PC Financial World Elite MasterCard Review

PC Financial World Elite MasterCard Review

My husband and I have joint accounts and we also have a joint credit card.  For our joint credit card (which we use for household spending like groceries, and other joint expenses like eating out) we chose the PC Financial World Elite MasterCard.  Recently PC Financial announce that they are ending the banking services of PC Financial and that CIBC will be taking over PC Financial and rebranding it Simplii starting November 1 2017.  Fortunately, the PC Points and PC Financial MasterCard will still be under the realm of PC Financial, so there isn’t any change with the credit card.  Apparently Loblaws has given away $1 billion worth of free groceries since starting.  That’s a lot of money…amazing isn’t it!

PC Financial World Elite MasterCard Review


The PC Financial World Elite MasterCard works well for us because we usually shop at Shoppers Drug Mart (I love those 20x the points days) and we also regularly shop at Loblaw’s City Market and No Frills for groceries.

As always we pay off the credit card every month and it’s very important to do so otherwise, the risks (19.97% interest per month) outweigh the benefits of this card!

Here’s some details on the PC Financial World Elite MasterCard:

the perks

  • No annual fee!  My three favourite words.
  • You earn 30 PC points for every $1 spent at Loblaws stores (here is a list), at Shoppers Drug Mart (which is owned by Loblaw’s) and 10 PC Points for other purchases, so it works out to be about 3% cash back at Loblaws stores and 1% elsewhere.
  • 2 cents per litre in bonus PC Points for regular gas at Esso gas stations
  • PC Points can be collected from the regular PC Plus card, you just have to link the credit card to the PC Plus Card (I didn’t link it for the first few months I had the card because I had no idea you needed to link them).  This allows you to collect points even faster, you just have to “load your points” on a weekly basis to get the points added up quickly.
  • There’s a promotional balance transfer of 0.97% for 6 months on new accounts (if you have credit card debt from another card and you want to transfer it… I would recommend NOT getting another credit card if you can’t handle credit card/ consumer debt but that’s just my opinion).
  • Travel Emergency Medical Insurance for trips up to 10 days from date of departure, for those under age 65.
  • There’s Car Rental Collision/Loss Damage Waiver Insurance
  • Free Purchase Assurance in case of theft, loss or damage (first 90 days)
  • Free Extended Warranty that doubles the thing you purchased for another year
  • Identity Theft Assistant Service
  • Concierge Service– to make dinner reservations and reserve event tickets (I haven’t tried this service, it sounds a little snooty to me)
  • It is really easy to redeem your points.  Basically when you are ringing up your groceries the cashier (only at Loblaw’s stores like Superstore, No Frills, and City Market but not Shoppers Drug Mart, PharmaPrix or TNT Supermarket) asks if you want to redeem your points.

And you say yes.  And then your $93.18 grocery bill turns out to be $3.18.  The minimum amount of points you can redeem is 10,000 (as of February 1 2018) so basically once you hit $10 worth of points, you can redeem.  You just have to have a minimum of 10,000 points, and points can be redeemed by 10,000 increments.

Here’s a picture of my most recent redemption, $90 worth of groceries (probably $40 worth of cheese, right there) for $3.18!  Those organic Gala apples were 50% off but they weren’t very good unfortunately!

PC Financial World Elite MasterCard Review

To get Approved

To get approved, you have to have a minimum income of $80,000 annually or household income must be greater than $150,000.  You can upgrade to this from another PC Financial card but you have to have the minimum income threshold or have a minimum spend of $25,000 annually on the card (which isn’t hard to do given the cost of living these days!).

The annual fee

$0.  Zero dollars.  Music to my ears.

This is probably one of the best no annual fee cards out there, especially a no annual fee World Elite Mastercard, chock full of benefits and perks.

Gym’s opinion:

I’m a big fan of this card because we don’t like to pay so much for groceries and I like not paying an annual fee.  For 2017 we have redeemed $470 worth of free groceries.  Sure, travel rewards are good but they aren’t as practical as this and with a new baby (spontaneous) travel is likely going to be much more difficult to come by.

I also like the free 10 day emergency travel medical insurance, which is great for those who don’t have it covered under their extended health benefits.  This is a huge benefit because often cards have travel insurance for lost baggage, but not many have travel medical insurance.

Readers, do you have the PC Financial World Elite MasterCard?  What do you think of it?  Is there another card that you prefer?

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About genymoney

GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, investing, and living a minimalist lifestyle.

2 comments on “PC Financial World Elite MasterCard Review

  1. Dear GenY,

    Unfortunately, we don’t make enough money to qualify for this card 🙁 We have the basic one that earns 1 point per $10 and will be able to “upgrade” to the 2 points for $20 card this year (and this year only as I took a bunch of capital gains). Not sure if it offers the travel insurance coverage but we travel three times a year (where we require insurance) so this would be a big savings for us!

    Do you recall what information you need to show/provide to prove income? I haven’t applied for a credit card in so long.

    Besos Sarah.

    • @Sarah De Diego- Hi Sarah, the travel medical insurance coverage and information is here in the certificate of insurance and basically it’s 10 days for Emergency Medical from date of departure. I think they ask for your social insurance number when you apply (from what I recall) and they will be able to obtain your approximate income. I think it doesn’t hurt to try though, I remember one time I was a bit below the cut off for another card and I still got it anyway.

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