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It’s predicted that the price of food in Canada will rise between 5% and 7% this year (nearly $1,000 more per year for a family of four). So, there’s no better time to earn useful rewards and cash back to balance out the rising costs. If you’re partial to shopping at Loblaw banner stores (like Real Canadian Superstore, No Frills, Fortinos and Loblaws) or frequently fill up at Esso and Mobil stations, the PC Financial World Elite Mastercard could be a good card to earn points on these essential purchases. With every dollar charged to this card, you earn PC Optimum points you can use to save on groceries and other everyday purchases. The more you use this card, the more you can earn. It also comes with benefits, like travel insurance and 24/7 concierge service—none of which will cost you a dime, since it has no annual fee.
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Quick Card Facts
PC Financial World Elite*
- Annual fee: $0
-
Interest rates: purchases 20.97%, cash advances 22.97% (21.97% Quebec)
- Rewards: 30 points per $1 at affiliated Loblaw banner grocery stores; 45 points per $1 at Shoppers Drug Mart; 30 points per litre at Esso and Mobil stations; 10 points per $1 spent on everything else
- Point value: 10,000 PC Optimum points = $10, which works out to 10 points = $0.01
- Purchase interest rate: 20.97%
- Income requirement: Minimum annual personal income of $80,000 or household income of $150,000
- Best feature: This card offers exceptional rewards on groceries for a no fee card and hassle-free redemption at over 2,500 locations where PC and President’s Choice products are sold
- Who it’s good for: PC Optimum members, frequent shoppers at PC-affiliated stores (like Loblaws and No Frills) and Shoppers Drug Mart
Get more details about the PC Financial World Elite Mastercard*
What are the benefits of the PC Financial World Elite Mastercard?
1. You easily earn Optimum points (and they’re more flexible than you may think)
You may remember Optimum as Shoppers Drug Mart’s loyalty program, but its’s expanded over the years. You can now use them on [to redeem for? or to earn from?] everything from groceries, to drugstore items to home essentials, clothing and gas. With this card, you’ll rack them up: You get 30 points per $1 spent at affiliated Loblaw banner grocery stores. Plus, you earn 45 points per $1 at Shoppers Drug Mart and 30 points per litre at Esso and Mobil stations. Beyond that, it’s 10 points per $1 spent on everything else.
2. You can earn extra Optimum points if you’re savvy
To collect more points, keep your eyes peeled for points-earning promotions at participating stores, like Shoppers Drug Mart’s “20x the Points” shopping events. Plus, sign up at PCOptimum.ca for weekly offers sent via email.
3. It comes with good insurance benefits
The PC Financial World Elite Mastercard is a unicorn in the credit card world. Although it has no annual fee, cardholders get the added benefit of insurance coverage. As part of the package, you’ll get car rental collision/loss damage waiver insurance and up to $1 million in travel emergency medical insurance (for up to 10 days from departure). Those are two valuable features that could save serious coin on your next trip if you are involved in an accident. It’s hard to find a $0 annual fee credit card with these kind of extras.
How to earn PC Optimum points
Earning is easy: simply charge purchases to your PC Financial World Elite Mastercard. You’ll earn the most when you shop at PC-affiliated stores, and fuel up with its gas-station partners.
With the PC Financial World Elite Mastercard, you’ll earn 30 Points per $1 spent at affiliated Loblaw banner grocery stores (Loblaws, Fortinos, No Frills, Real Canadian Superstore, etc.), making this one of the best no annual fee credit cards for groceries.
The earn rate is a whopping 45 points per $1 spent at Shoppers Drug Mart (as well as Pharmaprix in Quebec) and at least 30 points per litre of gasoline or diesel fuel purchased at Esso and select Mobil stations in Canada, making this one of the best credit cards for gas on the market.
You’ll also get 30 points per $1 spent through PC Travel; and 10 points per $1 spent everywhere else.
How to redeem PC Optimum points
One of the best features of PC Optimum Rewards is that redemption is a cinch. As soon as you accumulate 10,000 PC Optimum points, you can redeem them for up to $10 worth of free groceries or merchandise at any participating stores; or you can save them for fatter savings down the line. Points are calculated based on the purchase price of eligible products, less any applicable discounts and taxes shown on the receipt.
You can redeem PC Optimum points at about 2,500 participating retail locations, including:
- grocery stores such as Loblaws, Fortinos, No Frills and Real Canadian Superstore
- retail stores such as Zehrs and Joe Fresh
- drugstores such as Shoppers Drug Mart and Pharmaprix
Just tell the cashier that you would like to “spend” your points when you scan your PC Optimum card at the checkout counter. Or you can redeem points off you bill shopping online at Beauty Boutique, Joe Fresh and PC Express websites.
You can see the list of participating retailers here. While the PC Optimum rewards program is very flexible, there are a few limitations. PC Optimum points cannot be earned or redeemed for certain items, including tobacco, alcohol and gift cards.
Each province and territory has different rules pertaining to earning and/or redeeming PC Optimum points on prescriptions, medication and other pharmacy or healthcare-related products and services. So check with the staff first.
Are there any drawbacks to the PC Financial World Elite Mastercard?
With no annual fee and a great rewards program, there aren’t a lot of downsides to this rewards card. However, PC Optimum points can only be redeemed in increments of 10,000. So, if you have 47,000 points, you can “spend” 40,000 of them for $40 off your purchase, and hold the remaining balance of 7,000 points in your account. In addition, the earn rate is significantly less at non-PC-affiliated retailers (only 10 points per $1 spent)—so if you don’t shop at these stores, this card probably isn’t for you.
This card is aimed at higher-income shoppers ($80,000 minimum individual annual income, or household income of $150,000), so if you’re a student or just starting out, it’s unlikely you’ll qualify. However, there are two other PC Financial Mastercard options with lower income requirements; just beware the earn rates are proportionately less juicy as well. Also, a $15,000 minimum annual spending requirement is now enforced.
Bottom line
For those who are loyal shoppers of Loblaws, its sister grocery storesm and Shoppers Drug Mart, and who choose to fuel their vehicles at Esso and Mobil stations, this no-fee rewards card is one of the best for groceries and gas. However, if you like to shop around for the best deal, or find yourself spending at multiple stores each week, there are other grocery store credit cards that can earn you rewards without having to change your shopping habits.
This article was first published on January 17, 2020. It was last updated on March 31, 2022.
Get more details about the PC Financial World Elite Mastercard*
More on Canada’s best credit cards:
- Overall Best Credit Cards in Canada
- Best Rewards Credit Cards
- Best Credit Cards for Travel Insurance
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