Monday, March 8, 2021

March 8 Update: PC Financial downgrading World Elite Mastercard cardholders who didn't hit the $15,000 annual spend requirement & 8 new bonus offers

 Here's your Rewards Canada Daily update! Your daily dose (or near daily dose) of loyalty program, credit card and travel news, bonuses, deals and more.

Long time Rewards Canada reader Harry B. reached out to us last week to let us know he received a letter from PC Financial that he didn't meet the required spend of $15,000 per year to keep his PC Financial World Elite Mastercard and that they would downgrade him to the World Version. A quick search sees this also popping up on Twitter and Redflagdeals as more PC Optimum cardholders received the letter as well. What we have happening hear is that Mastercard Canada put in place this $15,000 minimum spend threshold on World Elite cards that have no annual fee about a year or so ago. By having people spend at least $15,000 per year Mastercard can cover some of the costs associated with a World Elite card's benefits through the interchange fee rather than an annual fee on a card. This is why you don't actually see a minimum spend requirement on any World Elite Cards that do charge an annual fee as they can't downgrade you for a product you are paying for. Our biggest gripe that we have here at Rewards Canada from our readers and seeing what people have said on Twitter and RFD is that they received no notice from PC Financial that this requirement was instituted and some would have shifted their spending. I know even here at Rewards Canada we may have touched upon it once quite awhile ago but for the most part it is buried in the T&C's so it out of sight out of mind. Let us know in the comments section below if you also got the letter from PC Financial or even one of the other issuers!

Image via PC Financial


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