For Canadian shoppers seeking a credit card that caters to financial needs while rewarding spending, the PC Financial World Elite Mastercard stands out. As Canada’s inaugural no-annual-fee World Elite Mastercard, it offers a unique blend of benefits.
In this in-depth guide, we explore critical aspects, ranging from eligibility requirements to the advantages and potential considerations of this card. Whether you prioritize earning rewards on everyday purchases or value additional perks, this guide aims to provide valuable insights into the PC Financial World Elite Mastercard.
Key features at a glance
Prerequisites for qualification
To qualify for the PC Financial World Elite Mastercard, individuals must satisfy one of the specified criteria outlined in the application requirements:
- Minimum personal income of $80,000/year
- Minimum household income of $150,000/year
Approval is contingent upon credit assessment and fulfillment of additional eligibility criteria stipulated in the evaluation process.
Earning PC optimum points
One notable highlight of this card is its robust PC Optimum points system, offering substantial rewards. Here’s a detailed breakdown outlining the points you have the opportunity to accrue, enhancing the overall benefits and value proposition of the card for cardholders.
- Grocery stores: 30 points per $1 spent
- Esso Mobil: 30 points per liter
- PC travel: 30 points per $1
- Everywhere else: 10 points per $1
Interest rates
Understanding the financial consequences is essential. The standard interest rates are pivotal in this regard, and it’s important to note the following rates:
- Purchase Interest Rate: 21.99%
- Cash Advance Interest Rate: 22.97% (21.97% in Quebec)
- Interest-Free Grace Period: 21 days on new purchases
Additional benefits
The PC Financial World Elite Mastercard offers an array of supplementary benefits, such as:
- Travel emergency medical insurance: Coverage for trips up to 10 days for those under 65.
- Car rental collision/loss damage waiver insurance: Protection for rental cars.
- Identity theft assistant service: Assistance in avoiding or recovering from identity theft.
- Concierge service: 24/7 service for reservations, event tickets, and more.
Pros and Cons
Pros
- No annual fee: Unlike many premium cards, the PC Financial World Elite Mastercard doesn’t burden you with an annual fee.
- Generous rewards: The points system, especially for grocery purchases, offers substantial opportunities for earning.
- Additional benefits: From travel insurance to identity theft assistance, the card provides a range of valuable perks.
Cons
- Income requirements: The eligibility criteria may exclude individuals with lower incomes.
- Interest rates: While competitive, the interest rates are something to be mindful of, especially if you carry a balance.
How to Apply?
Applying for the PC Financial World Elite Mastercard is a simple process. Prospective applicants can easily submit their applications online via the official website, where they will provide essential personal and financial details. The straightforward application process streamlines accessibility for those seeking the card’s exclusive benefits and features.
Is It Worth It?
The ultimate question: does the PC Financial World Elite Mastercard live up to the hype? The answer depends on your spending habits and financial goals. If you frequently shop at affiliated grocery stores and can take advantage of the additional benefits, the rewards may make this card a valuable addition to your wallet.
However, if you’re not a frequent shopper or are looking for a card with lower income requirements, it might not be the best fit. In conclusion, the PC Financial World Elite Mastercard offers a compelling package of rewards and benefits, but as with any financial decision, it’s essential to assess your individual needs and financial situation before making a commitment.
About the bank
President’s Choice Financial is a Canadian brand that provides financial services. As a subsidiary of Loblaw Companies Limited, one of the country’s largest supermarket chains, President’s Choice Financial offers a diverse range of financial products, including savings accounts, credit cards, and loans.
One notable aspect of President’s Choice Financial is its association with the PC Optimum rewards program. Through this program, customers can accumulate points by making purchases at participating stores. These points can then be redeemed for discounts on future transactions.
Please note that details about President’s Choice Financial may have evolved since my last update in January 2022. For the latest information on this financial institution, it is advisable to consult more recent sources.
