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PC® Mastercard® Review

PC® Mastercard® review

Zandile Chiwanza

Dec 11, 2024

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Overall rating

First year value

$316

Get this card if you:

  • frequently shop at Loblaw stores
  • want to accelerate your PC Optimum points
  • want to avoid paying an annual fee

Scores by category

No Annual Fee 2.5

Rewards 2.3

Gas 1.7

At a glance

The PC Financial Mastercard lets you earn PC Optimum points with no annual fee

Highlights

$316

First year value

10 pts per $1

Welcome bonus

Interest Rates

21.99%

Purchase APR

*Standard Rate. *Basic rates may apply; see details on provider's site.

22.97%

Balance transfer APR

22.97%

Cash advance APR

Eligibility

Good

Recommended credit score

$15,000

Required annual personal income

The PC Financial Mastercard is a no-annual-fee credit card that makes earning PC Optimum points easy. Every time you spend, you’re racking up points that can be redeemed for essential items such as groceries and gas. And, since there's no annual fee, it doesn’t cost you more money to earn these points.

Who’s the President's Choice Financial Mastercard® for?

The PC Mastercard is best for those who enjoy shopping at Loblaw-affiliated stores, filling up gas at Esso and Mobil locations, and generally sticking to the list of stores maintained by PC Financial. Think of any Loblaw banner grocery stores, Joe Fresh, Shoppers Drug Mart, or Pharmaprix stores in Canada. 

Pros and cons

Pros

Pros

  • No annual fee, ideal for budget-conscious shoppers

  • Earn 10 points per $1 spent everywhere

  • Accelerated points at Esso, Shoppers Drug Mart, and PC Travel

  • Points redeemable at over 2,500 stores nationwide

  • Purchase insurance and extended warranties for added protection

Cons

Cons

  • Middle-of-the-road rewards compared to other no-fee cards

  • Limited redemption options compared to some competitors

  • Lacks introductory benefits like bonus points

  • Requires spending at specific stores for maximum benefits

  • Point value may seem low initially, despite earning potential

PC® Financial Mastercard® rewards structure

Here's the rewards structure for the PC® Financial Mastercard®: 

  • Earn 10 points per $1 spent everywhere.
  • Earn 2c per litre in PC Optimum points at Esso and Mobil.
  • Earn 30 points per $1 when purchasing travel through President’s Choice.
  • Earn 25 points per $1 at Shoppers Drug Mart and Pharmaprix.

Now, the value of one PC Optimum point is $0.001—sounds low, right? But don’t worry, you're essentially getting 1% back on everything you buy, and even more at certain stores. Plus, there’s no cap on how many points you can earn, which is a nice bonus. You can redeem your points in chunks of 10,000 points (worth $10), and you’ll be able to use them at thousands of locations across Canada.

Recommended Read: How to Maximize Your PC Optimum™ Points.

  • Sponsored advertising. President’s Choice Financial® Mastercard® is provided by President’s Choice Bank. The PC Optimum™ program is provided by President's Choice Services Inc. President’s Choice Bank is not responsible for the contents of this site, including any editorials or reviews that may appear on this site. For complete information regarding the PC® Mastercard®, PC® World Mastercard®, or PC® World Elite Mastercard®, please click on the “Apply Now” or other applicable button.

How to redeem rewards with the PC Financial Mastercard

Once you’ve got at least 10,000 points (which equals $10), you can use them at checkout at any participating store. There’s no waiting around for a statement credit or dealing with blackout dates like with some other rewards programs. With the PC Financial Mastercard, you just show up and redeem your points.  

What people have to say about this card

Opinions on the PC Financial Mastercard are pretty mixed, especially on forums like Reddit. One user pointed out the card’s potential when paired with a PC Optimum membership:

“The credit card by itself is comparable to other cards, but if you combine it with a PC Optimum membership and take advantage of personal offers, you get a lot more reward points.”

On the flip side, another user wasn’t as impressed, pointing out that you don’t need the Mastercard to rack up points:

“There’s only a few rare instances where paying with the Mastercard gives you extra points. The base PC Mastercard’s earn rate is very low, and you're better off using the free PC Optimum membership and paying with a card like the Tangerine MC for better cashback.”

Essentially, the card works best if you're maximizing the PC Optimum ecosystem with personal offers and frequent trips to participating stores. But if you’re looking for a more flexible, higher-earning rewards structure across different spending categories, some users suggest pairing the PC Optimum membership with another cashback card.

How does the PC Financial Mastercard compare

Let's see how the PC Financial mastercard compares to other great credit cards.

Vs. MBNA Smart Cash Platinum Plus Mastercard

5% cash back

Welcome Bonus

$492

First Year Value

$417

Annual Value

Welcome Bonus: 5% back on gas and groceries for the first 6 months

Learn More Apply Now On MBNA Credit Cards' Secure Site

The MBNA Smart Cash Platinum Plus card offers cashback on groceries and gas, which can be a solid option for everyday essentials. It also comes with a nice welcome bonus. However, the PC Financial Mastercard shines for anyone loyal to Loblaws and any other PC stores.

Vs.Tangerine Money-Back Credit Card

$484

First Year Value

$384

Annual Value

Welcome Bonus: Get a bonus 10% cash back for the first 2 months – up to $100. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.

Learn More

The Tangerine Money-Back Credit Card is cool because it gives you flexibility. You can choose your own cashback categories that fit your lifestyle, such as groceries, dining, or entertainment. This makes it a great option for someone looking for more control over where they earn rewards. But if you’re a loyal PC shopper you may value the emphasis on collecting PC Optimum points while you shop more.

Vs. PC Financial World Elite Mastercard

$0

First Year Value

$0

Annual Value

Learn More Apply Now On PC Financial's Secure Site

If you meet the higher income requirements for the PC Financial World Elite Mastercard, you’ll enjoy even more points and added perks like concierge services and extended travel insurance. It’s a premium option for those who want the highest earning potential in the PC Optimum program.

However, the regular PC Financial Mastercard is still a fantastic choice for those who don’t meet the World Elite income thresholds. You’ll still earn points on all purchases and get significant bonuses at Loblaws-affiliated stores and Shoppers Drug Mart, without paying any annual fees.

PC Financial Mastercard card eligibility

To qualify for a PC Financial Mastercard you have to:

  • Be a Canadian resident.
  • Have reached the age of majority in your province or territory.
  • Have an annual income of at least $15,000

Is the PC Financial Mastercard worth it?

It depends on how much you plan to use it and where you shop the most.

If you're already a regular shopper at Loblaw-owned stores or gas up at Esso and Mobil, then yes, this card is worth it. You’ll earn decent rewards without paying an annual fee, and redeeming your points is straightforward and hassle-free.

This card might not make sense if you’re not a hardcore PC Optimum shopper or prefer cashback over rewards points. 

Zandile Chiwanza Contributor

Zandile Chiwanza is a personal finance journalist, covering a wide range of money-related topics, including real estate, mortgages, insurance, interest rates and credit cards.

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