PC Mastercard is changing banks — what EQ Bank's takeover of PC Financial means for my rewards

The acquisition still requires sign-off from the Office of the Superintendent of Financial Institutions (OSFI) and the Minister of Finance before it can close, with the expected timeline landing within calendar 2026 (2).

What's actually being acquired?

The transaction covers the entire PC Financial operation, including the PC Mastercard portfolio — one of the largest credit card books in Canada with more than two million active accounts — along with retail deposits and insurance. In total, EQB says the deal adds $5.8 billion in assets and more than $800 million in direct retail deposits to its balance sheet (3).

Combined with EQ Bank's existing customer base, the merged institution means EQ Bank will now serve nearly 3.5 million Canadians (4).

For context, EQ Bank built its reputation as a digital-first challenger bank known for high-interest savings accounts and no-fee everyday banking. Adding a major credit card portfolio and a grocery loyalty partnership is both a meaningful pivot as it provides even more value to its customers, and also a declaration: it aims to become a big bank in the Canadian fintech space.

What does this mean for PC Mastercard holders?

In the short term, nothing changes. The deal still needs federal regulatory approval, and until that happens, PC Financial continues to operate as it does today.

Once the acquisition closes, EQ Bank becomes the institution behind your PC Mastercard and the financial backbone of the PC Optimum loyalty program. Whether that means changes to earn rates, cardholder perks or redemption terms is not yet known — those details would be set by the new operator and Loblaw Companies Limited as part of their commercial arrangement.

PC Optimum members who do not carry the credit card are less directly affected, but the program's financial partner will change, which could eventually influence how points are structured or promoted.

What to do right now

Cardholders do not need to take any action before the deal closes. Accounts, balances and points are not affected by a change in ownership during a regulatory review period.

That said, it is worth paying attention once closing is announced. When ownership of a major credit card portfolio changes, issuers sometimes introduce new terms — including interest rates, reward structures or annual fees — typically with 30 days' notice to cardholders. Reviewing any notices from PC Financial or EQ Bank when the deal finalizes will help you decide whether the card still fits your needs.

If the rewards structure improves — something EQ Bank has signalled as part of its loyalty-banking strategy — that could be a genuine benefit for Canadians who shop regularly in the Loblaws family of stores. If terms shift unfavourably, cardholders will have the option to cancel without penalty before changes take effect, per federal financial consumer protection rules.

The deal is not yet complete. But for millions of Canadians, a familiar card is about to get a new bank behind it.

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Newswire: EQB receives Competition Bureau clearance for acquisition of PC Financial (1, 2, 3, 4)