PC Financial World Elite Mastercard review: Is it a fit for your shopping habits? - MoneySense

PC Financial World Elite Mastercard review: Is it a fit for your shopping habits?

For higher income earners who are also devoted customers of PC-affiliated retailers, like Loblaws and Esso gas stations, this card packs some serious Points-earning potential.


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If you’re hunting for a no annual fee credit card with fantastic Points-earning potential, look no further than the President’s Choice Financial World Elite Mastercard. With every dollar charged to this card, you earn PC Optimum Points that you can use to save on groceries or where PC products are sold. The more you use this card, the more you earn, which makes it easy and fast to rack up and redeem PC Optimum Points. It also comes with benefits like travel insurance and 24/7 concierge service—none of which will cost you a dime.

Quick Card Facts

PC Financial World Elite*

  • Annual fee: $0
  • Rewards: 30 Points per $1 at affiliated Loblaw banner grocery stores; 45 Points per $1 at Shoppers Drug Mart; 30 Points per litre at Esso and Mobil stations; 10 Points per $1 spent on everything else
  • Point value: 10,000 PC Optimum Points = $10, which works out to 10 points = $0.01
  • Purchase interest rate: 19.97%
  • Income requirement: Minimum annual personal income of $80,000 or household income of $150,000
  • Best feature: This card offers exceptional rewards on groceries for a no fee card and hassle-free redemption at over 2,500 locations where PC Products are sold
  • Who it’s good for: PC Optimum Members, frequent shoppers at PC-affiliated stores (like Loblaws and No Frills) and Shopper Drug Mart

Get more details about the PC Financial World Elite*

Financial World Elite Mastercard

Earning PC Optimum Points

Earning is easy: simply charge purchases to your PC Financial World Elite Mastercard. You’ll earn the most when you shop at PC-affiliated stores, and fuel up with its gas-station partners.

With the PC Financial World Elite Mastercard, you’ll earn 30 Points per $1 spent at affiliated Loblaw banner grocery stores (Loblaws, Fortinos, No Frills, Real Canadian Superstore, etc.), making this one of the best no annual fee credit cards for groceries. 

The earn rate is a whopping 45 Points per $1 spent at Shoppers Drug Mart (as well as Pharmaprix in Quebec) and at least 30 Points per litre of gasoline or diesel fuel purchased at Esso and select Mobil stations in Canada, making this one of the best credit cards for gas on the market. 

You’ll also get 30 Points per $1 spent on PC Travel purchases; and 10 Points per $1 spent everywhere else.

Redeeming PC Points

One of the best features of PC Optimum Rewards is that redemption is a cinch. As soon as you accumulate 10,000 PC Optimum Points, you can redeem them for up to $10 worth of free groceries or merchandise at any participating stores; or you can save them for fatter savings down the line. Points are calculated based on the purchase price of eligible products, less any applicable discounts and taxes shown on the receipt.

You can redeem PC Optimum Points at almost 2,500 participating retail locations, including: 

  • grocery stores such as Loblaws, Fortinos, No Frills and Real Canadian Superstore
  • retail stores such as Zehrs and Joe Fresh
  • drugstores such as Shoppers Drug Mart

Just tell the cashier that you would like to “spend” your Points when you scan your PC Optimum card at the checkout counter. Or you can redeem Points off you bill shopping online at Beauty Boutique, Joe Fresh and PC Express websites. 

You can locate participating retailers here. While the PC Optimum Rewards program is very flexible, there are a few limitations. PC Optimum Points cannot be earned or redeemed for certain items, including tobacco, alcohol and gift cards. 

Each province and territory has different laws pertaining to earning and/or redeeming PC Optimum Points on prescriptions, medication and other pharmacy or healthcare-related products and services. 

Extra benefits

You can stack your Points with special deals

To collect extra Points, keep your eyes peeled for Points-earning promotions at participating stores, like Shoppers Drug Mart’s “20x the Points” events, and register at PCOptimum.ca to get weekly offers sent directly to your inbox. 

For a no annual fee card, it has excellent insurance benefits

The PC Financial World Elite Mastercard is a unicorn in the credit card world. Although it has no annual fee, cardholders get the added benefit of insurance coverage. As part of the package, you’ll get car rental collision/loss damage waiver insurance and up to $1 million in travel emergency medical insurance (for up to 10 days from departure)—two valuable features that’ll save serious coin on your next trip. It’s hard to find a $0 annual fee credit card that also offers these extras.

Are there any drawbacks to the PC Financial World Elite Mastercard?

With no annual fee and a great rewards program, there aren’t a lot of downsides to this rewards card. However, PC Optimum Points can only be redeemed in increments of 10,000. So, if you have 47,000 Points, you can “spend” 40,000 of them for $40 off your purchase, and hold the remaining balance of 7,000 Points in your account. In addition, the earn rate is significantly less at non-PC-affiliated retailers (only 10 points per $1 spent)—so if you don’t shop at these stores, this card probably isn’t for you. 

This card is aimed at higher-income shoppers ($80,000 minimum individual annual income, or household income of $150,000), so if you’re a student or just starting out, it’s unlikely you’ll qualify. However, there are two other PC Financial Mastercard options with lower income requirements; just beware the earn rates are proportionately less juicy as well.

Bottom line

For those who shop loyally at Loblaws, its sister grocery stores, and Shoppers Drug Mart, and who choose to fuel their vehicles at Esso and Mobil stations, this no-fee rewards card is one of the best for groceries and gas. If you don’t shop at these stores, you may want to consider a conventional rewards credit card instead.

Get more details about the PC Financial World Elite*