If you've ever gone to a Loblaws store of some kind, you've no doubt seen ads in the store for PC Mastercards. It's also possible someone even came up to you to get you to sign-up for one of these credit cards.
These credit cards do have their pros, namely that they offer extra rewards at Loblaws-branded stores, with their best credit card being the PC World Elite Mastercard.
But as we'll show, you can generally do better, especially if you do any amount of grocery shopping outside of Loblaws. Here's what they offer and how they compare.
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A summary on redeeming PC Optimum points
All PC Mastercards earn PC Optimum points. There are 2 ways you can use them.
The first is in-store at Loblaws and Shoppers Drug Mart. You can redeem your points right at the register on checkout. 10,000 points will save you $10 on your bill. You can only redeem your points in $10 intervals, up to a maximum of 500,000 points. This makes each point worth 0.1 cents each. This is the value we'll use in our review of PC Mastercards.
You can also use your points at Esso in 2 ways. The first is to save on fuel. Redeem 4,000 points, and you can save 10 cents per litre on fuel, on up to 40 litres of fuel. That's a value of 0.1 cents per point.
The other is with car washes. Redeem 10,000 points for any car wash you want. These can cost upwards of $15 or more, giving each point a value of 0.15 cents. It's the best way to redeem points, but it's not the value we carry as there are only so many free car washes you can get.
Here's where you can learn more about the PC Optimum program.
The best PC Financial Mastercards
Here is what the best PC Financial Mastercards can offer you.
Which card you get when you apply is based on your income since all of these cards have no annual fee.
| PC Mastercard | Earn Rates | Insurance Coverage | Income Requirements |
|---|---|---|---|
| PC Mastercard | * 10 points per $1 + 10 points per litre on fuel at Esso * 10 points per $1 spent on all other purchases | 2 types | None |
| PC World Mastercard | * 20 points per $1 spent at PC stores * 10 points per $1 + 10 points per litre at Esso * 10 points per $1 spent on all other purchases | 2 types | $60K personal/$100K household |
| PC World Elite Mastercard | * 30 points per $1 spent at PC stores * 10 points per $1 + 10 points per litre at Esso * 10 points per $1 spent on all other purchases | 4 types | $80K personal/$150K household |
1. PC Mastercard
The PC Mastercard is PC Finanical's entry level card, which has no income requirements at all. Here's what this card offers for rewards:
- 10 points per $1 + 10 points per litre on fuel at Esso
- 10 points per $1 spent on all other purchases
Outside of earning points, it doesn't offer anything else – it only includes basic insurance of extended warranty and purchase protection.
2. PC World Mastercard
The PC World Mastercard takes the rewards up another level. Here's what this one offers for rewards:
- 20 points per $1 spent at PC stores
- 10 points per $1 + 10 points per litre at Esso
- 10 points per $1 spent on all other purchases
It does include basic insurance – extended warranty and purchase protection. This card has income requirements of either $60,000 personal or $100,000 household.
3. PC World Elite Mastercard
The PC World Elite Mastercard is PC's high-end Mastercard, offering the most rewards on purchases:
- 30 points per $1 spent at PC stores
- 10 points per $1 + 10 points per litre at Esso
- 10 points per $1 spent on all other purchases
The insurance is also decent, including 4 types. The income requirements for this card are $80,000 personal or $150,000 household.
Pros and cons to PC Financial Mastercards
There are lots of things to like and be mindful of when talking about PC Mastercards.
PC Financial Mastercard benefits
First, here are some things to like about PC Financial Mastercards.
1. All cards have no annual fee
If you don't like paying annual fees, PC Mastercards are up your alley. None of their cards have one.
2. High rewards at Loblaws at Esso
PC Mastercards are store credit cards. And like almost all store cards, that offer high rewards at the retailers they were designed to be used at.
In this case, it's Loblaws stores and Esso stations. And there are quite a few stores that qualify. Here are some of them.
PC Financial Mastercard downsides
That's where the good ends. Here are some things we don't like about PC Mastercards.
1. Limited rewards outside of Loblaws
These cards provide excellent rewards at Loblaws stores. But shop anywhere else, and they're simply average credit cards that don't stand out from the pack.
You'll see some comparisons on this further below.
2. Limited insurance included
If you value insurance coverage, PC Mastercards won't be for you. The insurance is rather lacklustre, with one card providing none, and the premium card being bested by many other World Elite Mastercards out there.
3. No real perks or benefits
There's nothing special about these cards in the perks department. Outside of typical World and World Elite Mastercard benefits, these cards don't offer much in the way of benefits.
Alternative credits for high rewards on groceries everywhere
Looking to earn more rewards on your groceries everywhere you shop? While most of these cards have annual fees, they'll also earn you much more in terms of annual rewards. And they have more features as well.
Here are some top credit cards for groceries, featuring a mix of rewards, cash back, and no fee cards. We have excluded Amex cards from here as they aren't accepted at Loblaws stores.
| Credit Card | Welcome Bonus | Earn Rates | Annual Fee, Income Requirements | Apply Now |
|---|---|---|---|---|
| MBNA Rewards World Elite Mastercard |  $150 GC Boost + 30,000 bonus points (terms) | * 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category) * 1 point per $1 spent on all other purchases | * $120 * $80K personal/$150K household | Apply Now |
| BMO eclipse Visa Infinite Card | $150 GeniusCash + Up to 70,000 bonus points, first year free (terms) | * 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit * 1 point per $1 spent on all other purchases | * $120 * $60K personal/$100K household | Apply Now |
| Scotia Momentum Visa Infinite Card | $20 GeniusCash + 10% cash back for the first 3 months, first year free (terms) | * 4% cash back on groceries and recurring bill payments * 2% cash back on gas and transit * 1% cash back on all other purchases | * $120 * $60K personal/$100K household | Apply Now |
| BMO CashBack World Elite Mastercard | $150 GeniusCash + Up to $480 cash back in the first year, first year free (terms) | * 5% cash back on groceries, up to $500 in monthly spend * 4% cash back on transit, up to $300 in monthly spend * 3% cash back on gas, up to $300 in monthly spend * 2% cash back on recurring bills, up to $500 in monthly spend * 1% cash back on all other purchases | * $120 * $80K personal/$150K household | Apply Now |
| Tangerine Money-Back Credit Card | $125 GeniusCash + 10% extra cash back for the first 2 months (terms) | * 2% cash back on purchases in up to 3 Money-Back Categories * 0.5% cash back on all other purchases | * $0 * $12K personal | Apply Now |
| CIBC Dividend Visa Card | None | * 2% cash back on eligible groceries * 1% cash back on eligible gas, EV charging, transportation, recurring bill payments, and dining * 0.5% on all other purchases | * $0 * $15K household | Apply Now |
1. MBNA Rewards World Elite Mastercard
The MBNA Rewards World Elite Mastercard is an excellent rewards credit card with high earn rates on a variety of purchases.
An MBNA Rewards card, here's what it earns on purchases:
- 5 points for every $1 spent on restaurants, groceries, and select recurring bills (up to $50,000 spent annually per category)
- 1 point per $1 spent on all other purchases
Each of these points is worth 1 cent each when redeemed for travel or electronic gift cards.
Here's what else this card offers:
- annual birthday bonus of 10% on the points you earned over the last year (maximum bonus of 15,000 points), and
- 12 types of insurance, one of which is the rare price protection insurance.
The annual fee for this card is $120 and has income requirements of $80,000 personal or $150,000 household.
×4 Award winner 
GC: $125 + $25
4x Award winner 2. BMO eclipse Visa Infinite Card
Another top flexible rewards card with high rates on food purchases is the BMO eclipse Visa Infinite Card.
This BMO Rewards card earns points at these rates:
- 5 BMO Rewards points for every $1 spent on dining, groceries, gas, and transit
- 1 point per $1 spent on all other purchases
BMO Rewards points are worth 0.67 cents when redeemed for travel or towards BMO investments.
It also offers these extras:
- $50 annual lifestyle credit,
- 10% bonus points when you add an authorized user, and
- 6 types of insurance.
The annual fee is $120 and has typical Visa Infinite income requirements of $60,000 personal or $100,000 household.
GC: $150
3. Scotia Momentum Visa Infinite Card
Turning our attention to cash back cards, our first mention will go to the Scotia Momentum Visa Infinite Card.
Here are the cash back rates you'll get on your purchases:
- 4% cash back on groceries and recurring bill payments
- 2% cash back on gas and transit
- 1% cash back on all other purchases
You get your cash back applied as a statement credit every year in November. It also includes 11 types of insurance, all for a $120 annual fee and $60,000 personal/$100,000 household income requirements.
GC: $20
4. BMO CashBack World Elite Mastercard
The other premium cash back credit card we'll review is the BMO CashBack World Elite Mastercard. It offers high earn rates on a variety of purchases (just note the monthly caps):
- 5% cash back on groceries, up to $500 in monthly spend
- 4% cash back on transit, up to $300 in monthly spend
- 3% cash back on gas, up to $300 in monthly spend
- 2% cash back on recurring bills, up to $500 in monthly spend
- 1% cash back on all other purchases
Your cash back can be redeemed anytime you like once you have accumulated $1.
And it also offers some excellent features:
- free roadside assistance, and
- 13 types of insurance.
The annual fee here is $120 and has income requirements of $80,000 personal or $150,000 household.
GC: $150
5. Tangerine Money-Back Credit Card
We're into the no fee cards we'll mention, and the first is the Tangerine Money-Back Credit Card.
This card puts you in control of where you earn your bonus cash back. You get to pick which categories earn you 2% cash back, from a list of 10.
You can pick 2 categories if your rewards get applied as a statement credit, and 3 if you get them deposited into a Tangerine Savings account. You'll earn 0.5% back on all other purchases.
×1 Award winner GC: $125
1x Award winner It has limited extras, with just 2 types. If you want more from your card, you can opt for the Tangerine World Mastercard. It offers the same rewards, has no annual fee, and provides these extras:
- 4 types of insurance, and
- Mastercard Travel Pass membership (no free passes).
To get this version, you'll need to meet World Mastercard income requirements of $60,000 personal or $100,000 household.
GC: $125
6. CIBC Dividend Visa Card
Our last mention belongs to the CIBC Dividend Visa Card. Another no fee cash back card, it offers rewards at these rates:
- 2% cash back on eligible groceries
- 1% cash back on eligible gas, EV charging, transportation, recurring bill payments, and dining
- 0.5% on all other purchases
The insurance is limited, with 2 included, and you can redeem your cash back once you've accumulated $25.
Comparing PC Financial Mastercards
Let's compare all 9 cards we've listed here in 3 key areas.
1. Rewards
The biggest thing everyone will want to know – the rewards. What will you get back on all your purchases?
Since we're comparing some cards with rewards at specific stores, we'll do this 2 ways. We'll look at spending $2,000 per month, with 80% of your grocery spending being at Loblaws. Then we'll look again, cutting the monthly spending in half.
For both, we'll assume all your gas is purchased at Esso stations as they are widely available across Canada. Since PC Mastercards award points on a per-litre basis, we're assuming you're paying $2 per litre.
Here's the $2,000 monthly spend we'll use.
| Category | Monthly Spend |
|---|---|
| Loblaws | $640 |
| Other Grocery Stores | $160 |
| Gas | $200 |
| Restaurants | $150 |
| Recurring Bills | $300 |
| Travel | $100 |
| Others | $450 |
| Total | $2,000 |
Here are the annual rewards earned for each card.
The PC Mastercards in general fare well against the no fee cards. But against the other premium cards they don't. Even if you deduct the annual fees from them they're all still ahead.
Now let's look at only spending $1,000 per month.
Even here, the premium cards mostly out-earn the PC cards, even if you consider the annual fees.
Our no-fee cards fall in line with the regular and World version of PC cards, with only the World Elite version staying ahead.
And all this assumes a large portion of your grocery spend is at Loblaws. If that's not the case, you're likely better off with another card.
2. Insurance coverage
If you're comparing insurance coverage, here's the estimated dollar value of the insurance package for each card.
3. Annual fees
Here's the last one, with the annual fees for each card.
Our premium cards have standard annual fees for all the rewards, benefits, and insurance they provide.
Your thoughts on PC Financial Mastercards
PC Mastercards can provide a lot of value for not having annual fees. But unless you're a die-hard Loblaws shopper, you may be better off looking at other credit cards.
What are your thoughts on PC Mastercards? Any experiences to share?
Let us know in the comments below.
FAQ
What credit cards does PC Financial offer?
PC Financial offers 3 different Mastercards, All of them have no annual fee and varying income requirements. They are:
- PC Mastercard
- PC World Mastercard
- PC World Elite Mastercard
What are some benefits of PC Mastercards?
PC Mastercards do have some benefits. The biggest ones earn more rewards when shopping at Loblaws. Depending on the card, you'll also get access to basic World and World Elite Mastercard benefits.
What are some alternatives to PC Mastercards?
There are plenty of credit cards that earn bonus rewards when shopping at any grocery store. Some no fee cards include:
- Tangerine Money-Back Credit Card
- Tangerine World Mastercard
- CIBC Dividend Visa Card
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