3 Best PC Financial Credit Cards In Canada (Feb 2023)

January 14, 2023
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There are quite a few good PC Financial credit cards in Canada, but some stand out above the rest for their impressive rates, high points earn rates and zero annual fees. I constantly keep up with the latest options and policy changes and make my recommendations below based on my years of experience.

The PC Financial Mastercard is an excellent credit card option if you often shop at President's Choice and other partner stores. With the PC Financial Mastercard, you can get 30 PC points when refuelling at Esso Mobil gas stations and when shopping at Shoppers Drug Mart, PC Travel, and most grocery stores plus, it doesn't have an annual fee.

What Is A PC Financial Credit Card?

President’s Choice Financial credit cards are a type of rewards credit card that earn you PC Optimum Points on eligible purchases – or at particular partner stores. Like other credit cards, you can earn points and redeem them for rewards like discounts and products at eligible stores. Unlike most rewards credit cards out there, all PC credit cards have zero annual fees

PC Financial is a subsidiary of the Loblaw Companies Canadian supermarket chain. It was established in 1996 in Toronto, Canada. The subsidiary offers Mastercard credit card services and banking supported by the PC Bank and PC Financial Insurance Brokers for its insurance. 

All PC Financial credit cards are automatically registered to the Loblaw Companies rewards program PC Optimum. Individuals who often shop at PC stores – or partner stores – can benefit greatly from this program. 

PC Financial issues three Mastercards: the PC Mastercard, PC World Mastercard, PC World Elite Mastercard, and the PC Optimum card (which can only be used to purchase products from qualifying brands). 

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The Best PC Financial Credit Cards In Canada

  1. PC Financial World Elite Mastercard: Best Overall
  2. PC Financial World Mastercard: Best For Earning Points
  3. PC Financial Mastercard: Best For Low Annual Income

1. PC Financial World Elite Mastercard – Best Overall

Pros

  • No annual fee applied to cardholders
  • Earn up to 45 PC Optimum points 
  • Access to 24/7 Concierge Service
  • Travel Emergency and Medical Insurance
  • Car Rental Collision/Loss Damage Waiver Insurance

Cons

  • The high-income requirement to qualify
  • Fewer insurance coverages than other credit cards
  • Low earn rate to other store purchases

2. PC Financial World Mastercard – Best For Earning Points

Pros

  • Earn up to 35 PC Optimum points
  • Access to Mastercard Global Service
  • Free Extended Warranty protection to eligible items
  • Access to 24/7 Concierge service

Cons

  • The high-income requirement to qualify
  • Less insurance coverage than other credit cards
  • Low earn rate to other store purchases

3. PC Financial MastercardBest For Low Annual Income

Pros

  • Access to Mastercard Global Service
  • Get up to four free additional cards
  • Earn up to 25 PC Optimum points

Cons

  • No insurance coverages
  • Low earn rate to other store purchases

How Do PC Financial Credit Cards Work?

PC Financial credit cards work almost the same as other credit cards. Each card has different requirements, and only the PC Financial Mastercard doesn't have an income requirement. To get any of these credit cards, you must first apply online or through a qualified store representative and President’s Choice Financial pavilion.

With a PC Financial credit card, you can join the PC Optimum program and earn points on a wide range of eligible purchases. You will earn most of your points on PC stores, but you can earn points on partner stores as well. PC points can be used for discounts or full purchases, in qualifying physical and online stores. All of the PC Financial credit cards have no annual fees. Keep in mind interest rates still apply.

Why Get A PC Financial Credit Card?

The primary reason to get a PC financial credit card is to earn points at a PC store. Individuals who shop often shop at PC Financial stores or partner stores like Loblaw's can take advantage and earn valuable points on most of their purchases. If you don't frequently shop at any of these stores, it may not be worth it for you.

Rewards To Look For In PC Financial Credit Cards

PC Financial Credit Card holders can earn points from the qualifying stores. You can use these PC Optimum points to purchase items from participating online and physical stores. The following are the significant rewards you can get:

  • 10,000 PC Optimum points are equal to $10 free stuff
  • You can save a maximum of $500 discount on any purchase
  • You can get up to 10% back in points if you use your card to purchase

Types Of PC Financial Credit Cards in Canada

PC Financial credit cards are straightforward rewards credit cards with no annual fee. However, it could offer better features compared to other credit cards. The PC Financial credit cards fall into the reward credit cards with no annual fees category:  

#1 No Annual Fee Credit Cards

The PC Financial credit cards don’t have annual fees to pay. It’s one of the most convenient features of a credit card that can reduce the expenses of cardholders and make a credit card significantly more attractive. Individuals who are avid shoppers in the PC Financial or Loblaw stores will benefit from any of these cards. 

#2 Rewards Credit Cards

All of the PC Financial credit cards are rewards type of credit cards. These cards earn points to redeem rewards from eligible stores. The rewards are limited to free items depending on your earned points. 

How To Choose A PC Financial Credit Cards In Canada

Before you get PC Financial credit cards, make sure to consider various factors. It can help you find the right credit card for your daily use. The annual fee, earning rate, insurance coverage, and more are essential factors to consider. 

Earning Rate

Since all PC Financial credit cards come with zero annual fees, the points earn rate is the next essential feature. Currently, the PC Financial World Elite Mastercard offers the highest point earn rate. Make sure to purchase at eligible stores, as you can only earn 10 points for stores that aren't supported by Loblaw Companies or PC Financial.

Insurance Coverages

There’s nothing to expect from the PC Financial credit cards for insurance coverage. However, the PC Financial Mastercard is the only card with no insurance protection. Meanwhile, the PC Financial World Mastercard only has an extended warranty, and PC Financial World Elite Mastercard carries Travel Emergency and Medical Insurance and Car Rental Collision/Loss Damage Waiver Insurance. 

Rewards Flexibility

Cardholders can only use the PC Optimum points for a free item at qualifying physical and online stores in Canada.

Benefits

Ensure to check the unique benefits of each of the PC Financial credit cards. They all have distinctive features, but the PC Financial World Elite Mastercard offers more benefits among the three. 

How To Redeem Your PC Financial Credit Cards Rewards

Cardholders can quickly redeem the PC Financial credit card rewards, unlike other credit cards. If you reach 10,000 points, you can automatically redeem up to $10 worth of free groceries and products from eligible physical stores. Online stores where you can redeem your PC Optimum points are the following websites:

  • pcexpress.ca
  • joefresh.com
  • pharmaprix.ca
  • shoppersdrugmart.ca

How To Apply For PC Financial Credit Cards in Canada

Some of the PC Financial Credit Cards require income requirements to qualify. The factors usually assessed by the company are eligibility and income.

Eligibility

PC Financial credit card applicants must possess a few eligibility requirements before getting the card. The following are the typical requirements needed to get a Canadian credit card:

  • You must be a Canadian resident
  • You must possess the majority of the age in your province or territory. For reference, the age of the majority in Manitoba, Alberta, Ontario, Quebec, Saskatchewan, and Prince Edward Island is 18 years old, while 19 years old in all other provinces.

Income 

The PC Financial Mastercard doesn’t have an income requirement. However, the PC Financial World Elite Mastercard and World Mastercard require specific income before you can qualify. 

PC Financial World Elite Mastercard

  • $80,000 personal annual income or
  • $150,000 or more yearly income household

PC Financial World Mastercard

  • $60,000 personal annual income
  • $100,000 or more yearly income household

PC Financial Credit Cards FAQs

Are PC Financial Credit Cards Worth It?

The PC Financial credit cards are best for individuals who shop at Loblaw and PC Financial stores. Otherwise, you can still earn from non-partnering stores, but it will only offer a low earning rate. None of the PC Financial credit cards offer a welcome bonus. 

Only a few insurance coverages are offered to some of the credit cards. It doesn’t provide many features and benefits. However, it guarantees to earn fast if you purchase from the participating brands and stores. 

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