PC World Elite: Rewards Done Right?

The PC Financial World Elite Mastercard is a top-tier credit card for frequent shoppers at Loblaw-owned stores, Esso gas stations, and Shoppers Drug Mart.

As part of the PC Optimum rewards program, this card offers one of the most rewarding points systems in Canada, making it a strong option for everyday spending.

Unlike many premium World Elite Mastercards, this one has no annual fee, which is a significant advantage.

However, it comes with strict eligibility requirements, including a minimum income of $80,000 (individual) or $150,000 (household).

This review provides a detailed analysis of the features, benefits, rewards, fees, insurance coverage, and potential drawbacks of the PC Financial World Elite Mastercard.

By the end, you will have a clear understanding of whether this is the right credit card for your financial needs.

What is PC Financial World Elite Mastercard?

The PC Financial World Elite Mastercard is issued by President’s Choice Financial (PC Financial), a subsidiary of Loblaw Companies Limited.

PC Financial specializes in reward-based credit cards, and the World Elite Mastercard is the highest-tier option they offer.

It is designed for high-income earners who frequently shop at Loblaw-affiliated stores and PC Optimum partner locations.

Unlike traditional cashback or travel rewards cards, this card exclusively earns PC Optimum points, which can be redeemed for groceries, pharmacy items, and gas.

Comparison with Other PC Financial Credit Cards

PC Financial offers three credit cards:

1. PC Financial Mastercard (Entry-level, fewer rewards)
2. PC Financial World Mastercard (Mid-tier, better rewards)
3. PC Financial World Elite Mastercard (Premium, best rewards and benefits)

The World Elite Mastercard stands out due to higher earning rates, travel insurance perks, and additional benefits typically found in premium credit cards.

Key Features and Benefits

» No Annual Fee

Many World Elite Mastercards charge annual fees ranging from $99 to $150. However, the PC Financial World Elite Mastercard is completely free, making it an excellent cost-effective option.

» PC Optimum Rewards System

This card has a strong rewards structure, particularly at Loblaw stores, Esso gas stations, and Shoppers Drug Mart.

» Earning Rates:

• 30 points per $1 spent at Shoppers Drug Mart
• 45 points per $1 spent at Esso and Mobil gas stations
• 10 points per $1 spent everywhere else

The PC Optimum program frequently offers bonus points promotions, allowing cardholders to earn extra rewards on specific purchases.

» Travel Insurance Coverage

Although this is a no-annual-fee card, it comes with solid insurance benefits, including:

• Emergency medical travel insurance (up to $1,000,000 for 10 days for those under 65)
• Car rental collision damage waiver (covers rental car damage or theft)
• Extended warranty and purchase protection (doubles manufacturer’s warranty up to one extra year)

While the travel coverage is not as extensive as some premium travel cards, it is still impressive for a free credit card.

» Mastercard Airport Experiences

This card provides access to Mastercard Airport Experiences through LoungeKey, allowing entry to select airport lounges worldwide. However, lounge visits are not free—cardholders must pay per visit.

» Extended Warranty and Purchase Protection

This feature doubles the manufacturer’s warranty on purchases for up to one extra year and offers purchase protection against theft and damage for up to 90 days.

Redeeming PC Optimum Points

» How the Redemption Process Works

• 10,000 PC Optimum points = $10 off purchases
• Points can be redeemed at Loblaw stores, Shoppers Drug Mart, Esso, and other participating retailers
• No blackout dates or restrictions

» Best Ways to Redeem Points

To maximize value, redeem points during special promotional events, such as Bonus Redemption Days, where points are worth even more than their base value.

Fees and Interest Rates

Despite being a no-annual-fee card, the PC Financial World Elite Mastercard has standard interest rates and fees that you should be aware of:

• Purchase interest rate: 20.97 percent
• Cash advance interest rate: 22.97 percent
• Foreign transaction fee: 2.5 percent

The 2.5 percent foreign transaction fee makes it less appealing for frequent travelers, as other credit cards offer zero percent FX fees.

Pros and Cons of PC Financial World Elite Mastercard

» Pros

• High reward rates (especially at Loblaw, Esso, and Shoppers Drug Mart)
• No annual fee (unlike many other premium cards)
• Solid insurance coverage for a free card
• PC Optimum points are easy to earn and redeem
• Access to Mastercard Airport Experiences

» Cons

• High income requirement ($80,000 individual or $150,000 household)
• Limited redemption options (PC Optimum points can only be used at partner retailers)
• Foreign transaction fee (2.5 percent)

Eligibility Requirements

To qualify, you must meet the following:

• Minimum annual income:
  $80,000 (individual) OR $150,000 (household)
  Good to excellent credit score (recommended 700 plus)
  Canadian residency and age of majority in your province

Those who do not meet the income requirement should consider the PC Financial World Mastercard or the standard PC Financial Mastercard instead.

Final Verdict: Is PC Financial World Elite Mastercard Worth It?

The PC Financial World Elite Mastercard is an excellent choice for those who frequently shop at Loblaw-owned stores, Esso gas stations, and Shoppers Drug Mart.

Its high reward rates, no annual fee, and solid insurance perks make it a strong contender for everyday spending. However, its high income requirement and limited redemption flexibility mean it is not suitable for everyone.

If you can maximize its rewards, this card is one of the best no-fee options available.

Source: Pixabay

Conclusion

The PC Financial World Elite Mastercard is a standout option for frequent shoppers at Loblaw-affiliated stores, Esso gas stations, and Shoppers Drug Mart.

With no annual fee and one of the highest earning rates in the PC Optimum program, this card provides significant value for those who maximize its rewards structure.

Its strong insurance perks, including travel emergency medical insurance, car rental collision coverage, and extended warranty, make it more than just a grocery rewards card.

However, the high income requirement ($80,000 individual or $150,000 household) makes it inaccessible to many consumers. Additionally, the 2.5 percent foreign transaction fee is a downside for those who frequently travel internationally.

For those who meet the income criteria and frequently shop at Loblaw-owned stores, this card is one of the best no-fee credit cards available in Canada. However, if you are looking for a more flexible rewards system or a better card for travel, other options might be more suitable.

Overall, the PC Financial World Elite Mastercard is an excellent choice for grocery and gas rewards, offering substantial savings without any annual fee.

FAQs

1. Can I downgrade from PC Financial World Elite Mastercard to a lower-tier card?
   Yes, you can request a downgrade to a PC Financial World Mastercard or the standard PC Financial Mastercard if you no longer meet the income requirements.
2. How long does it take to receive the card after approval?
   Typically, the card arrives within seven to ten business days after approval.
3. Do PC Optimum points expire?
   No, but if your account is inactive for more than two years, you may lose your points.
4. What happens if I no longer meet the minimum income requirement?
   PC Financial may downgrade your card to a lower-tier version if your income drops below the required threshold.
5. Is this card good for travel rewards?
   While it offers some travel benefits, the 2.5 percent foreign transaction fee makes it less ideal for frequent international travelers.