PC Financial Mastercard Review 2021

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by Enoch Omololu


Advertiser Disclosure

The PC Financial Mastercard is one of three credit cards offered by President’s Choice Bank, a financial institution owned by Loblaws.

This card has no annual fees and offers shoppers opportunities to earn PC Optimum points they can redeem for free groceries.

It also offers basic insurance coverage including purchase protection and extended warranty, as well as a low promotional balance transfer rate.

This PC Financial Mastercard review covers its benefits, downsides, and compares it with alternative no-fee cash back credit cards.

PC Financial Mastercard Features At a Glance

  • $0 annual fee
  • Earn 10 Optimum Points per $1 at Loblaws grocery stores
  • Earn 25 points per $1 at Shoppers Drug Mart
  • Earn 30 points per litre at Esso or Mobil gas stations
  • Earn 20 points per $1 spent at PC Travel
  • Earn 10 points per $1 on everything else
  • 0.97% promotional rate on balance transfers for 6 months
  • 20.97% purchase interest rate
  • 22.97% cash advance interest rate
  • Free purchase protection and extended warranty
PC Financial Mastercard

PC Financial Mastercard Benefits

The PC Financial Mastercard’s main highlight is that you earn PC Optimum points for every dollar you spend at Loblaw stores and elsewhere.

For purchases at the Real Canadian Superstore, No Frills, Independent and Wholesale Club, you earn 10 points per $1.

At Shoppers Drug Mart, your earn rate increases to 25 points per dollar and it is 20 points per dollar when you book a flight or holiday through PC Travel.

Cardholders earn at least 30 points per litre of gas purchased at Esso and participating Mobil gas stations. In addition, you also get 10 points per dollar spent everywhere else.

Overall, you earn a 1% return on your purchases and up to 2.5% when you shop at Shoppers Drug Mart.

PC Financial Mastercard Insurance

This card offers a purchase assurance that protects your purchases in the event of theft, loss, or damage within 90 days of purchase. For this coverage to apply, you must use your PC Mastercard to pay for the item in full.

There is a lifetime maximum of $50,000 of purchase assurance benefits per account.

Also, cardholders enjoy a free extended warranty that extends the manufacturer’s warranty for up to one extra year.

Other Benefits

The PC Financial Mastercard offers a 0.97% introductory balance transfer rate for 6 months. The rate applies to transfers made within 90 days of opening your account.

For other options, take a look at this list of the best balance transfer credit cards.

This card is easy to apply for and does not have a minimum income requirement which makes it an attractive student credit card.

Lastly, in addition to the free credit card for the primary user, you can get up to four supplementary cards for family members.


You can only redeem your PC Optimum points when you make purchases at Loblaw-affiliated stores. Points cannot be used to pay down your statement balance or redeemed for purchases elsewhere.

Also, it has a base reward rate of 1% on grocery purchases. This is lower than the 2% cash back you earn on groceries using the Tangerine Money-Back credit card.

Lastly, it does not offer any travel benefits which is somewhat reflective of its entry-level status.

You should note that the earn rate for this card at Shoppers Drug Mart and Esso includes the base 10 points per dollar available to all PC Optimum members.

How To Apply for The PC Financial Mastercard

In addition to the PC Financial Mastercard, Loblaws also offers the PC Financial World and PC Financial World Elite Mastercards.

To apply for the card, you must be a resident of Canada and at least the age of the majority in your province. Applicants may be considered for the higher tier cards automatically based on their income level.

You can compare the features of all three cards in this PC Financial Mastercard review.

How To Redeem Your PC Optimum Points

1,000 PC Optimum points are equivalent to $1. You can redeem your points for free groceries or products at Loblaw stores including their online stores: JoeFresh.ca and BeautyBoutique.ca.

The minimum redemption is 10,000 PC Optimum points ($10 value) and you can redeem in increments of 10,000 points.

Using the PC optimum app, you can view your total points balance, redemption value, recent transactions, and more.

PC Financial Mastercards Compared

Credit CardsPC Financial MastercardPC Financial World MastercardPC Financial World Elite Mastercard
Annual fee$0$0$0
Minimum eligible incomeN/A$60,000 personal or $100,000 household income$80,000 personal or $150,000 household income
Optimum Points at Loblaws grocery stores10 points per $120 points per $130 points per $1
Optimum Points at Shoppers Drug Mart25 points per $135 points per $145 points per $1
Optimum Points at Esso/Mobil30 points per litre30 points per litre30 points per litre
Optimum Points at PC Travel20 points per $120 points per $120 points per $1
Optimum Points elsewhere10 points per $110 points per $110 points per $1
Balance transfer promo for 6 months0.97%0.97%0.97%
Purchase interest rate20.97%20.97%20.97%
Cash advance interest rate22.97%22.97%22.97%
Insurance benefitsPurchase Assurance and Extended warrantyPurchase Assurance and Extended warrantyTravel emergency medical and car rental insurance; Purchase assurance and Extended warranty
Other perksFree supplementary cards24/7 concierge service; Free supplementary cardsIdentity theft assistance service; 24/7 concierge service
ReviewLearn MoreLearn More

PC Financial Mastercard vs. Tangerine Money-Back Card

The PC Financial Mastercard is the entry-level credit card for earning PC Optimum points and its base 1% reward rate for groceries is lower than what you could earn with a few other no-fee cards.

For example, with the Tangerine Money-Back card, you can earn unlimited 2% cash back on three categories of spending including groceries, gas, recurring bills, transportation, hotel/motel, entertainment, and more.

The three 2% reward categories are available when you deposit your cash back into a free Tangerine Savings Account, otherwise, it only applies to two purchase categories.

On all other purchases outside of your chosen three, you earn 0.50%. Cash back is paid out every month.

The Tangerine credit card also offers free purchase protection, an extended warranty, and a 1.95% promotional balance transfer offer for 6 months.

Lastly, it is easy to qualify for this card as its minimum income requirement is $12,000. Learn more about it in this detailed review.

If you meet the minimum personal income for the premium PC Financial World Elite, your cash back rate on groceries increases to 3% which is a lot more attractive.

Overall, the PC Financial Mastercard is worth checking out if you are in the market for a no-fee credit card.

Related: PC Money Account Prepaid Mastercard

PC Financial Mastercard Review 2021


The PC Financial Mastercard is a no-fee credit card for earning PC Optimum points. This PC Financial Mastercard review covers what you need to know.

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One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Free prepaid reloadable Visa card.

Access to a portion of your paycheque 3 days early.

Free budgeting app with automatic savings features.

Credit building available with a subscription.

1.20% savings interest on every dollar balance.*

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals available in as fast as 5 minutes.

Low interest rates starting at 9.9% (or 1.90% for auto loans).

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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