The PC Financial Mastercard is a solid rewards card for frequent shoppers at Loblaw-owned retailers who avidly collect PC Optimum Points. With no annual fee and a high earn rate (up to 45 points per dollar), it’s a budget-friendly way to rack up points on everyday purchases. However, points are only redeemable at participating locations, limiting flexibility compared to other rewards credit cards.
Pros
- No annual fee or income requirements
- High earn rates (10 to 45 points per dollar)
- Includes purchase insurance and extended warranty coverage
Cons
- Points are only redeemable at PC-affiliated stores
- Low points value compared to other loyalty programs
- Limited insurance coverage
Table of Contents
Highlights
- Collect 50,000 PC Optimum points on your first $50 purchase at Esso or Mobil stations, or at any Loblaw-banner or Shoppers Drug Mart stores within the first 60 days (100,000 total points). Account must be opened before July 2, 2024.
- Earn up to 45 PC Optimum points per dollar at Shoppers Drug Mart and Pharmaprix stores.
- Earn up to 30 PC Optimum points per dollar at Loblaw-banner and Joe Fresh stores.
- Earn at least 30 PC Optimum points per litre at Esso and Mobil stations in Canada.
- Earn 10 PC Optimum points per dollar on all other purchases.
- Get up to $1,000 in coverage for loss, theft or damage on all eligible items purchased with your card (up to 90 days).
- Extend the manufacturer’s warranty by up to one year on qualifying purchases.
Featured Partner Offers
1
American Express Cobalt® Card
Welcome Bonus
Up to 15,000 Membership Rewards points
Annual Fee
$155.88 ($12.99 per month)
Regular APR
21.99%
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Welcome Bonus
Up to $100 in Statement Credits
Annual Fee
$0
Regular APR (Purchases)
21.99%
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Scotiabank Gold American Express® Card
Welcome Bonus
Up to 45,000 Scene+ points
Annual Fee
$120 (waived in the first year)
Regular APR
20.99%
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Introduction
If you’re a seasoned PC Optimum points collector, the PC Financial Mastercard can help maximize your returns. This no-frills card has no annual fee and earns up to 45 points on everything you buy at Loblaw-owned stores and 30 points or more at select gas stations.
When we say no-frills, we mean it. The only extras you’ll get are purchase protection and an extended warranty on eligible items. This should suffice if you like to keep things simple and don’t need any premium perks.
Points are redeemable at the register, making saving easy regardless of where you live. However, you can only redeem points at participating Loblaws-owned locations in increments of 10,000 ($10 value). Therefore, it might be worth saving some wallet space for another credit card that has a rewards program with lower thresholds and more redemption options, like Scene+ or Air Miles.
Quick Facts
- Collect up to 100,000 PC Optimum points as a welcome bonus.
- Earn up to 45 PC Optimum points on everyday purchases and fuel.
- No annual fees or minimum income requirements.
PC Financial Mastercard Rewards
Earning Rewards
This card earns points on every purchase, but it really pays off when you use it at Loblaw-owned stores or Esso and Mobil stations. Earn up to 30 PC Optimum points per dollar at these locations, with even more points at the pump. Every dollar spent at Shoppers Drug Mart and Pharmaprix stores earns up to 45 PC Optimum points. Collect 10 PC Optimum points per dollar on everything else you buy.
Redeeming Rewards
PC Optimum points can be redeemed in increments of 10,000 for discounts on in-store and online purchases at participating retailers. For example, if you have 37,000 points, you can use them to get $30 off your purchase, and you’ll still have a remaining balance of 7,000 points.
Redemptions are only available at stores owned by Loblaw Companies Ltd. (Joe Fresh, Loblaws, Zehrs, Independent, No Frills, Shoppers Drugmart, etc.) where you can earn PC Optimum points. While this can be convenient if you shop at these stores frequently, it really limits flexibility compared to other rewards programs like Scene+ or Aeroplan, which let you redeem points for travel, merchandise or even statement credits.
Rewards Potential
The PC Financial Mastercard has an impressive earn rate, but its points have a lower redemption value than other rewards credit cards. Every 10,000 PC Optimum points can be redeemed for $10 worth of purchases (1,000 points = $1). For comparison, the Scotiabank Scene+ Visa lets you redeem 100 Scene+ points for $1 in value.
Based on average Canadian spending, Forbes Advisor estimates a rewards potential of $278.51 in PC Optimum points compared to $371 in Scene+ points annually.
PC Mastercard Benefits
- No annual fee and accelerated earn rates for PC Optimum points.
- Earns at least 30 PC Optimum points (3 cents) per litre at Esso and Mobil stations.
- Includes purchase protection and extended warranty coverage.
Fine Print
Interest Rates
- Regular APR: 21.99%
- Cash Advance APR: 22.97%
- Balance Transfer APR: N/A
Fees
- Cash Advance Fee: $5 ($7.50 outside Canada)
- Balance Transfer Fee: 1% to 5%
- Foreign Transaction Fee: 2.5%
- Annual Fee: $0
- Overlimit Fee: $29
- Inactive Account Fee: $10
- Credit Balance Refund Fee (By Cheque): $20
- Dishonoured or Convenience Cheque Fee: $42
How the PC Financial Mastercard Stacks Up
PC Financial Mastercard vs. American Express Cobalt® Card
Choosing between these cards depends on how you want to earn and redeem rewards and if you want to pay an annual fee. The PC Financial Mastercard is a basic no-annual-fee card for anyone who regularly shops and collects PC Optimum points at Shoppers Drug Mart, Joe Fresh and Loblaw-banner grocery stores. You can only redeem your points at those stores.
The American Express Cobalt® Card may be worth a look if you want more flexibility. You can transfer the Membership Rewards points you earn to frequent flyer and hotel loyalty programs (at a 1:1 ratio) or redeem them for merchandise, gift cards and more. This card is also packed with bonus rewards, travel perks and access to exclusive events. That said, this card does have an annual fee of $155.88 (billed as $12.99 monthly). It’s worth noting that American Express credit cards aren’t as widely accepted as Mastercards, which could slow down your earning potential.
PC Financial Mastercard vs. PC Insiders™ World Elite Mastercard®
The PC Financial Mastercard is a great option if you want to collect points without paying an annual fee. If you’re okay with spending $120 as an annual fee every year, you can get an accelerated rewards rate, travel insurance and other premium perks with the PC Insiders™ World Elite Mastercard®.
Every dollar you spend using the PC Insiders™ World Elite Mastercard® earns 50 PC Optimum points at Shoppers Drug Mart, 40 points at Loblaw-banner and Joe Fresh stores and 10 points everywhere else. Plus, you’ll get up to 7 cents per litre at Esso and Mobil gas stations.
PC Financial Mastercard vs. Scotiabank Scene+ Visa
These two no-annual-fee credit cards are on par in terms of features. Both are tied to popular rewards programs, but the PC Financial Mastercard provides a higher earn rate of up to 45 points per dollar. However, redemptions are limited to stores that earn PC Optimum points.
The Scotiabank Scene+ Visa earns only 2 points per dollar but makes up for it with a wider range of redemption options. You can redeem Scene+ points for groceries, dining, movie tickets, hotels, travel and more.
Methodology
When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.
Is the PC Financial Mastercard Right for You?
The PC Financial Mastercard is a simple way to maximize your PC Optimum points on everyday purchases without the commitment of an annual fee. If you don’t frequently shop at Loblaw-owned stores, consider a rewards card with more flexible redemption options like the Scotiabank Scene+ Visa or the American Express Cobalt® Card.
Another reason you might want a different card is if you prefer cash-back rewards instead of points. The Simplii Financial Cash Back Visa and BMO CashBack Mastercard are both great options with no annual fees.
Frequently Asked Questions (FAQs)
What’s the minimum Income for the PC Financial Mastercard?
There is no minimum income requirement for the PC Financial Mastercard. However, acceptance is subject to credit approval and other eligibility requirements.
What are the benefits of a PC Financial Mastercard?
The main benefits of the PC Financial Mastercard are no annual fee and accelerated earn rates for PC Optimum points. This card also includes purchase protection and extended warranty coverage.
Is PC Financial a debit or a Mastercard?
PC Financial offers both debit and Mastercard options that earn PC Optimum points. The PC Financial Mastercard is a popular no-annual-fee credit card. The PC Financial debit card is linked to a bank account (called a PC Money Account) with no monthly fees or minimum balances.
How do I contact PC Financial Mastercard?
You can contact PC Financial Mastercard by phone, email, mail or chat with their virtual assistant 24/7 for an immediate response.
Is the PC Financial Mastercard the best grocery credit card?
The PC Financial Mastercard is one of the best grocery credit cards for those who shop at Superstore, No Frills, Independent, Dominion, Wholesale Club, Shoppers Drug Mart and other Loblaws-banner grocery stores.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
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