Yes, I have done it again! Signed up for another credit card. This time, we had careful consideration because we needed a joint credit card. Initially we were thinking of signing up for one of the Scotiabank credit cards that offered the first year free, but it's a bit of a hassle to cancel a credit card and find one that has a supplementary card without a supplementary card fee AND without an annual fee.
So we decided to try the President's Choice Financial World Elite MasterCard, since we do a lot of shopping at No Frill's and Shopper's Drug Mart. Basically Loblaws and the Weston family are taking over the grocery world. Most of our joint expenses will be related to buying groceries too, so it would be nice to get a break from grocery expenses.
Initially I signed up for a PC Plus card thinking it would be the easiest way to free groceries, but I had collected zero points because I had no idea that you needed to “load offers” since I declined all emails from PC Points. Since then I have tried loading points, but it would be nice if they have some “base points” that they can give you without having to load for points. My thoughts are that they are watching you and trying to give you carrots/ give you points for continuing with your pattern of grocery store purchases. At least, that's what it seems like when I get ‘offers' on my Shopper's Optimum Points card nowadays since Loblaws took over Shoppers Drug Mart.
I have a MBNA World Elite MasterCard and have been happy with it so far, so think I will like this one.
Features of the President's Choice Financial World Elite MaterCard
No annual fee- Ahhh music to my ears!
- You need a minimum personal income of $70K or a household income of $120K to qualify for this card, you know, because it's an “Elitist” card lol.
- 30 PC Points per $1 spent at Superstore/ Loblaws/ Shoppers Drug Mar/t No Frills etc. (works out to be 3% return)
- $0.03/ litre bonus in PC Points at Esso gas stations (another one that I usually frequent, even though I'm a HSE Husky shareholder!)
- 10 PC Points per $1 spent elsewhere (works out to be a 1% return)
- To redeem your points, you need at least 20,000 PC Points in your account, then when you're at the cash register, you just tell the cashier you want to use X number of points, with the minimum at 20,000 PC Points, or $20 off your grocery bill. Yes, it seems that easy! Though I personally have never used PC Points as I never had collected enough.
- 4 Free Supplementary Cards (often supplementary cards cost an additional $50 annually so this is pretty awesome)
- Theft, Loss, or Damage insurance when you buy something on your card for the first 90 days
- Extended Warranty- for an additional year. Free!
- Interest rate is 19.97% but there is a promotional rate of 0.97% for 6 months
President's Choice Financial World Elite MasterCard Pros
Some of the positives to the President's Choice card are well, free groceries! And ease of use! And being accepted at many places that we frequently shop at (such as No Frills). And no annual fee (this is probably the biggest pro) for a card of this ‘calibre'.
President's Choice Financial World Elite MasterCard Cons
There aren't many cons to the President's Choice Financial World Elite MasterCard, however, if you prefer to have free travel rewards instead of free groceries, then this is not the card for you. If you want to save up for a trip to Venice but instead you get $40 off your grocery bill, you might have some discord of what your credit card rewards should be. The other con is that if you don't shop at Presidents Choice family of stores, then the reward value is just 1% which is pretty average.
Well, other than the sleek design of the card (looks very fancy because it's sleek and black), it's been great so far! I can't wait to combine it with my PC Points and claim dollars off our first grocery store bill.
Readers, do you have the President's Choice Financial World Elite MasterCard? What do you think about it? Yay or Nay? Like the free groceries?