In this PC Financial World Elite Mastercard review, I’m going to share all the details including how you can maximize your PC Optimum points. To simply put it, using the PC Financial World Elite Mastercard is the quickest way to earn PC Optimum points. Best of all, There’s no annual fee.
Anyone who collects PC Optimum points will likely agree that it’s one of the best loyalty programs in the country. Normally, you would only earn points on in-store and targeted offers at participating stores. However, with a PC Mastercard, you earn points on every single purchase. At Loblaw’s owned grocery stores, Shoppers Drug Mart, and Esso/Mobil gas stations, you’ll earn even more points. In other words, you can earn points fast with your everyday spending. Keep reading my PC Financial World Elite Mastercard review to find out all the benefits and to learn why PC Optimum is a favourite among Canadians.
PC Financial World Elite Mastercard benefits
- No annual fee
- Earn 45 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
- Earn 30 PC Optimum Points per $1 spent where PC Products are sold and at PC Travel
- Earn at least 30 PC Optimum Points per litre at Esso/Mobil locations
- Earn 10 PC Optimum Points per $1 spent on all other purchases
- Travel emergency medical insurance
- Car rental collision/loss damage waiver insurance
- Concierge service
- Purchase assurance
- Extended warranty
Let’s get to the point of this PC Financial World Elite Mastercard review. If you do your grocery shopping at a Loblaw’s owned store, then you need to get this card. The earn rate is 30 points per dollar spent at Loblaw’s owned grocery stores (except T&T), which works out to a 3% return in points. At Shoppers Drug Mart, you get 45 points per $1 spent (4.5% back). Esso/Mobil gas purchases will earn you at least 30 PC Optimum points per litre purchased. As you can see, you can essentially earn PC Optimum points at the largest grocery, drug store, and gas station chains. These points add up super fast.
Admittedly, the additional benefits are a bit lacking. You get some travel insurance, which is nice, but it lacks premium travel insurance such as trip cancellation and lost luggage. The included concierge service is a great perk since you can have someone make dinner reservations, reserve event tickets, deliver gifts, and more for you.
What’s often overlooked about the card and is arguably one of the main benefits is the fact that it has no annual fee. With many premium cash back cards where you’re earning 4-5% on your grocery spend, you need to pay an annual fee of $120 or more. Since there’s no fee with the PC Financial World Elite Mastercard, there’s really no reason why you shouldn’t apply for this card. That said, to qualify for this card, you must have a personal annual income of $80,000 or a household income of $150,000. In addition, Mastercard no requires World Elite cardholders to charge at least $15,000 to the card each year or you’ll be downgraded to the PC Financial World Mastercard.
PC Financial World Elite Mastercard insurance
- Travel Emergency Medical Insurance (up to 10 days)
- Car Rental Collision/Loss Damage Waiver Insurance
- Purchase assurance – 90 days
- Extended warranty – Double, up to one additional year
For a no fee card, the PC Financial World Elite Mastercard comes with some decent travel insurance. Sure, you only get 10 days of travel emergency medical insurance, and it only applies to people under the age of 65, but that’s better than other cards that only offer travel accident insurance. The car rental collision/loss damage waiver insurance can be really handy for anyone who rents a car but doesn’t have auto insurance at home. If you want a card that offers better travel benefits, take a look at my list of the best travel credit cards in Canada.
Purchase assurance is another benefit that many people don’t take advantage of, but they really should. The way it works is, if you purchase an item with your PC Financial World Elite Mastercard, it’s covered from loss, theft, and damage for 90 days. You can literally get your money back for the item up to $1,000 per incident.
Extended warranty is also a great feature since it doubles your manufacturer’s warranty up to one additional year. This is completely free as long as you charge the full price of your purchase to your PC Financial World Elite Mastercard. I’ve personally made thousands of dollars in claims with my extended warranty benefits over the years.
PC Financial World Elite Mastercard pros and cons
The PC Financial World Elite Mastercard is obviously aimed at people who shop Loblaw’s owned grocery store and Shoppers Drug Mart, but that doesn’t mean you should apply on the spot. Like any credit card, you need to consider the pros and cons so you can make an informed decision when signing up.
- No annual fee: You’re getting a premium Mastercard with no annual fee.
- High earn rate: There’s no other way to earn more PC Optimum points than with this card.
- Easy redemptions: 10,000 points = $10 in groceries or merchandise. Redeem your points whenever you want.
- Bonus events: There are multiple events where you can earn more points or get extra redemption value.
- High income requirement: You must have a personal annual income of $80,000 or a household income of $150,000 to qualify.
- Limited travel insurance: This card lacks premium travel insurance
- Minimum spend requirement: You must charge at least $15,000 to your card each year or you’ll be downgraded.
How PC Optimum works
In case you didn’t know, PC Optimum is the loyalty program for Loblaw’s owned stores, Shoppers Drug Mart, Esso/Mobil, and Joe Fresh. You can earn and redeem points at more than 7,000 stores across the country. PC Optimum has more than 10 million users and is often referred to as the best retail loyalty program in Canada.
PC Optimum is pretty straight forward. You can earn points in-store via promotions and targeted offers. If you have one of the PC Mastercards, then you earn points on every purchase. There’s also PC Insiders which has an annual fee, but the benefits you get and extra points earned are well worth it. Read my PC Insiders review now for more details.
When it comes to redeeming points, you can claim 10,000 PC Optimum points for $10 in groceries or merchandise. You can claim points in 10,000 intervals so 20,000, 30,000, and 40,000 points would be worth $20, $30, and $40 points respectively. There is a maximum redemption of 500,000 points at a time ($500). You can pretty much claim points on just about anything but there are a few exceptions such as cigarettes, lottery tickets and gift cards.
On occasion, Shoppers Drug Mart has bonus redemption offers. For example, there was a promotion where you could claim 250,000 points for $400 in credit. That’s $150 more than the regular redemption so it can be worthwhile to save your points. They’ve also had other offers such as earn 20X the points or get 25,000 points when you spend $75. Read my post on how to earn more PC Optimum points if you want to maximize your points.
How the PC Financial World Elite Mastercard compares to others
Right away some people will think that the American Express Cobalt Card or the Scotiabank Gold Amex is better since since they both give you 5% back in points on grocery store purchases, but it’s not that simple. You see, Loblaw’s owned stores only accept Mastercard (some accept Visa) so you can’t compare the Cobalt card here since you can’t use it. Although I find it annoying that only Mastercard is accepted, I think it’s genius as it’s basically another reason to get consumers to sign up for their card.
What’s also worth noting is that both the American Express Cobalt Card and the Scotiabank Gold Amex have annual fees totaling $120. The Cobalt card charges $10 a month, while the Scotiabank Gold Amex charges the $120 annually. Compare that to the PC Financial World Elite Mastercard that comes no annual fee.
That said, since the other cards have an annual fee, they have better benefits. With the Amex Cobalt Card, you earn American Express Membership Rewards Select points which can be transferred to Marriott Bonvoy. The Scotiabank Gold Amex has a comprehensive travel insurance package and even comes with mobile device insurance.
My PC Financial World Elite Mastercard review is positive. This is a must-have card for anyone who shops on a regular basis at the Loblaws network of stores. If you combine your credit card with a PC Insiders subscription, you can rack up an insane amount of points quickly. Those points can in turn be used to claim free groceries or merchandise.