Review: PC Financial World MasterCard

Review: PC Financial World MasterCard

PC Financial World MasterCard

Not officially a cash back credit card, the PC Financial World Mastercard is one of the most popular credit cards out in the market. The PC Financial World Mastercard is one of the three credit cards offers by President’s Choice Financial. The card is famously known for its great rewards given to users for using their cards.

Like all other cards offered by PC Financial, the World Mastercard also comes with bumper reward plan and great incentives for customers. The PC Financial World Mastercard is the mid-tier card offer by PC Financial. The card as a personal income requirement of $60,000 and a household income of $100,000. Regarded as one of the best in cash back the PC Financial World Mastercard reward customers with 20 points for every dollar spent using their card.

With the target mainly at those that shop at Loblaw stores or their partners, the PC Financial World Mastercard is best suit for those that shop a lot or uses any of Loblaw partnering stores (lowblaw-owned stores, superstore, no frills, and Joe Fresh). The reward points offered by PC Financial World Mastercard is the PC Optimum points which are regarded as one of the best reward points.

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 MasterCard or other PC Financial credit cards like the MasterCard and the Elite World MasterCard.

Requirements for PC Financial World MasterCard

The PC Financial World Mastercard is available to all persons at or above the age of the 18 and if you are a permanent or temporary resident in Canada. Unlike the PC Financial Mastercard, the World Mastercard comes with a minimum income requirement of $60,000 and a household income of $100,000.

To be eligible for this card, you must have a credit score of 650 or greater. If you have below this minimum requirement, then you will be considered for the downgrade of this card which is the PC Financial 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 MasterCard

Pros

PC optimum point is one of the best reward programs in Canada, so if you want to be part of this you should consider opting for PC Financial World Mastercard. Like other cards offered by PC Financial, the world card has $0 annual fee and also a promotional 0.97% balance transfer for in customers in their first 6 months.

The World Mastercard as a reward system for every customer. The PC Financial World Mastercard users get 20 points for every dollar they spent using their card and 30 PC optimum points per $1 spent at Shoppers Drug Mart. The can also come with 21 interest-free days so if you pay up your balance in full before the grace period ends you won’t have to pay any interest and in turn, you will boost your credit score.

Cons

Considered as one of the danger cards to rack up your debt profile, the PC Financial World Mastercard has an interest rate of 19.97% and a cash advance rate of 22.97%. This card won’t go well for those that carry much debt on their card as it could put you in more debt.

With the target mainly at those who shop often and uses Loblaw store or affiliate stores, if you don’t fall in this category, the PC Financial World Mastercard is not what you need. You can check out other reward cards out in the market. Also, their PC optimum points are tied to the Lowblaws brand so, the will only be of great us if you shop at shops where PC products are sold.

 How to Earn PC Points

At all Lowblaws stores, you will earn 20 points per dollar spent on your PC Financial World Mastercard. With your card, you will earn 35 PC Optimum points per $1 spent at Shoppers Drug Mart and 20 PC Optimum Points for every $1 spent where President’s Choice products are sold.

Get 20 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.

Point earn per $1
PC Grocery Stores 20 points
Shoppers Drug Mart 35 points
Esso Mobil 20 / litre
PC Travels 20
Other Stores 10

How to Redeem Points

On great advantage the PC Financial World Mastercard has is its simplicity in calculating and redeeming accumulated points. All PC Optimum points earn using your card can be redeemed at grocery stores like Loblaws, Superstore, No Frills and at Joe Fresh clothing stores.

With one PC optimum point valued at $0.001, it will take 10,000 to equal $10. Please note that only PC Optimum point equivalent to $10 or more can be redeemed. Once you reach the minimum required point for cash out, present your card and ask the cashier to redeem your points and deduct $10 which equivalates to 10,00 from your purchase.

Benefits of PC Financial World MasterCard

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 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 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 Mastercard by an additional one year.

This card comes with other regular benefits which include:

Earn 35 PC Optimum Points per $1 dollar spent at Shoppers Drug Mart

20 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

Compare World MasterCard With Other PC Financial Cards

President’s Choice Financial offers three credit card: PC Financial Mastercard, PC Financial World Mastercard, and the PC Financial Elite World Mastercard. Below is the comparison of how the World Mastercard fairs among the three 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 Mastercard fair with other competitors’ card the closest being the Scotiabank Momentum Visa Infinite, Tangerine Money Back Card and MBNA Smart Cash.

PC World 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 $10 (On demand) All point paid once a year $50 (Automatically)

Final Thought

Unless you hold Scotia Momentum card which offers more reward and is more flexible, the PC Financial World Mastercard should be a must have especially, if you do most of your shopping at Loblaws, Dominion, RCSS, No Frills, Shoppers Drug Mart, Joe Fresh and other Lowblaws participating stores.

Before you consider coming 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.

Add comment

Your email address will not be published. Required fields are marked *