Review: PC Financial World Elite MasterCard

Review: PC Financial World Elite MasterCard

PC Financial World Elite MasterCard

If you are a regular shopper at where PC Financial products are sold, then you would want to go for one of their credit cards which the PC Financial World Elite MasterCard comes as the top option. With the PC Financial World Elite Mastercard, you will get to rack up reward point whenever you use your card. The PC Financial World Elite MasterCard is famously known for its great reward program.

Every PC Financial World Elite Mastercard cardholder get 30 points for every dollar spent using their card. These points can later be used for purchase at Loblaws stores or Real Canadian Superstore, Joe Fresh, Shoppers Drug Mart and more. You get a certain amount of PC optimum point whenever you use your PC Financial World Elite MasterCard. With the upgrade in PC optimum point after the merger of PC Plus and Shoppers Optimum, it’s one of the great reward programs out in the market.

The PC Financial World Elite Mastercard is the most advanced card offered by President’s Choice Financial, the card comes with greater reward and added benefits which the PC Financial Mastercard and the PC Financial World Mastercard don’t have. The card also has a minimum personal income of $80,000 or a household income of $150,000. Like all other PC Financial cards, the PC Financial World Elite Mastercard comes with $0 annual fee and a promotional 0.97% balance transfer for new customers.

PC Optimum Point

The PC optimum point is the merger of two Canadian point program, PC Plus, and Shoppers Optimum. The PC optimum point serves as a great way for you to earn reward point which can be redeemable at all participating Loblaw Companies and affiliates.

PC Optimum point is the reward point gain when you make use of your PC Financial World Elite MasterCard or other PC Financial credit cards like the MasterCard and the World MasterCard.

Requirements for PC Financial World Elite MasterCard

Being the most advanced card offered by PC Financial, the world elite credit card comes with some requirement to be met before your application can be considered for approval. For you to apply for the PC Financial World Elite Mastercard, you need a good credit score (if you don’t have a good credit score click here to see how to build a good credit score), a minimum personal income of $80,000 or a household income of $150,000.

Base on Canadian law, you must be 18 or above to operate a credit card which this also applies to the PC Financial World Elite Mastercard. Anything below these stated requirements, then you will be considered for the downgrade version of this card which is the PC Financial Mastercard or the World Mastercard.

Remember, this information is only intended as a guild, as the final decision to either approve your credit card application or not lies with the bank.

Pros and Cons of PC Financial World Elite MasterCard

The PC Financial World Elite Mastercard is targeted at those that shop more at Loblaws stores or Real Canadian Superstore, Joe Fresh, Shoppers Drug Mart and more. So, if you fall into this category, the PC Financial World Elite credit card is a must have as it helps you build up reward points which can be redeemed to make purchases.

Unlike most credit card reward program, the PC optimum points do not expire. With its $0 annual fee, you’re sure you don’t have fee eating up your cash. The can also have an incentive of 0.97% balance transfer for new customers.

The downside to this card is that with its reward program, it limits you to just shopping at selected stores where PC Financial products are sold. The PC Financial World Elite Mastercard also comes which a requirement of $80,000 minimum personal income or $150,000 household income which makes the card not available for the low-income earner.

While PC optimum point is regarded as one of the easiest to calculate and redeemed, the fact that points can only be redeemed in increments of 10,000 points (meaning you can apply for $10, $20, $30 and so on) to all point redemption purchases.

Benefits of PC Financial World Elite MasterCard

With great requirement comes greater benefit. The PC Financial World Elite Mastercard comes with some mouth-watering benefit even though some are random benefit, the card still has benefits peculiar to itself.

No Annual Fee. This is a common benefit to all PC Financial credit cards. Their cards come with $0 annual fee.

0.97% Balance Transfer (for new customers). This incentive is applicable to new customers who perform balance transfer on their card within the first 90 days.

21 days interest-free grace period. There is always a 21 interest- free days for all your purchases in which no interest will be charged if you pay up all your balance on or before the 21 days end.

Emergency replacement. card or cash advance

4 free additional cards. You will be able to add four additional cards along with your PC Financial World Elite Mastercard.

Free Purchase Assurance in case of theft, loss or damage in the first 90 days. There is free purchase assurance for a limited amount of time in case of damage, loss or theft.

Concierge service. This card also comes with a package of 24/7 concierge service to make your hotel reservations, event tickets reservations and dinner reservation hassle free.

Free Extended Warranty. The PC Financial World Elite Mastercard comes with some special benefit like the free extended warranty which actually extends the warranty on a product purchase with your PC Financial World Elite Mastercard by an additional one year.

Travel Emergency Medical Insurance. All PC Financial World Elite Mastercard user will get to enjoy a 10 days emergency medical insurance for all those below the age of 65.

Car Rental Collision/Loss Damage Waiver Insurance. As a PC Financial World Elite cardholder, you get automatic insurance on your collision damage and theft protection for your car rental needs.

Identity Theft Assistant Service. This will help you avoid and tackle all identity theft or illegal activities on your account.

This card comes with other great benefits to help you rack up more PC optimum points:

– Earn 45 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart
– 30 PC Optimum Points per $1 spent at Loblaws stores and PC Travel
– 10 PC Optimum Points per $1 spent on all other purchases
– 30 PC Optimum Points per litre at Esso/Mobil locations

PC Financial World Elite Mastercard Review

Earning: At all Lowblaws stores, you will earn 30 points per dollar spent on your PC Financial World Elite Mastercard. With your card, you will earn 45 PC optimum points per $1 spent at Shoppers Drug Mart and 30 PC Optimum Points for every $1 spent where President’s Choice products are sold.

You will earn 30 points on every $1 spent at PC travels and you can also earn at least 3 cents per litre in PC optimum for every dollar spent at Esso Mobil one of PC Financial partners.

Reward: On the PC Financial World Elite Mastercard the minimum redeemable points is 20,000 PC optimum points which are equivalent to $20. All reward points can be redeemed at lowblaws stores or partnering stores.

One good news is that the PC Financial World Elite Mastercard with all its great reward does not come with an annual fee.

Insurance: The card comes with free car rental insurance. All PC Financial World Elite cardholder below the age of 65 will also get to enjoy free 10 days travel emergency insurance.

With no annual fee, the World Elite is one of the no-fee cards that offer travel insurance in Canada. The card also comes with Free Purchase Assurance in case of theft, loss or damage in the first 90 days. It comes with a free extended warranty which actually extends the warranty on a product purchase with your PC Financial World Elite Mastercard by an additional one year.

Compare World Elite MasterCard With Other PC Financial Cards

Of the three cards offered by PC Financial let see how the PC Financial World Elite fair compare to other PC Financial cards.

PC Financial MasterCardPC Financial World MasterCardPC Financial World Elite MasterCard
Annual Fee No annual fee No annual fee No annual fee
Eligibility $60,000/ year min personal income -OR- $100,000/ year Min household income $80,000/ year Min personal income -OR- $150,000/ year Min household income
Upgrade Criteria $15,000/ year min. spend $25,000/ year min spend
Interest Rate 19.97% 19.97% 19.97%
Rate on Cash Advance 22.97% 22.97% 22.97%
Balance Transfer 0.97% (promotional for the first six months) 0.97% (promotional for the first six months) 0.97% (promotional for the first six months)
Grace Period 21 days 21 days 21 days
Points in PC Financial stores 10pts/$1 20pts/$1 30pts/$1
Shoppers Drug Mart 25pts/$1 35pts/$1 45pts/$1
Esso Mobil 30pts/$1 30pts/$1 30pts/$1
PC Travels 20pts/$1 20pts/$1 30pts/$1
Everywhere else 10pts/$1 10pts/$1 10pts/$1

Competitors

With hundreds of cards out there, it’s always good to make the right choice when getting a credit card, as your choice could either better or worsen your financial life. Below we compare how the PC Financial World Elite Mastercard fair with other competitors’ card the closest being the Scotiabank Momentum Visa Infinite, Tangerine Money Back Card and MBNA Smart Cash.

PC World Elite MasterCardScotiabank Momentum Visa InfiniteTangerine Money Back CardMBNA Smart Cash
Card Issuer PC Financial Scotiabank Tangerine MBNA
Card Network MasterCard MasterCard MasterCard Visa
Annual Fee $0 $99 $0 $0
PC Stores 3% 4% 2% 2%
Esso Mobil 3% 4% 2% 2%
Shoppers Drug Mart 3% 2% 2% 1%
Other grocery 1% 4% 2% 2%
Other gas 1% 4% 2% 2%
All other purchases 1% 1% 2% 1%
Min. point redemption $20 (On demand) All point paid once a year $50 (Automatically)

Final Thought

With no annual fee eating up your cash and great benefit, the PC Financial World Elite Mastercard serve as both a reward and a cashback card, just know opting for this card will limit you to few selected stores for both earning of PC optimum points and redemption of points.

Before you consider going for this card, you need to also put it at the back of your mind the 19.97% interest rate. There are also other great cash-back and reward credit cards in the market so checking through to see the one that best suit your financial life is key.

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