What the Card Offers
PC Financial markets the PC World Elite Mastercard as its highest-earning no-fee card with built-in insurance: 3% back in points at its grocery stores, 4.5% at Shoppers Drug Mart, at least 3¢ a litre on gas, travel medical and rental car coverage.
- $0
No annual fee1
No annual fee. Requires $80,000 personal or $150,000 household income.
- 3%
At PC Optimum grocery stores2
30 points per $1 at participating Loblaw banner grocery stores and Joe Fresh.
- 4.5%
At Shoppers Drug Mart3
45 points per $1 at Shoppers Drug Mart and Pharmaprix, including the 15 points every PC Optimum member earns.
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- 50,000
Welcome points4
50,000 PC Optimum points ($50) after you spend $100 at participating PC Optimum stores within 60 days.
- 3¢/L
At Esso and Mobil5
At least 30 points per litre of gas at Esso and Mobil stations in Canada.
- $1M
Travel emergency medical6
Up to $1,000,000 per person for the first 10 days of a trip, for travellers under 65.
- 31 days
Rental car collision cover6
Collision and theft cover on rental cars for up to 31 days when you decline the agency's waiver.
- $10
Per 10,000 points7
Redeem 10,000 points for $10 off purchases at participating stores.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (7)
- PC World Elite Mastercard product page (retrieved 2026-10-19)
- PC World Elite Mastercard product page, footnote 2 (retrieved 2026-10-19); PC Optimum points earning rates and rounding rules for PC Financial payment cards (retrieved 2026-10-19)
- PC World Elite Mastercard product page, footnote 5 (retrieved 2026-10-19)
- PC World Elite Mastercard product page, footnote * (retrieved 2026-10-19)
- PC World Elite Mastercard product page, footnote 4 (retrieved 2026-10-19)
- PC World Elite Mastercard product page (retrieved 2026-10-19); PC Financial World Elite Mastercard Certificate of Insurance 50348390 (03/21)
- PC World Elite Mastercard product page, footnote 3 (retrieved 2026-10-19)
Points & Redemption
Rates: PC Optimum Program Terms & Conditions, s. 4 (current as of August 1, 2026); PC World Elite Mastercard product page, footnote ‡ and "Pay down your balance with points" (retrieved 2026-10-19). The CardTruth estimate is our own valuation, not a rate stated in the terms. It assumes the redemption described above; most other options return less.
The Fine Print Report
Light fine print for a no-fee card with useful insurance.
PC Financial picks the card tier, not youImpact level: Medium
You can't apply for the PC World Elite Mastercard directly: PC Financial decides which no-fee card you get
There is one application for all three no-fee PC Mastercards. PC Financial evaluates it and approves you for the PC Mastercard, PC World Mastercard or PC World Elite Mastercard, based on income, credit history, account use and other financial information. Applying confirms you consent to a lower card if you don't qualify for a higher one.
Why it matters: You may end up with a card that earns less than the PC World Elite Mastercard you applied for. Eligibility for the higher tiers can also change later.
3% only at Loblaw-family storesImpact level: Medium
The 3% grocery rate applies only at Loblaw-owned stores; other grocers earn 1%
The card earns 30 PC Optimum points per $1 (3%) at participating Loblaw banner grocery stores and Joe Fresh. Every other grocery store, and everything else outside PC Optimum stores, earns the base 10 points per $1 (1%).
Why it matters: The card only beats a general cash back card if most of your grocery shopping is at stores that take PC Optimum.
Advertised rates include points anyone getsImpact level: Medium
Part of the advertised Shoppers and gas rates is earned by every PC Optimum member, whatever card they use
The page advertises 4.5% back in points at Shoppers Drug Mart and Pharmaprix. Of that, 15 points per $1 (1.5%) is the base rate every PC Optimum member earns, so the card itself adds 3% (30 points per $1). Likewise, the gas rate counts 10 points per litre that every member earns at Esso and Mobil.
Why it matters: When comparing this card with others, count only what the card adds. Paying at Shoppers with any card and scanning your PC Optimum card still earns the 1.5%.
Travel medical: 10 days, under 65 onlyImpact level: Medium
Travel medical covers only the first 10 days of a trip, and nobody 65 or older
Emergency medical insurance pays up to $1,000,000 per person, but only for the first 10 consecutive days of a trip and only for people under 65 (coverage ends if you turn 65 during the trip). Conditions with symptoms, treatment or medication changes in the 180 days before departure are excluded.
Why it matters: On a 2-week trip, days 11 to 14 aren't covered. Buy separate coverage for longer trips or if you're 65 or older.
You may be approved at 26.99%, not 21.99%Impact level: Medium
The advertised 21.99% isn't guaranteed: you can be approved at 26.99% on purchases instead
PC Financial approves each account at either the Standard rates (21.99% on purchases, 22.97% on cash advances) or the Basic rates (26.99% and 27.97%), based on its assessment of your creditworthiness. You find out which after approval. The Basic rate isn't offered in Quebec.
Why it matters: If you carry a balance, the rate on your approval letter matters more than the one on the product page. Check it before you rely on the card for borrowing.
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2 missed payments in a row: 26.99%Impact level: Medium
Two missed payments in a row raise the rate on your whole balance to 26.99%
If you don't make the minimum payment by the due date for two consecutive months, the Default rates of 26.99% on purchases and 27.97% on cash advances apply to your entire unpaid balance. Separately, after a review of your account use (for example going over your limit or a dishonoured payment) or your credit report, PC Financial can raise your rates to 26.99% and 27.95% with notice. The documents don't say when either rate returns to normal.
Why it matters: Set up automatic minimum payments. A rate increase applies to everything you owe, not just new purchases.
2.5% FX fee, kept even when refundedImpact level: Medium
Foreign currency purchases cost 2.5% extra, and the fee isn't returned on refunds
Purchases and cash advances in a foreign currency are converted at Mastercard's rate plus a 2.5% markup. When a foreign purchase is refunded, 2.5% is deducted from the refund as well, and the markup on the original purchase isn't returned. The agreement says you are responsible for any difference.
Why it matters: Every $1,000 spent in a foreign currency costs about $25 in fees, and a returned foreign purchase can cost about the same again.
Default: can take money from other accountsImpact level: Medium
In default, PC Financial can take money from your other accounts with it or its affiliates without notice
If you default (for example by missing two minimum payments in a row), PC Financial can require the full balance, and can offset it against any other balance or account you have with it or its affiliated companies without telling you first. It can also close or suspend the account at any time without notice.
Why it matters: If you also bank with PC Financial (the PC Money Account) or its affiliates, an unpaid card balance can be taken from that money directly.
Points on your bill: $7 per 10,000, not $10Impact level: Medium
Points used against your card balance are worth $7 per 10,000, not the $10 they're worth in store
10,000 PC Optimum points are worth $10 on purchases at participating stores, but PC Financial's statement credit pays $7 for the same 10,000 points. A statement credit also isn't a payment: you still have to make the minimum payment by the due date, even if the credit brings your balance to $0. Once made, a redemption can't be reversed.
Why it matters: Redeeming 100,000 points against your balance gets you $70 instead of $100 at the till. Spend points in store unless you need the credit.
Welcome offer: $50 in pointsImpact level: Low
The 50,000-point welcome offer is worth $50 and needs $100 spent at PC Optimum stores within 60 days
The welcome bonus is 50,000 PC Optimum points, worth $50 at participating stores. You must spend $100 at Loblaw banner grocery stores, The Mobile Shop, Joe Fresh, Shoppers Drug Mart, Pharmaprix, Esso or Mobil within 60 days of approval. It's for new accounts only, applications by December 31, 2026, and points take 4 to 6 weeks to arrive.
Why it matters: Easy to earn, but small: $50 is less than many no-fee cards offer.
10,000-point steps; leftover value is lostImpact level: Low
Points can only be redeemed in 10,000-point steps, and the leftover value of a step is lost
PC Optimum points are redeemed 10,000 at a time ($10), up to $500 per transaction. If you redeem a step worth more than what's left of the bill, the difference is forfeited, for example redeeming $40 of points on a $37 purchase loses $3.
Why it matters: You need 10,000 points before you can use any of them, which on the base rate means $1,000 of card spending outside PC Optimum stores.
45 days to use points after closingImpact level: Low
Close your last PC Financial card and you have 45 days to use or move your points
If a PC Financial card is your only link to the PC Optimum program, closing your last PC Financial account gives you 45 days to redeem your points or add another card to your PC Optimum account; after that, the points may be forfeited. Points don't expire, but PC Optimum can close an account with no earning or redemption activity for 2 years.
Why it matters: Redeem or link a PC Optimum card before closing the credit card.
Earn is rounded down; some items excludedImpact level: Low
Purchases are rounded down to the dollar, and some purchases earn no points
Points are calculated on the purchase amount rounded down to the nearest dollar, so a $9.99 purchase earns points on $9. The PC Optimum terms exclude tobacco, lottery tickets, alcohol, gift cards, prepaid cards and transit passes from earning or redeeming points, and returns deduct points at the card's earn rate on the day of the return.
Why it matters: Small and excluded purchases earn less than the advertised percentage suggests.
Cash-like purchases: 1% fee ($5–$10)Impact level: Low
Wire transfers, money orders, lottery tickets and casino chips carry a 1% fee
Transactions the merchant identifies as cash-like, including wire transfers, money orders, traveller's cheques, permitted betting, lottery tickets and casino chips, are charged a cash equivalent fee of 1% (minimum $5, maximum $10). They are treated as purchases otherwise.
Why it matters: A $20 purchase that the merchant flags as cash-like costs $5 in fees.
Rental cover: 31 days, cars up to $65,000Impact level: Low
Rental car cover stops at 31 days and excludes vehicles over $65,000
Collision and loss damage cover applies when you charge the full rental to the card and decline the agency's waiver. A rental longer than 31 consecutive days isn't covered at all, not even for the first 31 days. Vehicles with an MSRP over $65,000, most vans, and exotic vehicles are excluded.
Why it matters: Check the vehicle class and rental length before declining the agency's coverage.
Who This Card Is For
Great fit if you...
- Buy most groceries at Loblaw-owned stores
- Shop at Shoppers Drug Mart often
- Take short trips under age 65
- Want no annual fee
Consider alternatives if you...
- Grocery shop elsewhere
- Carry a balance
- Travel for more than 10 days
- Make foreign-currency purchases
Welcome Bonus History
PC World Elite Mastercard Welcome Bonus History
The Verdict
The PC World Elite Mastercard has no fee, earns 3% in PC Optimum points at Loblaw-owned grocers, Shoppers Drug Mart and Joe Fresh, and adds short-trip travel medical and rental car cover.
You can't choose this tier, other grocers earn 1%, points are worth 30% less as a statement credit, and travel medical stops after 10 days.
The Recommendation: One of the better no-fee cards for Loblaw and Shoppers shoppers who qualify for it.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer