Since the beginning of this blog, I have written about credit cards. As a general rule, I stick with credit cards that do not change an annual fee, but offer the best bang for your buck. For example, the best free cash back credit card in Canada offers 2% cash back on gas and groceries and 1% on everything else.
I generally stick with credit cards that offer generic rewards, like cash back, rather than rewards that are tied to a specific brand. However, today I want to share with you a store specific credit card that a regular reader pointed out in the comments. This card is the PC Financial World Elite MasterCard. While PC Financial has released credit cards in the past, this latest edition is almost too good to pass up (for those that shop at Loblaws and affiliated stores – see below).
With no annual fee, the World Elite MasterCard offers 3% return (30 PC points for every $1 spent, ie. 30 PC points = $0.03) on spending in their stores including Loblaws, Real Canadian Super Store (RCSS), Dominion (in NL), PC Mobile, No Frills and Shoppers Drug Mart. Also earn 30 PC points/litre (equivalent to $0.03/litre) spent at Esso (Supreme) and 20 PC points/litre ($0.02/litre) on all other grades of gasoline. Combine this with their existing PC Plus points program/app and it’s a compelling points system.
What about redemption? You can redeem PC points in store, minimum 20,000 PC points = $20 claimed towards groceries in store.
Here are the specs of the PC Financial World Elite MasterCard:
- No annual fee;
- 30 PC points per $1 spent (3% return) in their stores (Loblaws, RCSS, Dominion, No Frills, Shoppers, PC mobile);
- 30 PC points per litre for Surpreme gas at Esso, 20 PC points per litre for all other grades; and,
- 10 PC points per $1 spent everywhere else (1% return).
- Travel Emergency Medical Insurance (up to 10 days);
- Car Rental Collision Coverage;
- Purchase Assurance – in case of theft within 90 days; and,
- Extended Warranty – which doubles warranty of purchase up to an additional year.
- Minimum annual personal income of $70,000 or household income of $120,000.
- If you are under this minimum, then you will likely receive one of their downgraded cards.
- For a “World Elite” credit card, it could use some additional insurance coverage. I know that it’s free, but if it needs some more juice for this class of card.
- Again, the rewards are tied to the Loblaws brand. So this card will only benefit those who do most of their grocery shopping at a grocery store that sells Presidents Choice products.
As for the competition, I would say that in the free credit card space, the biggest threat is the Tangerine Money Back Card that offers 2% straight up cash back towards groceries (if you pick that category). While 2% return is obviously less than the 3% offered by PC Financial, the Tangerine card offers more flexibility where you can shop at any grocery store and it gives you 2% on two other categories.
In the Premium credit card space, the biggest competitor is likely the Scotia Momentum Infinite Visa. For $99/year, this card will offer you 4% cash back in groceries/gas, 2% at drug stores and recurring payments, and 1% on everything else. This card offers straight up cash back, which means that you can use the card at any grocery store that accepts Visa to obtain the 4% cash back. How much would have to spend on this card to make the annual fee worth it? $9,900 per year in gas/groceries.
Who is this card meant for? People that do most of their grocery shopping at Loblaws/Dominion/RCSS/ No Frills and Shoppers Drug Mart. Unless you already have a Scotia Momentum card, then this free PC Financial World Elite MasterCard should provide value for you.
As Dominion (called Loblaws outside NL) is the main grocery store that we use outside of Costco, this free World Elite MasterCard makes a lot of sense for us and is a core credit card in my wallet.
Combine this free credit card with PC Optimum points and it’s a no-brainer. We’ve already earned over $1,000 in free groceries using various strategies.
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