Types of credit cards
All cards operate based on Mastercard services and with its benefits in any locations accepting Mastercard.
There is no monthly fee, but other fees and charges may be applied like cash advance, overlimit, dishonored payment fees, or balance transfer charge, which is, for instance, 1% of the transferred amount.
Standard rates are: The purchase interest rate is 20.97%, and the cash advance interest rate is 22.97%.
Default rates are: The purchase interest rate is 25.97%, сash Advance interest rate is 27.97%. Rates could be increased to basic if you exceed your credit limit, have any dishonored payments, or due to a review of your credit history or if you default, for example, for not making a minimum payment by the due date for two consecutive months.
A 21-day interest-free grace period on new purchases is provided.
You may freely add authorized users to get up to 3 additional credit cards to your family members and link them to earn more points.
You may find three types of PC Financial Mastercard credit cards:
PC Mastercard is a basic no, annual fee card that lets you earn PC Optimum points faster. For example, you could get up to 25 points per dollar at Shoppers Drug Mart or 10 points per dollar at Loblaw-owned stores and 30 pints per liter of gas at Esso and Mobil, 20 points per dollar with PC Travel, and 10 points per dollar for other purchases.
PC World Mastercard gives travel points for shopping: up to 35 points per dollar at Shoppers Drug Mart or 20 points per dollar at Loblaw-owned stores and 30 points per liter of gas at Esso and Mobil, 20 points per dollar with PC Travel, and 10 points per dollar for other purchases.
Extended warranty and concierge services are included.
PC WordElite Mastercard is a premium card with the highest requirements. However, you could get the most significant reward as well — up to 45 points per dollar at Shoppers Drug Mart or 30 points per dollar at Loblaw-owned stores and 30 pints per liter of gas at Esso and Mobil, 30 points per dollar with PC Travel, and 10 points per dollar for other purchases.
Insurance and concierge services are included.
How to apply
Visit PC Financial website, choose «Credit cards» at the side menu, and choose «Apply now.»
If you are a new user, choose «No, I'm brand new.» If you already have a PC Financial Mastercard or PC Money account, select «Yes, I have a card.» If you have an online banking account, you could apply through it or open one.
Provide the information about your purposes: how you will use your account and how to pay. And click the «Get started» button.
Read and submit an Application Disclosure Summary listing all the charges and conditions.
Fill out personal information, SIN, and credit card number from another financial institution (optional), contact, employment, and financial information.
You have an opportunity to add up to three authorized users to your account and earn PC Optimum points when they use their cards.
You may enroll to receive paperless electronic documents and link your existing PC Optimum card to your banking account by entering its number.
Review and submit the agreement.
After your application is approved, it takes about 5-7 business days to receive your new card.
Requirements
To qualify for PC Financial Mastercard, you should:
be a resident of Canada
the age of majority in your province or territory
provide your Social Insurance Number, which can help speed up the process
enter your PC Optimum number (optional) to link your account and start earning points. You can find it in the PC Optimum app.
provide the information about your occupation or employment status.
For President's Choice Financial World Mastercard: $60,000/year minimum personal income or $100,000/year minimum household income.
For President's Choice Financial World Elite Mastercard: $80,000/year minimum personal income or $150,000/year minimum household income.
Pros and cons
Pros
No annual fee
Rewards and benefits
Up to 3 additional cards for free to earn PC Optimum points together
Cons
Not the best interest rates
A lot of other payments may be charged
How to make a payment
You could pay your monthly credit card bill using bill payment or the Move Money feature with your PC Money Account:
Log in to your PC Financial mobile app or online account, click the «Pay and fund» button (the «+» on your mobile app), choose «Move Money,» and select your PC Money Account to transfer money from your PC Mastercard account as the account to transfer to. Next, enter the payment amount, date, and frequency. Finally, confirm and click «Send.»
If you don't want to pay online, use a telephone or bank machine or mail in: PC Financial Mastercard, P.O. Box 4405, STN A, Toronto, ON M5W 5Y6. It can take 7 to 10 business days for PC Financial Mastercard to receive payments through Canada Post.
Also, there is an option to pay in branches of the largest Canadian banks such as CIBC, HSBC, Scotiabank, RBC, and others. These financial institutions may charge a fee for the service. It may take up to 10 business days to reach PC Financial Mastercard.
