PC® Mastercard® review

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

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3.2

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Welcome Offer

Earn 10 points per $1 spent at PC grocery stores

10 points Earn 10 points per $1 spent everywhere

2 cents Earn 2c per litre in PC Optimum points at Esso and Mobil

30 points Earn 30 points per $1 when purchasing travel through President’s Choice

25 points Earn 25 points per $1 at Shoppers Drug Mart and Pharmaprix

21.99% Purchase APR *Standard Rate. *Basic rates may apply; see details on provider's site.

22.97% Balance Transfer Rate

22.97% Cash Advance APR

$0 Annual Fee

Good Recommended Credit Score

$15,000 Required Annual Personal Income

3.2

PC® Mastercard® review

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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. The list is too long to get into here, but it includes over 4,000 locations across Canada and can be further explored on PC’s website.

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

MBNA Smart Cash Platinum Plus Mastercard

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2.6

5% cash back

Welcome offer

Good

Suggested credit score

Cash Back†† on eligible gas and grocery purchases for the first 6 months (until the total gas and grocery purchases in the applicable month reaches $500)

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Pros

  • Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening

  • No annual fee

  • Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases

  • Car rental discounts

  • MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.

  • Purchase assurance and extended warranty

Cons

  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

Eligibility

Recommended Credit Score

Good

Pros

  • Generous Welcome Bonus to earn accelerated rewards during the initial six months of account opening

  • No annual fee

  • Ongoing cash back rewards after the welcome bonus - up to 2% cash back on eligible purchases

  • Car rental discounts

  • MBNA Payment Plan: Flexible payment options for purchases over $100, which is a nice perk for budget management.

  • Purchase assurance and extended warranty

Cons

  • Monthly spend cap on the welcome bonus rewards earn rate

  • Limited reward categories

  • Potential fees for payment plan

  • No travel rewards or premium perks

Eligibility

Recommended Credit Score

Good

Cash Back‡ on eligible gas and grocery purchases thereafter (until the total gas and grocery purchases in the applicable month reaches $500)

2%

Get 0.5% Cash Back‡ for all other eligible purchases

0.5%

Purchase APR

19.99%

Balance Transfer Rate

22.99%

Cash Advance APR

24.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

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

Tangerine Money-Back Credit Card

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4.0

10% back

Welcome offer

Good

Suggested credit score

Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.

Expires

Nov 1, 2024

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Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

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

PC® World Elite Mastercard

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4.0

Fair

Suggested credit score

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Pros

  • No annual fee

  • High earn rates in certain stores

  • Easy, straightforward redemptions

  • Points don’t expire provided your account stays active and in good standing

  • Special events allow you to earn extra points

Cons

  • High income requirement to qualify

  • Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores

  • Points can’t be transferred to other loyalty programs

  • The included travel insurance is very limited

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$80,000

Pros

  • No annual fee

  • High earn rates in certain stores

  • Easy, straightforward redemptions

  • Points don’t expire provided your account stays active and in good standing

  • Special events allow you to earn extra points

Cons

  • High income requirement to qualify

  • Accelerated earn rates are limited to certain partner stores, and points can be redeemed only for purchases within Loblaw banner stores

  • Points can’t be transferred to other loyalty programs

  • The included travel insurance is very limited

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$80,000

* 45 points per $1 spent at Shoppers Drug Mart/Pharmaprix

45 points

Earn 30 points per litre for gas purchased at Esso™ or Mobil™ stations

30 points

Earn 30 points per $1 spent on PC Travel services

30 points

Earn 30 points per $1 spent at Loblaw Banner Grocery Stores (includes Loblaws, No Frills, Valu-Mart, Independent Grocers, Zehrs, Real Canadian Superstore, Fortinos, etc.)

30 points

Earn 10 points per $1 spent everywhere else

10 points

Purchase APR

21.99%

Balance Transfer Rate

5%

Cash Advance APR

22.97%

Annual Fee

$0

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.

Compare other PC Financial credit cards

Compare other PC Financial credit cards

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