Many Canadians have chosen to boycott Loblaw family of stores this month and with that some have gone further by cancelling their PC Optimum credit cards and even closing their PC Optimum accounts.
If you are one of those who have or are planning on cancelling your PC Optimum credit card, there are lots of great options you can choose from to replace the card. In most cases, you’ll actually be better off with any of these cards as they will earn you more in rewards than you were earning on the PC Optimum card.
The majority of Canadians who have a PC Optimum credit card have it for shopping at Loblaw grocery stores and/or at Shoppers Drug Mart – no other reason. Thus in this article we’ll focus on the best options for grocery shopping and drug store shopping.
And the good thing with all these cards is they are not limited to having their accelerated earn rates limited to specific stores like the PC Optimum cards. That means if you are boycotting Loblaws, these other cards will earn you a lot more rewards on your spending at other grocery and drug stores.
Best replacement options for grocery
For grocery spend we’ll look at two spend options, high spend (ie a family of four) and low spend (ie single or a couple) as the final reward value will vary based on the spend. The first thing you’ll notice, in most case, the PC Optimum credit cards are not the best at earning rewards – even at Loblaws stores (if you are not boycotting!)
High Spend
For high spend it is estimated a family of four will spend an average $16,297,20 on groceries in 2024. With that in mind, we’ll look at the best options for this high level spend in two ways – for those who shift their shopping to only Sobeys, Safeway, Freshco and other Empire company stores only and then for those who choose to shop at other grocery chains.
Empire Stores
(Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op)
If you are choose to move your shopping to Empire Company of grocery stores these are the three best options:
1. Scotiabank Gold American Express Card
$857.73 in travel value
$857.73 in cash back value (when redeemed at Scene+ partners)
$531.89 to $562.85 in cash back value (statement credit)
- This card earns 6 points per dollar spent at all Empire grocery stores.
- You can redeem the points at a rate of 100 points to $1 towards any travel you book yourself or via Scene+ Travel. This provides an effective return of 6%
- You can redeem the points for cash back at a rate of 1,000 points to $10 at Scene+ partners like Sobeys, Home Hardware, Cineplex and more. This provides an effective return of 6%
- You can redeem the points for cash back statement credit that ranges from 3,000 points for $20 to 71,500 points for $500. This provides an effective return of 4% to 4.19%
- There is a $50,000 annual cap on the 6 points per dollar category for Empire stores that is shared with accelerated earn rates for other grocery stores, restaurants, fast food, and drinking establishments, entertainment, gas and daily transit and streaming services.
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $16,297.20 * 6% return = $977.83 | Subtract $120 fee = $857.73 travel value
Cash back calculation (Scene+ Partners): $16,297.20 * 6% return = $977.83 | Subtract $120 fee = $857.73 cash back value
Cash back calculation (Statement credit): $16,297.20 * 4% to 4.19% return = $651.89 to $682.85 | Subtract $120 fee = $531.89 to $562.85 cash back value
2. American Express Cobalt® Card
$658.98 to $1,473.84+ in travel value
$658.98 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all Empire grocery stores.
- You can redeem the points at a rate of 1,000 points to $10 towards any travel you book yourself or towards cash back. This provides an effective return of 5%
- You can redeem the points for travel via American Express’ Fixed Points for travel which provides value of up to 2 cents per point. Multiply that by the 5 points per dollar and you have an effective return of up to 10%
- You can also convert the points to airlines and hotel program such as Air Canada Aeroplan, Air France KLM Flying Blue and Marriott Bonvoy. These can provide returns of up to 6 cents per point or even higher. This provides an effective return of up to 30% or more or up to $4,710.66+ in travel value
- There is a $2,500 monthly cap on the 5 points per dollar category for eats and drinks (groceries, dining, coffee shops etc.).
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $16,297.20 * 5% return = $814.86 | Subtract $155.88 fee = $658.98 travel value
Fixed points for travel calculation: $16,297.20 * up to 10% return = up to $1629.72 | Subtract $155.88 fee = $1473.84 travel value
Covert points to airline & hotels calculation: $16,297.20 * up to 30% return = up to $4889.16 | Subtract $155.88 fee = $4733.28 travel value
Cash back calculation: $16,297.20 * 5% cash back rate = $814.86 | Subtract $155.88 fee = $658.98 cash back value
3. MBNA Rewards World Elite® Mastercard®
$694.86 to $776.35 in travel value
$559.10 to $626.41 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all Empire grocery stores.
- It also has a 10% birthday bonus which can boost your earn rate to 5.5 points.
- You can redeem for travel booked via MBNA Rewards at a rate of 100 points to $1 providing an effective return of 5% to 5.5%
- You can redeem the points for cash back at a rate of 120 points to $1 providing an effective cash back rate of 4.167% to 4.58%
- There is a $50,000 annual cap on the 5 points per dollar category for groceries
- Click here to learn more about and/or to apply for this card
Book travel with MBNA Rewards: $16,297.20 * 5% to 5.5% return = $814.86 to $896.35 | Subtract $120 fee = $694.86 to $776.35 travel value
Cash back calculation (Statement credit): $16,297.20 * 4.167% to 4.58% cash back rate = $679.10 to $746.41 | Subtract $120 fee = $559.10 to $626.41 cash back value
All other grocery stores
For shopping at other grocery retailers like Metro, Co-Op, Save-On and so forth, these are the three best options (you’ll notice they are basically the same three cards, also known as Canada’s Points Earning Machines!)
1. American Express Cobalt® Card
$658.98 to $1,473.84+ in travel value
$658.98 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all grocery stores that are not Empire grocery stores
- You can redeem the points at a rate of 1,000 points to $10 towards any travel you book yourself or towards cash back. This provides an effective return of 5%
- You can redeem the points for travel via American Express’ Fixed Points for travel which provides value of up to 2 cents per point. Multiply that by the 5 points per dollar and you have an effective return of up to 10%
- You can also convert the points to airlines and hotel program such as Air Canada Aeroplan, Air France KLM Flying Blue and Marriott Bonvoy. These can provide returns of up to 6 cents per point or even higher. This provides an effective return of up to 30% or more or up to $4,710.66+ in travel value
- There is a $2,500 monthly cap on the 5 points per dollar category for eats and drinks (groceries, dining, coffee shops etc.).
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $16,297.20 * 5% return = $814.86 | Subtract $155.88 fee = $658.98 travel value
Fixed points for travel calculation: $16,297.20 * up to 10% return = up to $1629.72 | Subtract $155.88 fee = $1473.84 travel value
Covert points to airline & hotels calculation: $16,297.20 * up to 30% return = up to $4889.16 | Subtract $155.88 fee = $4733.28 travel value
Cash back calculation: $16,297.20 * 5% cash back rate = $814.86 | Subtract $155.88 fee = $658.98 cash back value
2. MBNA Rewards World Elite® Mastercard®
$694.86 to $776.35 in travel value
$559.10 to $626.41 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all grocery stores that are not Empire grocery stores
- It also has a 10% birthday bonus which can boost your earn rate to 5.5 points.
- You can redeem for travel booked via MBNA Rewards at a rate of 100 points to $1 providing an effective return of 5% to 5.5%
- You can redeem the points for cash back at a rate of 120 points to $1 providing an effective cash back rate of 4.167% to 4.58%
- There is a $50,000 annual cap on the 5 points per dollar category for groceries
- Click here to learn more about and/or to apply for this card
Book travel with MBNA Rewards: $16,297.20 * 5% to 5.5% return = $814.86 to $896.35 | Subtract $120 fee = $694.86 to $776.35 travel value
Cash back calculation (Statement credit): $16,297.20 * 4.167% to 4.58% cash back rate = $679.10 to $746.41 | Subtract $120 fee = $559.10 to $626.41 cash back value
3. Scotiabank Gold American Express Card
$658.98 in travel value
$658.98 in cash back value (when redeemed at Scene+ partners)
$424.33 to $450.40 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all grocery stores that are not Empire grocery stores
- You can redeem the points at a rate of 100 points to $1 towards any travel you book yourself or via Scene+ Travel. This provides an effective return of 5%
- You can redeem the points for cash back at a rate of 1,000 points to $10 at Scene+ partners like Sobeys, Home Hardware, Cineplex and more. This provides an effective return of 5%
- You can redeem the points for cash back statement credit that ranges from 3,000 points for $20 to 71,500 points for $500. This provides an effective return of 3.34% to 3.5%
- There is a $50,000 annual cap on the 5 points per dollar category that is shared with accelerated earn rates for Empire grocery stores, restaurants, fast food, and drinking establishments, entertainment, gas and daily transit and streaming services.
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $16,297.20 * 6% return = $977.83 | Subtract $120 fee = $857.73 travel value
Cash back calculation (Scene+ Partners): $16,297.20 * 6% return = $977.83 | Subtract $120 fee = $857.73 cash back value
Cash back calculation (Statement credit): $16,297.20 * 3.34% to 3.5% return = $544.33 to $570.40 | Subtract $120 fee = $424.33 to $450.40 cash back value
Low Spend
For low spend we’ll look at someone who lives alone or perhaps at the most live as a couple that can get by on $500 of groceries per month. With that in mind, we’ll look at the best options for this high level spend in two ways – for those who shift their shopping to only Sobeys, Safeway, Freshco and other Empire company stores only and then for those who choose to shop at other grocery chains.
Empire Stores
(Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà by IGA, Voilà by Safeway, Chalo! FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op)
If you are choose to move your shopping to Empire Company of grocery stores these are the five best options (as there is a three way tie for third)
1. Scotiabank Gold American Express Card
$240 in travel value
$240 in cash back value (when redeemed at Scene+ partners)
$120 to $131.40 in cash back value (statement credit)
- This card earns 6 points per dollar spent at all Empire grocery stores.
- You can redeem the points at a rate of 100 points to $1 towards any travel you book yourself or via Scene+ Travel. This provides an effective return of 6%
- You can redeem the points for cash back at a rate of 1,000 points to $10 at Scene+ partners like Sobeys, Home Hardware, Cineplex and more. This provides an effective return of 6%
- You can redeem the points for cash back statement credit that ranges from 3,000 points for $20 to 71,500 points for $500. This provides an effective return of 4% to 4.19%
- There is a $50,000 annual cap on the 6 points per dollar category for Empire stores that is shared with accelerated earn rates for other grocery stores, restaurants, fast food, and drinking establishments, entertainment, gas and daily transit and streaming services.
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $6,000 * 6% return = $360.00 | Subtract $120 fee = $240.00 travel value
Cash back calculation (Scene+ Partners): $6,000 * 6% return = $360.00 | Subtract $120 fee = $240.00 cash back value
Cash back calculation (Statement credit): $6,000 * 4% to 4.19% return = $240 to $251.40 | Subtract $120 fee = $120 to $131.40 cash back value
2. MBNA Rewards World Elite® Mastercard®
$180 to $210 in travel value
$130.02 to $154.80 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all Empire grocery stores.
- It also has a 10% birthday bonus which can boost your earn rate to 5.5 points.
- You can redeem for travel booked via MBNA Rewards at a rate of 100 points to $1 providing an effective return of 5% to 5.5%
- You can redeem the points for cash back at a rate of 120 points to $1 providing an effective cash back rate of 4.167% to 4.58%
- There is a $50,000 annual cap on the 5 points per dollar category for groceries
- Click here to learn more about and/or to apply for this card
Book travel with MBNA Rewards: $6,000 * 5% to 5.5% return = $300 to $330 | Subtract $120 fee = $180 to $210 travel value
Cash back calculation (Statement credit): $6,000 * 4.167% to 4.58% cash back rate = $250.02 to $274.80 | Subtract $120 fee = $130.02 to $154.80 cash back value
3. Scotiabank American Express Card
$180 in travel value
$180 in cash back value (when redeemed at Scene+ partners)
$120 – $125.82 in cash back value (statement credit)
- This card earns 3 points per dollar spent at all Empire grocery stores.
- You can redeem the points at a rate of 100 points to $1 towards any travel you book yourself or via Scene+ Travel. This provides an effective return of 3%
- You can redeem the points for cash back at a rate of 1,000 points to $10 at Scene+ partners like Sobeys, Home Hardware, Cineplex and more. This provides an effective return of 3%
- You can redeem the points for cash back statement credit that ranges from 3,000 points for $20 to 71,500 points for $500. This provides an effective return of 2% to 2.097%
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $6,000 * 3% return = $180.00 | Subtract $0 fee = $180 cash back
Cash back calculation (Scene+ Partners): $6,000 * 3% return = $180.00 | Subtract $0 fee = $180 cash back value
Cash back calculation (Statement credit): $6,000 * 2% to 2.097% return = $120.00 to $125.82 | Subtract $0 fee = $120.00 to $125.82 cash back value
4. BMO CashBack® MasterCard®*
$180.00 in cash back value
- This card earns 3% cash back at all Empire grocery stores
- There is a $500 monthly cap on 3% earning for grocery purchases
- Click here to learn more about and/or to apply for this card
Calculation: $6,000 * 3% return = $180.00 | Subtract $0 fee = $180.00 cash back value
5. BMO CashBack® World Elite®* MasterCard®*
$180.00 in cash back value
- This card earns 5% cash back at all Empire grocery stores
- There is a $500 monthly cap on 5% earning for grocery purchases
- Click here to learn more about and/or to apply for this card
Calculation: $6,000 * 5% return = $300.00 | Subtract $120 fee = $180.00 cash back value
All other grocery stores
For shopping at other grocery retailers like Metro, Co-Op, Save-On and so forth, these are the four best options as there is a three way tie for second:
1. MBNA Rewards World Elite® Mastercard®
$180 to $210 in travel value
$130.02 to $154.80 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all grocery stores that are not Empire grocery stores
- It also has a 10% birthday bonus which can boost your earn rate to 5.5 points.
- You can redeem for travel booked via MBNA Rewards at a rate of 100 points to $1 providing an effective return of 5% to 5.5%
- You can redeem the points for cash back at a rate of 120 points to $1 providing an effective cash back rate of 4.167% to 4.58%
- There is a $50,000 annual cap on the 5 points per dollar category for groceries
- Click here to learn more about and/or to apply for this card
Book travel with MBNA Rewards: $6,000 * 5% to 5.5% return = $300 to $330 | Subtract $120 fee = $180 to $210 travel value
Cash back calculation (Statement credit): $6,000 * 4.167% to 4.58% cash back rate = $250.02 to $274.80 | Subtract $120 fee = $130.02 to $154.80 cash back value
2. BMO CashBack® MasterCard®*
$180.00 in cash back value
- This card earns 3% cash back at all grocery stores that are not Empire grocery stores
- There is a $500 monthly cap on 3% earning for grocery purchases
- Click here to learn more about and/or to apply for this card
Calculation: $6,000 * 3% return = $180.00 | Subtract $0 fee = $180.00 cash back value
2. BMO CashBack® World Elite®* MasterCard®*
$180.00 in cash back value
- This card earns 5% cash back at all grocery stores that are not Empire grocery stores
- There is a $500 monthly cap on 5% earning for grocery purchases
- Click here to learn more about and/or to apply for this card
Calculation: $6,000 * 5% return = $300.00 | Subtract $120 fee = $180.00 cash back value
2. Scotiabank Gold American Express Card
$180 in travel value
$180 in cash back value (when redeemed at Scene+ partners)
$80.40 to $90 in cash back value (statement credit)
- This card earns 5 points per dollar spent at all grocery stores that are not Empire grocery stores
- You can redeem the points at a rate of 100 points to $1 towards any travel you book yourself or via Scene+ Travel. This provides an effective return of 5%
- You can redeem the points for cash back at a rate of 1,000 points to $10 at Scene+ partners like Sobeys, Home Hardware, Cineplex and more. This provides an effective return of 5%
- You can redeem the points for cash back statement credit that ranges from 3,000 points for $20 to 71,500 points for $500. This provides an effective return of 3.34% to 3.5%
- There is a $50,000 annual cap on the 5 points per dollar category that is shared with accelerated earn rates for Empire grocery stores, restaurants, fast food, and drinking establishments, entertainment, gas and daily transit and streaming services.
- Click here to learn more about and/or to apply for this card
Book travel yourself calculation: $6,000 * 6% return = $360.00 | Subtract $120 fee = $240.00 travel value
Cash back calculation (Scene+ Partners): $6,000 * 6% return = $360.00 | Subtract $120 fee = $240.00 cash back value
Cash back calculation (Statement credit): $6,000 * 3.34% to 3.5% return = $200.40 to $251.40 | Subtract $120 fee = $80.40 to $90.00 cash back value
** The majority of these details have been pulled from our The best credit cards to use at Loblaw grocery stores and The best credit cards to use at Empire grocery stores as the information can applied to other grocery retailers across Canada. **
Best replacement options for drug stores
When it comes to drug store purchases, if you purchase these items at grocery store pharmacies, all of the above earn rates and value should apply to those purchases. It will depend on the how the store has their Point of Sale system set up but I know for myself, getting prescriptions at Sobeys earns me 5x points on the Cobalt Card.
However if you are shopping at specific drug stores as part of your boycott of Shoppers Drug Mart, there aren’t many cards left with drug store accelerators. There are two that are your best options:
American Express Gold Rewards Card
- This card earns 2 points per dollar spent at drug stores.
- You can redeem the points at a rate of 1,000 points to $10 towards any travel you book yourself or towards cash back. This provides an effective return of 2%
- You can redeem the points for travel via American Express’ Fixed Points for travel which provides value of up to 2 cents per point. Multiply that by the 2 points per dollar and you have an effective return of up to 4%
- You can also convert the points to airlines and hotel program such as Air Canada Aeroplan, Air France KLM Flying Blue and Marriott Bonvoy. These can provide returns of up to 6 cents per point or even higher. This provides an effective return of up to 12% or more
- Click here to learn more about and/or to apply for this card
BMO eclipse Visa Infinite Privilege* Card
- This card earns 5 points per dollar spent at drug stores.
- You can redeem the points at a rate of 150 points to $1 towards any travel you book yourself . This provides an effective return of 3.33%. If you choose to add supplementary cards to your account you’ll earn 25% bonus points on all spending made on the account which would translate to 6.25 points per dollar for drug store purchases. In this case the return for travel works out 4.17%.
- You can redeem the points for cash back at a rate of 200 points to $1 providing an effective cash back rate of 2.5% to 3.13% if you add supplementary cards.
- Click here to learn more about and/or to apply for this card
For drug stores you could also consider cards that have an elevated base earn rate as well. Some examples of these are:
- Marriott Bonvoy American Express Card (2 points per dollar)
- Rogers Red World Elite Mastercards (1.5 to 3% cash back return)
- Scotiabank Platinum American Express Card (2 points per dollar)
Wrapping it up
In all honesty, whether or not you are boycotting Loblaws, and are not considering cancelling your PC credit card, perhaps it should be a consideration as there are options that will earn you more rewards than any of the PC Financial credit cards. This is a topic we covered our feature The best credit cards to use at Loblaw grocery stores and has been something we have been striving on teaching Canadians, is that in some cases like Loblaws and Costco for example, the credit card that these retailers provide, may not be the best option for shopping with them!