|The PC Financial World Elite MasterCard: At a Glance|
|Sign-up bonus points: 0.97% interest on balance transfers for 6 months||Qualifying annual income: $80,000 or household income of $150,000|
|Annual fee: $0||Recommended credit score: Fair to Good|
|Purchase interest rate: 19.97%||Rewards: Earn 30 points: $1 on grocery spends in Loblaws/Weston stores & PC Travel; 45 points: $1 at Shoppers Drug Mart/PharmaprixM,and 10 points:$1 on everything else|
Excellent earning opportunities and no annual fee set the PC Financial World Elite MasterCard apart from other rewards credit cards in Canada. Part of the President’s Choice (PC) Optimum points program, cardholders can earn rewards redeemable at participating stores. We take a look at whether the PC Financial World Elite MasterCard is truly one of the best no-fee credit cards in Canada.
The PC Optimum Points Program: How It Works
The PC Optimum Points Program allows you to earn—and spend—PC points at nearly 2,500 locations across the country including:
- Stores in the Loblaws/Weston family: No-Frills, Loblaws, Valu-Mart, Fortino’s, Real Canadian Superstore, Independent, and Zehr’s
- Shoppers Drug Mart and PharmaprixMD
- President’s Choice Travel
The value of one PC Optimum point is $0.001, which is pretty average. But what makes this program so enticing is that participants can stack their earnings. This means that you can collect points multiple times on the same purchase by using in-store offers, targeted coupons, your PC Optimum card, and a linked credit card like the President’s Choice World Elite MasterCard.
The PC Financial World Elite MasterCard Review: The Rewards
The PC Financial World Elite MasterCard offers an outstanding points to dollar ratio, which accumulates as follows:
- Grocery: 30 points: $1 on spends in Loblaws/Weston stores
- Drugstore: 45 points: $1 at Shoppers Drug Mart/PharmaprixMD
- Gas: 3 points:$1 at Esso/Mobil
- Travel: 30 points:$1 at PC Travel
- Everything else: 10 points:$1
Remember: these points are in addition to the points collected through other means, like coupons or in-store offers. So that means you can earn more points, faster.
The best part of this points program? Redemption is dead simple. Once you’ve accumulated the minimum points—10,000, which is worth $10—you just mention it at cash and the points are applied towards and deducted from your bill. That’s $10 redeemable in free groceries, gas, or drugstore items, or toward travel in the PC Travel store. Even better, you can spend PC Optimum Points online at the Shoppers Beauty Boutique, Joe Fresh, and PC Express websites.
Other Perks of the PC Financial World Elite MasterCard
PC Optimum points are the big draw for this credit card, but it does also carry a roster of fairly standard perks.
- Introductory 6 month 0.97% interest rate on balance transfers done within 90 days
- Travel emergency medical insurance: For those under the age of 65, coverage for up to 10 days
- Collision, damage and theft insurance on car rentals
- Purchase Assurance and Extended Warranty adding up to 90 days’ worth of protection on most retail purchases
- Identity theft insurance
- A 24/7 complimentary concierge service
Pros and Cons of the PC Financial World Elite MasterCard
The PC Financial World Elite MasterCard is excellent for those who already use their credit card for grocery, drugstore, and gas purchases at the participating retailers. Stacking points with other earning opportunities, the annual savings can be significant. Plus, there’s none of the pressure that comes with other rewards programs—PC Optimum points never expire. No annual fee means there’s nothing cutting into your earnings.
The downside? Participating in the PC Optimum points program pretty much means you’re limited to one family of stores and products both for earnings and redemptions. And while redemption is simple and the minimum of 10,000 points is easy to achieve, you have to redeem in increments of 10,000 points. This effectively means that you can apply $10 (or $20, $30, $40 and so on) to a purchase—it’s not a straight trade. There’s also no sign-up bonus giving you extra points, which is a bit of a bummer.
Finally, the qualifying annual income of $80,000, or $150,000 for a household, may prevent some lower income individuals or families from participating, though there are other lower-barrier cards in the PC MasterCard family.
The Verdict: Is the PC Financial World Elite MasterCard Worth It?
With no annual fee and some great savings opportunities, it’s hard to go wrong with this credit card. For large families or others who already shop at any of the participating stores, paying with this no annual fee credit card makes a lot of sense. Just know that committing to this rewards credit card means that you’re marrying into one family of stores and products tied to the PC Optimum points program — and that's just dandy if you’re feeling the love for this popular points program.
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