC World Elite Mastercard is the most premium option and offers the highest amount of points per dollar spent. This card also comes with additional benefits such as concierge service and airport lounge access. It offers 30 points per dollar spent at participating stores and 10 points per dollar spent on all other purchases.
PC Insiders World Elite Mastercard
based on spending $2,200/mo after $120 annual fee
- Earn rewards
10pts – 70pts / dollar spent
- Welcome bonus
250,000 points (a $250 value)
- Annual fee
$120 $0 first year waived
The PC Insiders World Elite Mastercard is a premium card that, unlike the other PC cards, has an annual fee. You’ll get a slightly higher earn rate with this card than with the World Elite, but the same travel and rental car insurance benefits.
The table below shows the differences across the four PC Financial Mastercards:
| Credit card | Rewards | Annual fee | Eligibility |
| PC Insiders World Elite Mastercard | Shoppers Drug Mart: 50 PC points/$1 Groceries: 40 PC points/$1 at Loblaws banner stores and Joe Fresh Gas: Up to 70 PC points per litre at Esso and Mobil (7 cents per litre) All other purchases: 10 PC points/$1 |
$120 | $80,000 personal annual income |
|---|---|---|---|
| PC World Elite Mastercard | Shoppers Drug Mart: 45 PC points/$1 Groceries: 30 PC points/$1 at Loblaws banner stores Gas: 30 PC points per litre at Esso and Mobil All other purchases: 10 PC points/$1 |
$0 | $80,000 personal annual income |
| PC World Mastercard | Shoppers Drug Mart: 35 PC Points per $1 Groceries: 20 PC Points per $1 at Loblaws banner stores Gas: 30 PC points per litre at Esso and Mobil All other purchases: 10 points/$1 |
$0 | $60,000 personal annual income |
| PC Mastercard | Shoppers Drug Mart: 25 PC points/$1 Groceries: 10 PC points/$1 Gas: 30 PC points per litre at Esso and Mobil All other purchases: 10 PC points/$1 |
$0 | No specific income required |
Downsides of PC Mastercards
While PC Financial Mastercards are an excellent choice for those who shop at Loblaws stores regularly, they do have some disadvantages:
- Limited rewards redemption: While PC Optimum points can be redeemed for a variety of products at participating Loblaws-owned stores, the redemption options may be limited compared to other rewards programs. If you prefer a wider range of redemption options, you may want to consider other credit cards.
- Limited acceptance: While PC Financial Mastercards are widely accepted at Loblaws-owned stores and retailers that accept Mastercard, they may not be accepted at some smaller or independent merchants. If you frequently shop at such establishments, you may need to carry an additional credit card for those purchases.
- Lower points earned on non-participating stores: PC Financial Mastercards offer higher points per dollar spent at participating stores, but the points earned on other purchases are relatively lower. If you make a significant number of non-participating store purchases, you may want to consider a credit card that offers higher rewards for those transactions (like a generic rewards credit card).
- Limited travel benefits: While the premium cards, the PC Insiders and PC Financial World Elite Mastercard, offer travel insurance, PC Financial credit cards may not provide the same level of perks and rewards as dedicated travel credit cards. If you frequently travel and want comprehensive travel benefits, you may want to consider one of our picks for the best travel credit cards in Canada.
How Do PC Financial Mastercards compare to other credit cards?
When it comes to credit cards, it's important to compare different options to determine which one is the best fit for you. Let's take a look at how PC Financial Mastercards stack up against other popular credit cards in Canada.
PC Financial Mastercards vs. Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is another no-fee credit card that offers cash back on all purchases. However, unlike PC Financial Mastercards, the Tangerine card allows you to choose two categories in which you can earn 2% cash back and one category for 0.5% cash back. All other purchases earn 1% cash back. PC Financial mastercards offer a higher return at Loblaws stores at a 2.5-4.5% return on every dollar. Both cards offer unlimited cash back rewards, though.
While the Tangerine card offers more flexibility in terms of cash back categories, the PC Financial Mastercards may be a better option for those who frequently shop at Loblaws-owned stores and want to earn PC Optimum points.
PC Financial Mastercards vs. American Express Cobalt Card
The American Express Cobalt Card is a popular choice for those who want to earn travel rewards. This card offers 5 points per dollar spent on groceries, restaurants, and food delivery, and 2 points per dollar spent on all other purchases.
While the American Express Cobalt Card offers more points per dollar spent, it also comes with a earn 1,250 points for each month you spend $750, up to a maximum of 15,000 points. annual fee. This may not be worth it for those who do not spend a significant amount on travel and dining. If you spend more on groceries, pharmacy and personal care purchases at Loblaws-affiliated stores, a PC mastercard may be a better pick.
How to apply for a PC Financial Mastercard
Applying for a PC Financial Mastercard is a simple process that can be done online or in-store at participating Loblaws-owned stores. You will need to provide personal information such as your name, address, and income, and you may be asked to provide proof of identification.
Once your application is approved, you will receive your new credit card in the mail within a few weeks. You can then activate your card and start using it to earn PC Optimum points on all your purchases.
Tips for Using Your PC Financial Mastercard
To make the most out of your PC Financial Mastercard, here are some tips to keep in mind:
Use your card for everyday purchases
To earn the most PC Optimum points, use your card for all your everyday purchases, such as groceries, gas, and household items. This will help you accumulate points faster and redeem them for rewards sooner.
Link your PC Optimum membership to your PC Optimum card
If you have an existing PC Optimum membership number, then link your credit card to this account in order to get higher points earnings.
Pay your balance in full each month
To avoid interest charges, it's important to pay your balance in full each month. If you carry a large balance and can’t pay it off in full, this is likely to cost you more than you would earn in rewards in the long term. Paying off your card will also help you maintain a good credit score and avoid debt.
How PC Optimum works – at a glance
PC Optimum is a rewards program that allows you to earn points on your everyday purchases made with your PC Financial Mastercard. These points can then be redeemed for discounts on future purchases at participating stores. 10,000 PC Optimum Points equals $10 off your purchases at stores affiliated with the PC Optimum program, minus taxes and fees. To simplify things further, it’s helpful to think of 10 PC Points as the equivalent of 1% cash back.
You must redeem PC Optimum Points in increments of at least 10,000. Read more about the program and how to earn, redeem and maximize PC Optimum points.
PC Optimum Loyalty Card vs PC Financial Mastercards
PC Optimum is a loyalty program that allows you to earn and redeem points on your everyday purchases at Shoppers Drug Mart and Loblaws-affiliated grocery stores, regardless of whether you have a PC Financial credit card. On the other hand, PC Financial Mastercards are credit cards that offer additional benefits and rewards for cardholders who are also PC Optimum members.
Here are some key differences between the PC Optimum loyalty card and PC Financial Mastercards:
| Where to earn | PC Optimum program | PC Financial credit cards |
| Shoppers Drug Mart |
15 points/$1
|
25-45 points/$1 |
|---|---|---|
| Loblaws banner stores |
Only on personalized offers / in-store promotions
|
10-30 points/$1 |
|
Esso / Mobil gas stations
|
10 points per litre
|
30 points per litre |
| All other purchases | - | 10 points/$1 |
You can earn PC Optimum Points in two ways: Either as a loyalty member of the PC Optimum program or as a PC Financial credit card holder.
With the former, you can only collect PC Optimum Points when shopping at participating stores where PC products are sold (no different than any other retail loyalty program, like Starbucks Rewards). Signing up as a member is simple and as easy as downloading an app.
In the case of the latter, you’re getting a full-fledged rewards credit card that’ll earn you PC Optimum Points on every dollar you spend wherever you shop – not just select stores – maximizing your rewards. Like any credit card, you’ll have to go through a credit check to receive a PC Financial Mastercard. You’ll also build up a balance based on your spending and will owe interest if you don’t pay off your balance in full at the end of each monthly billing cycle.
The bottom line
PC Financial Mastercards are an excellent choice for regular shoppers at Loblaws-owned stores. With no annual fee and a variety of benefits, these credit cards are worth considering for your everyday spending needs.
Whether you choose the basic PC Financial Mastercard or the premium World Elite Mastercard, you can enjoy the convenience and rewards that come with being a cardholder. Apply for your PC Financial Mastercard today and start earning points on all your purchases.