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PC Financial

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About Company

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 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 to customers.

PC Financial

Key Features

  1. Large Network. 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.

  2. Partnerships. 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.

  3. Rewards. 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.

  4. Online Mobility. 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

Pros

No Annual Fee on Credit Cards. PC Financial offers credit cards without an annual fee, providing cost-effective options for customers.

Points Redemption. The PC Optimum rewards program allows customers to earn points on purchases that can be redeemed at a wide range of participating stores across the country, enhancing the flexibility and value of the program.

Insurance Options. PC Financial provides insurance options, offering customers the opportunity to safeguard their assets and mitigate risks through various insurance products.

Cons

Limited Banking Offerings. PC Financial may have limited banking offerings compared to traditional banks, potentially resulting in fewer options for customers seeking comprehensive banking services.

Lacks Introductory Benefits. Unlike some other credit card providers, PC Financial may not offer introductory benefits such as bonus points for new cardholders, potentially missing out on attracting customers looking for immediate rewards.

Requires Spending at Specific Stores. To maximize the benefits of the PC Optimum rewards program, customers may need to spend at specific stores affiliated with the program, limiting flexibility for those who prefer to shop elsewhere.

President's Choice Financial Requirements

To be eligible for PC Financial, you must fulfill certain criteria. Firstly, you need to be a resident of Canada. Additionally, you must have reached the age of majority in your province or territory. It's important to note that your application is also subject to credit approval by PC Financial's direct banking division. These requirements are intended to ensure that individuals who sign up for PC Financial products are responsible and capable of managing their finances effectively.

Access on the Go

In the app or online banking portal, you can check your balance and review recent transactions effortlessly, ensuring you stay up to date with your account activity. Moreover, you have the capability to monitor your spending habits and track average spending trends, providing valuable insights into your financial behaviors on a daily, weekly, or monthly basis.

Another notable feature is the ability to access your total PC Optimum™ points balance at any time. You can view the points you've earned from your transactions and determine how much you can redeem for free essentials at Loblaw banner stores and Shoppers Drug Mart, maximizing the benefit of your points.

Additionally, the app and online banking portal allow you to take proactive measures to secure your account. You have the option to lock or replace your card if it's lost or stolen, providing peace of mind and security for your finances.

Furthermore, managing your money from anywhere is made simple with PC Financial's mobile tools. Whether you're at home or on the go, you have full control over your finances at your fingertips.

Lastly, PC Financial offers seamless payment options through Google Pay and Apple Pay, allowing you to make transactions with ease and convenience wherever these payment methods are accepted. This integration enhances your overall banking experience, providing flexibility and accessibility in how you choose to pay for your purchases.

PC Financial Products

  1. Account. 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. Credit Cards. 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. Insurance. Auto, home, pet, and travel insurances are available through partner insurance companies.

  4. Rewards. 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.

PC Financial Services

  1. Banking. 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. Loyalty and Reward Programs. The key services of President's Choice Financial Canada are loyalty and reward program services, connecting financial products, groceries, and other purchases.

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

  4. Online Access. 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.

Which associations does PC Financial belong to?

PC Financial, as the financial service brand of Loblaw Companies, maintains membership in the Canadian Deposit Insurance Corporation (CDIC). This membership provides an added layer of security and assurance for customers, as CDIC coverage protects eligible deposits in case of a member institution's failure. As a result, customers can have peace of mind knowing that their deposits with PC Financial are safeguarded up to the coverage limit provided by the CDIC.

Bank Reliability

PC Financial is recognized as a reliable financial service provider within the Canadian banking landscape. As a division of Loblaw Companies, one of Canada's largest and most established retail corporations, PC Financial benefits from the strength and stability of its parent company. Additionally, being a member of the Canadian Deposit Insurance Corporation (CDIC) adds further reassurance to customers, as it ensures that eligible deposits are protected in case of unforeseen circumstances.

Editorial opinion

PC Financial, with its headquarters rooted in the Canadian financial landscape, offers a range of banking products and services tailored to the needs of the everyday person. Whether it's managing transactions seamlessly through their website or unlocking bonuses linked to spending habits, PC Financial strives to simplify the financial life of its customers. While some may find the waiting period for certain transactions to be slightly longer than expected, the dedication of PC Financial's employees to providing assistance and resolving issues ensures that customers can navigate their banking settings with ease. With a focus on providing transparent details and offering valuable bonuses, PC Financial remains a solid option for those seeking straightforward banking solutions.

Additional Resources

Sources

FAQ

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).

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Financial products
Rating by Finanso®
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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.

Recommended FinScore™
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Effective interest rate on the product

20.97% - 22.97%
Rating by Finanso®
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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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.97% - 22.97%
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.97% - 22.97%
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.97% - 22,97%
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Rating by Finanso®
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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.

Recommended FinScore™
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Effective interest rate on the product

19.75% - 21.49%
Rating by Finanso®
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Effective interest rate on the product

19.99% - 22.99%
Rating by Finanso®
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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.

Recommended FinScore™
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from $5,000
Rate
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Effective interest rate on the product

19.99% - 22.99%
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

20.99% - 22.99%
Rating by Finanso®
i

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.

Recommended FinScore™
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300
650
1000
Rate
i

Effective interest rate on the product

21.99% - 22.99%
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