PC® World Elite® Mastercard® Review: Is It Worth It?

PC World Elite Mastercard perks

• Extra PC Optimum points. The cardholder I spoke to particularly liked the additional points you get with the PC World Elite Mastercard compared to the regular PC Optimum rewards card. For example, as a PC Optimum member, you get 15 points for every $1 you spend at Shoppers Drug Mart and Pharmaprix. The President's Choice World Elite Mastercard adds another 30 points per $1, giving you 45 points per $1 in total.
• Points appear immediately. The cardholder also mentioned that their PC Optimum points are credited to their account right after making an eligible purchase, so they can see and use their rewards without having to wait several days.
• PC Optimum promotions. Although these promotions aren’t exclusive to World Elite cardholders, you can stack promotional PC Optimum points with the additional points you earn on your card, helping you rack up rewards faster.
• No annual fee. The PC World Elite Mastercard has no annual fee, so you can earn additional PC Optimum points for free.
• Credit balance refunds are available. If you accidentally overpay your credit card or receive a refund that leaves you with a credit balance, you can request the money back.
• Purchase assurance. The World Elite Mastercard offers purchase assurance in the event of theft, damage or loss in the first 90 days as long as you paid in full with your card. The cardholder told me they lost a camera they purchased with their World Elite Mastercard and were able to get the entire cost of it back.
• Extended warranty. The card also doubles the manufacturer’s regular warranty for up to an additional year on eligible purchases.
• Referral program. If you refer your friends and they're approved for any PC Financial product and spend $100 within 60 days of opening their account, you'll earn 25,000 bonus points.
• Dispute transactions directly in the app. PC Financial’s mobile app has plenty of features, including being able to easily dispute transactions without needing to call customer service. The cardholder I spoke to has disputed a few transactions and always received their money back within a few weeks.
• Use points to pay your credit card balance. You can use points to pay down your credit card balance, but the redemption value is $7 per 10,000 points, compared to the normal redemption value of $10 per 10,000 points.
• Spending insights. With PC Financial’s app, you can see your daily, weekly and monthly spending, with breakdowns by categories like groceries, utilities and restaurants.
• In-app account controls. The app also lets you lock your card, report it as lost or damaged, set up automatic payments, add up to 4 cardholders for free and request a credit increase or decrease.
• Customizable notifications. You can set up notifications for activities such as new transactions, available credit, upcoming payment due dates and payments credited to your account.
• Travel benefits. The PC World Elite Mastercard includes emergency medical coverage for trips up to 10 days for cardholders under 65, plus collision damage and theft coverage for eligible car rentals.

Downsides

• Low standard rewards rate. If you’re not shopping at participating grocery stores, pharmacies or gas stations, you’ll only receive back in PC Optimum points.
• Limited redemption options. PC Optimum points can generally only be redeemed for eligible purchases at participating stores or toward your PC Financial credit card balance (at a lower redemption rate), limiting how you can use your rewards.
• High annual income required. To be eligible for the PC Financial World Elite Mastercard, you must earn $80,000 on your own or $150,000 as a household.
• Strict eligibility for the Payment Support Plan. PC Financial offers a Payment Support Plan that helps you cover your PC Financial credit card payments if you experience unexpected events such as job loss, disability or hospitalization. The cardholder I talked to is over 65 and retired, so they’re not eligible for the plan.
• Travel insurance not for seniors. The card’s travel emergency medical insurance is only available for those under 65, so again, the cardholder I spoke to isn’t eligible.
• High interest rates: The World Elite Mastercard has a purchase interest rate of 21.99% and a cash advance interest rate of 22.97% (21.97% in Quebec).

What is the PC Optimum program?

The PC Optimum program is Loblaw’s free loyalty program that lets you earn points when you shop at participating stores, including Loblaws, No Frills, Real Canadian Superstore and Shoppers Drug Mart, as well as gas stations like Esso and Mobil. 10,000 points typically equals $10, which you can redeem for things like gas, groceries, clothing and cosmetics.

If you have a PC Financial credit card, you can earn additional points and redeem them for a statement credit you can use to pay off your balance. However, 10,000 points currently provide $7 in statement credit.

What rewards does the PC World Elite Mastercard offer?

The PC World Elite Mastercard offers the following rewards on eligible purchases:

• 3% back in points at eligible grocery stores
• 3 cents back per litre in points at Esso and Mobil gas stations
• 4.5% back in points at Shoppers Drug Mart and Pharmaprix
• 3% back in points at Joe Fresh
• 1% back on dining, transit and everywhere else
• Plus, earn up to 10% back in points when you join the PC Optimum program

What are the eligibility requirements of the President’s Choice World Elite Mastercard?

To be approved for a President’s Choice World Elite Mastercard, you must:

• Be a Canadian resident
• Be the age of majority in your province or territory (18 or 19)
• Earn $80,000 per year on your own or $150,000 as a household
• Meet PC Financial’s credit and other approval criteria (not specified)

What are the required documents?

When you apply for the PC World Elite Mastercard, you need to provide your:

• Full name
• Date of birth
• Home address
• Phone number and email address
• Annual income
• PC Optimum number if you already have one
• Information about additional cardholders you want to add

Can I get the President’s Choice World Elite Mastercard with bad credit?

No, you can only get the President’s Choice World Elite Mastercard if you have good to excellent credit. PC Financial doesn’t publish a minimum credit score, but it does perform a credit check and says approval is based on your income, credit history and other financial information.

If you have a low credit score, you should consider credit cards for bad credit instead.

What’s the application process like?

You can apply for the PC World Elite Mastercard online by following these steps:

1. Go to PC Financial’s website or download the PC Financial mobile app and find the PC World Elite Mastercard.
2. Select Apply now and sign in if you already have a PC Financial account.
3. Read the Application Disclosure Summary and confirm that you’ve read it.
4. Input personal information like your name, date of birth, email address and phone number.
5. Enter your home address and state how long you’ve lived there and whether you rent or own your home.
6. Provide your employment details, including your employment status, occupation, employer and income.
7. Choose whether you want to add additional cardholders and enrol in the Payment Support Plan, which costs $0.99 per $100 of your current month’s statement balance.
8. Link your PC Optimum card if you already have one.
9. Review the terms and consents, then submit your application.