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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

PC Financial


About bank

President's Choice Financial (PC Financial) is a private company headquartered in Toronto, Ontario, founded in 1998. PC Financial offers financial and banking services like credit cards, insurance, consumer banking, and banking machines.

President's Choice Financial is a subsidiary of Loblaw Companies Limited — one of the leading Canadian supermarket chains that started its history in 1919. Loblaw Companies has more than 2,400 stores across Canada. There are three wholly owned subsidiaries of Loblaw Companies with different key services and products: President's Choice Bank providing personal banking services and PC Financial Mastercard, PC Financial Insurance Agency Inc. for travel and pet insurance, and PC Financial Insurance Brokers Inc. for home and auto insurance.

Unlike traditional financial institutions, PC can't provide you with all banking services, but President's Choice Financial has developed technologies, features, and benefits that make it attractive for customers.


  • PC Financial is a subsidiary of a large chain of supermarkets; as a result, at all Loblaws-owned stores, you could get free access to a PC Financial ATM and use your PC Mastercard to purchase and earn or redeem points in eligible locations.
  • No annual fee banking account is provided directly by the President's Choice bank, but other financial services such as loans, mortgages, investments, and savings accounts are now offered by Simplii CIBC. These products were transferred to CIBC's new direct banking brand Simplii Financial effective November 1, 2017.
  • The PC Money Account is President's Choice Financial operating account linked to the PC Optimum points system and is based on Mastercard, operating exclusively on Mastercard's global payment network.
  • Impressive rewards are available through PC Optimum points, which could be collected with the help of President's Choice Financial Mastercard and PC Money account on everyday purchases and used online or in-store in eligible locations.
  • Online PC Financial banking account and PC Financial mobile application offer an ability to manage finances, make transactions, view accounts balances, access customer services, and save money on fees anytime worldwide.

    Pros and cons

    Let's start with this President's Choice Financial review and look through the benefits and drawbacks of the company.


    • No fees account

    • No annual fee credit card

    • All products are interrelated

    • Impressive rewards

    • Secure and convenient online and mobile accounts

    • 24/7 banking and support

    • Mobile App with a great rating and functionality


    • Bad customers reviews at Trust Pilot, BBB, and other resources

    • No chequing services

    • No branches

    • Insurance services aren't available all over Canada

    • No lending, investment, savings accounts, business services


    1. The PC Money Account is a daily purchasing account that can collect PC Optimum points and rewards. PC Money Account has free unlimited daily transactions, no monthly fees, and no minimum balance. It's managed online.

    2. President's Choice Financial Mastercard is the main President's Choice bank credit card with over 3 million cardholders. It allows you to earn PC Optimum points faster.

    3. Auto, home, pet, and travel insurances are available through partner insurance companies.

    4. PC Optimum points is a program with more than 18 million members, allowing users to earn points based on purchases at Loblaw Companies store locations, Shoppers Drugs Mart, Esso, Mobil, and PC Travel. You could redeem these points for food and other purchases via Mastercard in participating locations.


    1. Banking services are available through the PC Money account, a money spending account connected with other products and services of the digital banking company. For example, you could make transfers (including free e-Transfer services), pay bills, and make payments using an online account and mobile app.

    2. Credit cards are PC Mastercard services still provided by the President's Choice bank and linked with the reward program and mobile app services. There are three credit cards with different rewards and benefits to choose from.

    3. Loyalty and reward program services is a key service of President's Choice Financial Canada, connecting financial products, groceries, and other purchases.

    4. Insurance products imply insurance brokers and agency services working with different insurance companies.

    5. All services are provided 100% online through the online account and mobile app that are made to check the balance, monitor and provide transactions, see your spending habits, manage PC Optimus points, deposit cheques, locate an ATM or pavilion, get advice, and support when and where you need.


    Is President's Choice Financial legitimate?

    Yes, it's wholly owned by Loblaw Companies Limited, established in 1998, and consists of three subsidiaries: President's Choice Bank, PC Financial Insurance Brokers, and PC Financial Insurance Agency. It is listed on OPENGOVCA.

    Is President's Choice Financial mobile app available for iPhones?

    Yes, you could download the PC Financial mobile application for iOS from AppStore and Android from Google Play. Available for iPad, iPhone, or other smartphones. Also, you may use PC Financial Mastercard to pay with Apple Pay and Google Pay.

    Is Simplii the same as PC Financial?

    No, President's Choice Bank (the subsidiary of PC Financial) and CIBC have mutually agreed to end their business relationship in 2017. CIBC took over banking services (chequing, savings, and mortgages) under the Simplii Financial direct banking brand. Loblaw Companies continues to manage the PC Financial-branded Mastercards credit cards services and PC Plus loyalty program (now PC Optimum).

    Company documents

    PC Financial Mastercard Cardholder Agreement
    The PC Optimum™ Program Terms and Conditions

    We are the company who believes in the power of good.

    © PC Financial
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