PC Financial World Elite Mastercard Review

The President’s Choice Financial World Elite Mastercard
is the flagship card for the PC Optimum program which is the loyalty
program for the Loblaw family of stores that include Loblaw, Real
Canadian Superstore and Shoppers Drug Mart to name the least.
Financial is the banking branch of the Loblaw group of companies and
they offer three different credit cards, all of which are unique in that
they all don’t have an annual fee attached to them.


The PC Financial World Elite Mastercard
is the top end flagship card for the PC Optimum program and provides
the best earn rates of the trio of cards offered by the banking arm of
the Loblaw conglomerate. Being a World Elite Mastercard the card also
offers the most benefits and best insurance package of the three cards.
It is technically a cash back credit card since the points earned can
only be redeemed for cash discounts at the till at the selection of
Loblaw stores and that make the card a favourite for PC Optimum fans. It
definitely fills the niche for those who do shop a lot within the
Loblaw family of stores. However by being tied into the PC Optimum
program you are limited on the redemption side of things and if Shoppers
Drug Mart or Real Canadian Superstore aren’t your cup of tea this card
will not be of much use to you. Having no annual fees the card does not
have nearly as many bells and whistles as World Elite Mastercards that
do charge a fee, namely in the insurance category.

Costs & Sign up Features

The PC Financial World Elite Mastercard
is one of only a few no annual fee World Elite Mastercards in Canada.
That’s right a card with a lot of benefits that doesn’t cost you
anything to carry in your wallet. There is no annual fee on
supplementary cards. The standard welcome bonus on the card is 20,000 PC
Optimum points but PC Financial does tend to offer a 100,000 point
bonus on it quite frequently. I recommend checking the Rewards Canada blog frequently for that offer as it is usually only available for a few days at a time.

The interest rate on the card is
20.97% on purchases. 22.97% on cash advances and balance transfers.
These rates are slightly higher than equivalent cards at this level. The
minimum annual income requirements for the card are $80,000 personal or
$150,000 household.


The card earns PC Optimum points and it earns those points as follows:

30 PC Points for every $1 spent at Loblaws, Shoppers Drug Mart PC Mobile and PC Travel Purchases

20 PC Points per litre at Esso and Mobil stations in Canada

10 PC Points for every $1 spent on all other purchases

The above earn rates do not take into account additional
points you can earn for being a PC Optimum member. For example when you
shop at Shoppers Drug Mart you earn 15 points per dollar spent for
scanning your PC Optimum card. Those 15 points over and above whatever
you earn your card which in the case of the World Elite version is 30
points thus you would earn 45 points per dollar spent. Esso & Mobil
offer 10 points per dollar for PC Optimum members and 20 points per
litre for a possible total of 30 points per litre.

Point Valuation Chart

Spending Category Points earned per dollar spent Effective Rate of return (Cash Back)
Loblaws, Shoppers Drug Mart, PC Mobile and PC Travel Purchases 30 3%
Esso & Mobil 20 per litre roughly 1 to 2%
All other spending 10 1%


The redemption process in the PC Optimum program is
relatively easy. Simply put you can redeem 10,000 points for $10 off at
participating stores which are all Loblaw grocery stores (Loblaws, No
Frills, Real Canadian Superstore and so on), Loblaw liquor stores and
Shoppers Drug Mart (including Shoppers online). All redemptions must be
made in 10,000 point increments so if you have 58,000 points you would
only be able to redeem 50,000 points for $50 off your bill. You will
want to watch for special events where the program provides more value
for your points when redeeming them. These tend to happen every couple
of months so if you can time it right you can utilize those offers to
extract more value out of the points earned on the credit card.

Features and Benefits

As the card has no annual fee there aren’t too many features or benefits to talk about.
It does have 10 day out of province travel medical insurance, CDW
insurance on car rentals (up to 31 days & $65,000 MSRP max) and your
standard purchase assurance of 90 days and extended warranty benefits.

Since it is a World Elite Mastercard is does avail of the benefits that all World Elite Mastercards in Canada enjoy including
free Boingo Wifi that is available at over 1 million locations
worldwide and also includes Wi-Fi on select airlines including WestJet.
Also included is Mastercard Airport Experiences provided by LoungeKey
which is an airport business class lounge access program. It essentially
waives the membership fee of the lounge program and then you simply pay
an entry to access any of the lounges. On top of that there is
concierge service, Mastercard Travel Rewards (discounts at select
retailers) and an offer with Ritual.

Recommended reading:
A look at the new benefits that have been added to all World & World Elite Mastercards in Canada

What is good about this card

The best thing about this card is that is has no annual fee
combined with some good earn rates. It is rare for no fee card to earn
up to a 3% return since those 30 points per dollar the Loblaw group of
companies equate to that return.

Another great thing about the card are the World Elite Benefits that provide free Wi-Fi, business class lounge access and more.

It’s a Mastercard so that means you can use it at Costco!

What is not so good about this card

There are few things that aren’t good about this card. The
first will really be dependent on the individual and that is the
redemption options. You really don’t have a lot of options when it comes
to redeeming points from the card. Since you can only redeem at Loblaw
family of stores you limit yourself in your reward options. That’s why
it comes down to the individual – if you only shop for groceries at a
Loblaws grocery store then the redemption option becomes a good thing
about this card. If you don’t shop very often with the company then it’s
a not so good thing. Then there is the option of redeeming at Shoppers
Drug Mart – again comes down to the individual but from my personal
experience I do have some issues with it. The reason being is that I
always tend to find Shoppers Drug Mart quite a bit more expensive than
other stores. I recall once having to buy a bottle of Advil at Shoppers
and it was $12.99. The next day while at Sobeys (so not even the
cheapest place out there) the same bottle of Advil was $9.99 – and
neither store had it on sale. I see this a lot at Shoppers so when you
redeem here you are effectively discounting your purchase to make it
closer to what other stores charge regularly. I mean if you find
something on sale at Shoppers and then redeem points that’s great but
otherwise you could be better off with a different cash back card and
shopping elsewhere. Ultimately it can come down to convenience however
to shop at Shoppers Drug Mart and I get it. I don’t shop at Real
Canadian Superstore as it is nearly 20 minutes away from me whereas
Sobeys is less than 5 minutes and the latter does tend to be a bit more
expensive. It really comes down to what you value for your time, what
gas costs etc.

The next thing is the base earn rate of only 1% – I wouldn’t
necessarily say this is not so good but I’d put it more at a mediocre
thing about this card. The reason being is that you have another World
Elite Mastercard with no annual fee with more benefits and a base earn
rate of 1.5% and that’s the Rogers World Elite Mastercard.
So if you are putting more spending on your card outside of the Loblaw
family of stores you would be better off with the Rogers card or any
number of other cards that have a higher base earn rate.

Finally the lack of insurance, again being a no fee card we
don’t expect it to have a lot of coverage but again the Rogers World
Elite Mastercard provides much more coverage than this card. That means
if you are in the market for a high end no fee card with a good suite of
insurances you are better off with the Rogers card over this one.

Who should get this card

  • People who shop a lot at Loblaw grocery
    stores and by a lot I would say well over $20,000 a year. The reason why
    is you have cash back cards in our market that earn 4% cash back at
    grocery stores and even though they have annual fees they’ll earn you
    over 10% more cash back on an annual grocery spend of $20,000. Those
    cards however have annual spending caps so if you spend something like
    $30,000 a year at Loblaw stores this card could prove to be more
  • People who shop a lot at Shoppers Drug Mart –
    the 30 points per dollar here along with the 15 points per dollar for
    being a PC Optimum member is a nice return on your spending


These PC Optimum cards are popular in Canada and I have had
many a reader often ask me why don’t they rank higher in our cash back
rankings or talk about the cards very much. It really comes down to the
very limited redemption options on the card. It’s the same thing with
the Triangle Credit Cards, they really fill a niche for their own stores
and the accompanying loyalty programs. Being so limited limits our
coverage on them and keeps them out of our rankings seeing that in most
cases there are better more flexible rewarding options out there. Still,
as mentioned above if your heart is near and dear to shopping at Loblaw
grocery stores and Shoppers Drug Mart then this is the right card for

Related Links:

PC Financial World Elite Mastercard

Other cards to consider if you are looking at this

BMO CashBack® World Elite®* MasterCard®*

BMO CashBack® MasterCard®*

CIBC Dividend Visa Infinite Card

mbna Rewards World Elite Mastercard

President’s Choice Financial World Mastercard

President’s Choice Financial Mastercard

Rogers World Elite Mastercard

Scotia Momentum® VISA* Infinite card

TD Cash Back Visa Infinite* Card

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Elite Mastercard? Do you have the card? Do you like it? Is there
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