With a cash back rate of up to 5%, the PC Financial World Elite Mastercard is one of the best cash back cards in Canada. It was recently rebranded to the PC Insiders World Elite Mastercard and now comes with a $120 annual fee.
Shoppers at Loblaws grocery stores earn 40 PC Optimum points and a top-rated 50 Optimum points per $1 spent at Shoppers Drug Mart.
Combined with the many other opportunities to earn cash back when you purchase gas or book travel, this card is undoubtedly one of the easiest ways to maximize your PC Optimum points.
This PC Financial World Elite Mastercard review covers its travel insurance benefits, eligibility requirements, downsides, and more.
PC Insiders World Elite Mastercard – At a Glance
- $120 annual fee
- Earn 40 Optimum points per $1 at Loblaw grocery stores
- Earn 50 points per $1 at Shoppers Drug Mart
- Earn at least 50 points per litre of gas at Esso and Mobil stations
- Earn 10 points per $1 spent everywhere else
- Travel emergency medical insurance
- Car rental insurance
- 24/7 concierge and identity theft assistant service
- 20.97% purchase interest rate
- 22.97% cash advance interest rate
PC Insiders World Elite Mastercard Rewards
If you want to utilize the PC Optimum rewards program fully, this card is your key to doing just that.
It offers 40 points per dollar when you shop at Loblaw grocery stores, including the Real Canadian Superstore, Maxi, No Frills, and Independent.
This 4% reward rate is competitive when compared to similar cards. If you buy things at Shoppers Drug Mart, your earn rate jumps to 5%, i.e. 50 Optimum points per dollar.
All other purchases on the card outside of where PC products are sold earn a flat 10 points per dollar (1% rate).
PC Insiders World Elite Mastercard Gas Points
When you purchase gasoline or diesel fuel at Esso and participating Mobil gas stations, you earn at least 50 points per litre.
To start, any PC Financial Mastercard gets you 10 points per $1.
PC Optimum loyalty membership gets you 10 points per litre, plus 10 points per litre when you pay with a PC Financial credit card.
When a litre of fuel is below $1, your points are topped up to ensure you get at least 50 points per litre.
In addition, you could also earn an extra 20 points per litre when you purchase at least 150 litres of fuel at Esso™ and Mobil™ stations in a calendar month.
PC Insiders World Elite Travel Insurance Benefits
Unlike the other two credit cards offered by President’s Choice Bank, the PC Financial World Elite offers travel insurance benefits, including:
Travel Emergency Medical Insurance: You get coverage for trips up to 10 days if you are under 65 years of age. When eligible, this benefit provides up to a maximum of $1,000,000 per insured person and covers:
- Hospital accommodation and medical expenses
- Doctor fees
- Private nursing
- Diagnostic services
- Prescription drugs
- Ambulance and emergency air transport
- Accidental dental care
- Medical appliances and more
Here are some of the best travel credit cards in Canada.
Car Rental Insurance: Cardholders enjoy coverage for car rental collisions, loss, or damage during a trip for up to 31 consecutive days. This insurance covers the value of a vehicle with a manufacturer’s suggested retail price of up to $65,000.
To be eligible for car rental insurance, you must book or reserve the rental car using your card and also decline the car rental’s collision damage waiver.
Here are some of the best credit cards for car rental insurance.
PC Insiders World Elite Complimentary PC Expres Pass
Cardholders enjoy unlimited $0 grocery delivery and pickup on eligible orders of $35 or more with a complimentary PC Express™ Pass. This is valued at $99.99 annually and applies at all the major Loblaw banner grocery stores.
Other Benefits
In addition to earning PC Optimum points on every purchase, this card provides purchase assurance and extended warranty coverage. You can also access an Identity Theft Assistant service and a 24/7 concierge service.
Here are some of the best balance transfer credit cards in Canada.
How To Redeem Your PC Optimum Points
10,000 PC Optimum points are valued at $10.
The minimum redemption amount is 10,000 Optimum points ($10), and you can redeem them in increments of 10,000 points. For example, if you have 98,000 points, you can redeem 90,000 points for a $90 value, leaving you with 8,000 points.
To redeem your points, you can use them to pay for purchases at more than 4,500 Loblaw banner stores where PC products are sold.
Retailers, where you can redeem PC Optimum Points, include:
- Real Canadian Superstore
- Shoppers Drug Mart
- Loblaws
- Your Independent Grocer
- Atlantic Superstore
- No Frills
- Proviso
- Wholesale Club
- Valu-Mart
- Maxi
- JoeFresh.ca
- Fortinos
- Extra Foods
- BeautyBoutique.ca
The PC Optimum app tracks your transactions and points and also shows personalized weekly bonus offers based on your purchase history.
PC Financial World Elite Airport Lounge Access
This card does not offer complimentary airport lounge access, even though it is a World Elite card.
To enjoy this benefit (either through Priority Pass or Mastercard Airport Experiences), you will need to check out the following cards:
- Scotiabank Passport Visa Infinite Card
- BMO World Elite Mastercard
- Scotiabank Gold American Express Card
Downsides of the PC Financial World Elite Mastercard
While this card has a bunch of noteworthy benefits and features, here are some of its downsides:
It used to be a no-fee credit card, but now costs $120 annually.
You need a minimum personal income of at least $80,000 to qualify for the card. Alternatively, a couple can apply using a combined income of at least $150,000. This income eligibility is on the high side for most Canadians.
If the income requirement is an issue, you can take a look at the entry-level Tangerine Credit Card, which offers up to 2% unlimited cash back and has a low-income requirement of $12,000.
PC Optimum points can only be redeemed for purchases at stores that carry PC products. Your cash back rewards cannot be used to pay for purchases elsewhere or redeemed as a statement balance.
If you prefer to earn cash back you can use anywhere, check out this list of the best rewards credit cards.
Related: Best Credit Card Sign-up Promotions.
PC Financial World Elite vs. PC Financial Mastercard
Loblaws has three Mastercards in its stable, including the:
- PC Financial Mastercard
- PC Financial World Mastercard
- PC Financial World Elite Mastercard
When compared to its plain-vanilla alternative (the PC Financial Mastercard), the PC Financial World Elite Mastercard offers 4x the points when you shop for groceries at Loblaw stores. Also, you earn more points at Shoppers Drug Mart (50 points vs. 25 points).
In addition to getting more PC Optimum points, this card also has travel insurance benefits.
See how all three cards compare below:
| Credit Cards | PC Financial World Elite Mastercard | PC Financial World Mastercard | PC Financial Mastercard |
| Annual fee | $120 | $0 | $0 |
| Minimum eligible income | $80,000 personal or $150,000 household income | $60,000 personal or $100,000 household income | N/A |
| Optimum Points at Loblaws grocery stores | 40 points per $1 | 20 points per $1 | 10 points per $1 |
| Optimum Points at Shoppers Drug Mart | 50 points per $1 | 35 points per $1 | 25 points per $1 |
| Optimum Points at Esso/Mobil | 50 points per litre | 30 points per litre | 30 points per litre |
| Optimum Points elsewhere | 10 points per $1 | 10 points per $1 | 10 points per $1 |
| Purchase interest rate | 20.97% | 20.97% | 20.97% |
| Cash advance interest rate | 22.97% | 22.97% | 22.97% |
| Insurance benefits | Travel emergency medical and car rental insurance; Purchase assurance and Extended warranty | Purchase Assurance and Extended warranty | Purchase Assurance and Extended warranty |
| Other perks | Identity theft assistance service; 24/7 concierge service | 24/7 concierge service; Free supplementary cards | Free supplementary cards |
| Review | – | Learn More | Learn More |
Is the PC Financial World Elite Mastercard Worth It?
This World Elite Mastercard is a must-have if you are a frequent shopper at Superstore and Loblaw stores in general.
Its 4% cash back rate on grocery purchases is excellent, and you can easily redeem your points to pay for purchases in $10 increments.
Add in its travel emergency medical, car rental insurance coverage, free grocery pickup and delivery via PC Express Pass, and the $120 annual fee may be worth it.
Alternative card options to consider include the following:
Tangerine World Mastercard: This card has no annual fees, and you earn 2% unlimited cash back on 2-3 categories of spending. You need an income of at least $60,000 per year to qualify for this card.
Tangerine World Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.
Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value).
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Annual fee: $0
The Scotiabank Gold American Express ($120/year) also offers up to 5% rewards on groceries. In addition, you enjoy comprehensive travel insurance, pay $0 on foreign currency transactions (2.5% savings), get a 0% promotional balance transfer, and get other VIP perks. Learn more in this review.
Scotiabank Gold American Express
Rewards: Earn 5x Scene+ points/$1 on restaurants, food delivery, and grocery (up to 6x at some stores); 3x points/$1 in gas & travel; 1x points/$1 everything else.
Welcome offer: Get up to 45,000 points ($450 value).
Interest rates: 20.99% on purchases; 22.99% on cash advances.
Annual fee: $120
The American Express Cobalt Card ($155.88/year) offers up to 5% rewards on grocery purchases and comprehensive travel insurance.
American Express Cobalt Card
Rewards: Earn 5x pts per $1 spent on food & drinks; 3x pts on streaming subscriptions; 2x pts on travel; 1x pts everywhere else.
Welcome offer: Get up to 15,000 bonus points in the first year.
Interest rates: 20.99% on purchases and 21.99% on cash advances.
Annual fee: $155.88
PC Financial World Elite Mastercard FAQs
This card is not a full-fledged travel rewards card and doesn’t offer trip cancellation, flight delay, baggage delay, lost or stolen baggage, or hotel burglary insurance. That said, cardholders enjoy free travel emergency medical, and car rental insurance.
To be eligible for this card, you must have a minimum personal income of at least $80,000 per year. Other eligibility criteria may also be applied. For example, existing PC Financial Mastercard cardholders may be upgraded to a PC Financial World Elite when they reach a specific spending threshold per year.
Yes, you can use your PC Financial Mastercard to pay for purchases at Costco.
Related: Triangle World Elite Mastercard review.
PC Financial World Elite Mastercard Review
Overall
Summary
The PC Financial World Elite Mastercard maximizes your PC Optimum points when you shop at Loblaw banner stores. This review covers its benefits, downsides, and insurance coverage.
Annual Fees PC Insiders® World Elite Mastercard: $120
All other PC Financial® Mastercard® credit cards: None
Where applicable, the annual fee is charged in the first statement period when your application or your account upgrade is approved (regardless of card activation). After that, it’s charged annually in the same statement period.
As of 19-Feb-2024
@Roger: Thanks. We have updated to reflect this new info.
The PC Financial World Elite MasterCard does NOT have true concierge service. I have called their concierge to try to book tickets to an event and their third party organization that handles their concierge services said that they would not be able to do so. They are only able to give you suggestions/referrals — they even said that they are basically “Google” for when you don’t have access to internet. What a joke. Don’t expect any World Elite MasterCard perks with this card.
what paid premium card ?
You write about the 3 PC no-fee mastercards and then I read this right below the table that shows zero fees for all 3 cards:
“Add in the travel emergency medical and car rental insurance, and you could save the $120 annual fee that comes with a paid premium credit card.”
and a quick thanks to tiktokfan for posting about that 15K gotchya, it saved me wasting any more time on this.
@Spike: I updated that sentence to make the point clearer.
Extremely disappointed they removed the access to the airport plaza lounges. Might be shopping around for a better card
The PC MasterCard no longer has the balance transfer offer. I was told this today (June 24th) when I tried to do a balance transfer.
@Mr. Helpful: Looks like you are right. We will update asap.
There is major downside, if you don’t charge $15000 in year to the card, they downgrade you to World Mastercard, which is so annoying.
@tiktokfan: Yes, that started about a year ago, and it is definitely annoying.
Enoch your reviews are top notch, I really enjoy reading them. Do you know what are the PC Optimum points earned per dollar spent on prescription drugs purchased at Loblaws pharmacy using the PC Financial World Elite MasterCard? Many thanks.
@Ronn: I believe you earn 45 PC Optimum points per $1 spent at Shoppers Drug Mart and 30 points per $1 spent at Superstore i.e. 3x the normal earning rate. It applies to groceries and the pharmacy. Thanks for your feedback.