PC Financial World Elite MasterCard Review

Annual Fee
Purchase Interest Rate
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
No Annual fee.
30 PC points per dollar spent at Loblaw banner stores, Shoppers Drug Mart, Pharmaprix, PC mobile & PC travel services.
10 PC points everywhere else.

The PC Financial World Elite Mastercard is the richest no annual fee rewards card on the market if you shop at Loblaw banners stores or Shoppers Drug Mart. But even if you don’t, the PC Financial World Elite Mastercard is worth getting just for the free 10 day travel medical insurance alone – with no fee, it’s completely free – and worth a ton!

PC Financial has done a great job making its rewards program transparent. Every 10,000 PC points is worth $10 in free groceries. You get 30 PC points per $1 spent in Loblaw stores, Shoppers Drug Mart, Pharmaprix, pctravel.ca and PC mobile, which provides you with the equivalent of a 3% cash rebate when redeeming against your groceries.

With so many cash back credit cards offering extra cash back on grocery purchases, we compared the PC Financial World Elite Mastercard rewards rate to every no-fee cash back credit card in Canada from RBC, BMO, CIBC, TD, Scotia, MBNA, and Tangerine. None (except for short promo periods) beat PC Financial’s 3% earn rate. The next best earn rate for a no fee cash back card for grocery purchases is 2%.

PC Financial World Elite MasterCard Review:

1. No Annual Fee: The PC Financial World Elite Mastercard comes with no annual fee. Not only are you getting an elite level rewards rate of 3% when redeeming for groceries, you’re also getting elite level benefits such as travel medical insurance with no annual fee. 

2. Earning Rewards: The PC Financial World Elite Mastercard offers:

  • 3% rewards rate at participating Loblaw banner stores and Shoppers Drug Mart (30 PC points per $1 spent)
  • 3% rewards rate on PC mobile and PC travel purchases (30 PC points per $1 spent)
  • 3 cents per litre in bonus PC points for premium fuel at Esso, 2 cents per litre for regular gas
  • 1% rewards rate on all other purchases (10 PC points per $1 spent)

You can earn a 3% rewards rate at all participating Loblaw banner stores including Loblaw, Provigo, Real Canadian Superstore, Shoppers Drug Mart, Pharmaprix, Zehrs, Maxi & Cie, No Frills, Atlantic Superstore, Fortino’s, valu-mart and others.

3. Redeeming Rewards: One of the things we love about this card is how easy PC Financial makes it to redeem your rewards. Once you have a minimum of 20,000 PC points, simply present your card at the cash, and ask the cashier to redeem your points and deduct $20 from your grocery bill. Do it as often as you’d like.

4. Free Travel Medical Insurance: For no annual fee, the PC Financial World Elite Mastercard is a GREAT opportunity to get free travel medical insurance for you, your spouse and your dependents, if you travel a few times a year, or even shop over the border. It’s the only no-fee credit card we know of in Canada that offers travel medical insurance.

The travel medical insurance covers you and your family for up to $1,000,000 for 10 days (65 years and younger). That covers you whether you travel out of province by plane, train or automobile.

5. Premium Benefits: The card also comes with free car rental insurance, free purchase assurance in case of theft, loss or damage in the first 90 days after you buy an item with your card and free extended warranty that doubles the manufacturer’s regular warranty for up to an additional year on items purchased with your PC Financial World Elite Mastercard.


Although not officially a cash back credit card, because PC Financial allows you to redeem your rewards for a cash rebate on your groceries, we consider it a “cash equivalent” rewards card and better than the best cash back carsd in Canada with no annual fee if you shop at any Loblaw banner store or Shoppers Drug Mart.

But even if you’re not currently a heavy Loblaw or Shoppers Drug Mart shopper, the PC Financial World Elite Mastercard is worth getting just for the free 10 day out of country travel medical insurance alone.

With no annual fee, this card is ideal for those looking to pair it with other rewards credit cards to maximize their cash rebates. Use the PC Financial World Elite Mastercard for all your grocery and pharmacy shopping at Loblaw stores to earn your 3% cash rebate, and pair it with another no-fee cash back card that gives you 2% in other categories like restaurants, recurring spend & travel.

With no annual fee, there’s no cost to playing the rewards game, and earning elite level rewards across most of your credit card spend.

Article comments

Michele says:

I’ve had a PC card for 10 years and the World Elite for the last year. I loved the card because I could redeem points for gas. Now that they’ve taken that away I have all these points that keep accumulating that I don’t know what to do with. I don’t buy groceries or anything from PC Financial’s affiliates. I do purchase stuff from Shoppers but not enough. I buy all my groceries and items from small independent health food stores and grow a lot of my own food. So, I’m looking for another card to compliment or replace this one that will give me cash back fairly quickly (ie free gas card) at a rate of return that’s complimentary to this card. Any suggestions?

The GreedyRates Team says:

Greetings Michele,

We totally understand why your PC card isn’t ideal for your situation. With few expenses from grocery purchases (it’s awesome that you grow your own food!) and nothing to spend rewards on, you’re much better off with a card that reduces your gas costs over anything else. We think you should cancel your PC card, but not before spending those accumulated points on something—anything—just to get your value out of it.

The Triangle World Elite Mastercard could be a good option if you spend a lot of money at Canadian Tire, whether on merchandise or to fill up your tanks. You’ll earn 4.00% in Canadian Tire Money, which can then be spent at Canadian Tire in return. There’s also the benefit of earning 7 cents back per litre on gas at Canadian Tire, and 5 cents back per litre elsewhere.

The Scotia Momentum Visa Infinite Cash Back card is another great option, which offers 4.00% cash back (an industry-best rate) on all gas and grocery purchases, 2.00% on recurring bill payments, and 1.00% everywhere else. If you’re into cash back, there are a lot of cards that will be relevant for you. We recommend checking out this page and browsing the cards that offer cash back on gas specifically.

The GreedyRates Team

Joe says:

I can’t seem to find any info on this but, would they allow you to purchase a pre-paid Visa or Mastercard with the points? This would be a way to use the points for other purchases and not just for just groceries at their affiliates.

The GreedyRates Team says:

Hi Joe,

We did a little digging on this matter for you and discovered that our initial inklings about the card were correct. In our experience, issuers discovered the trick of using points for gift cards and other prepaid cards a long time ago–and put a stop to it unless explicitly stated otherwise. PC Optimum is no exception, and the fine print of the program has this to say:

“PC Optimum points cannot be earned or redeemed for any of the following: (i) the purchase of tobacco, lottery tickets, or alcohol, (ii) deposits (e.g., a water bottle deposit, as it is not a purchase), (iii) gift cards, prepaid card products and wireless or long distance phone cards, (iv) transit tickets and passes, event tickets and post office transactions; (v) passport photos, (vi) cash back, (vii) gifts with purchases, [and] (viii) delivery charges.”

Hope that helps!

Judy says:

I have had the PC Financial World for years, but would like to get the World Elite. Do you know how sticky they are on the $80,000 minimum income?

GreedyRates says:

Hi Judy! Thanks so much for your excellent comment. PC Financial states on their website that the minimum annual income you need to achieve eligibility for the World Elite card is $80,000. In practice, it works differently. The requirement of $80,000 is somewhat flexible for applicants who can demonstrate excellent credit and other considerations that PC doesn’t publish. PC is particularly favorable toward current PC customers that want to upgrade to the World Elite, even if they don’t make the income requirement.

Approach the situation by calling PC and merely inquiring about the World Elite card. Tell them your account details and that you’re a happy customer, but are curious about the World Elite card’s benefits. They’ll fill you in and likely offer the upgrade.

GreedyRates Staff

Amal De Silva says:

it’s really hard to track them as for that you should go to you pc Optimum account, and it’s absolutely not clear for which transaction you receive . I suggested to customer service that we should see the points next to you PM MasterCard transaction – the most transparent way!


I’ve been using this card for several years already and just took for granted that i received all the points i was promised. Now i checked recent transactions and found out that i just do not received points for some transactions. I asked for support and was granted some points. But the problem remains. A week later i found out that again i miss points. And it’s really hard to track them as for that you should go to you pc Optimum account, and it’s absolutely not clear for which transaction you receive . I suggested to customer service that we should see the points next to you PM MasterCard transaction – the most transparent way!

Amal De Silva says:

Agreed …!

Joe says:

It looks like i could give up my fee mbna world elite, giving 2 per cent in favour of a combination of pc mastercard giving three per cent for groceries and possibly gas at esso, and tangerine, with which you could target a few areas for higher cash return. What are your thoughts on this strategy?
Thanks joe

GreedyRates says:

Hey Joe! Thanks for your comment. The strategy that you’ve outlined is pretty solid. If you aren’t a fan of higher annual fees, the combination of the PC Mastercard and the Tangerine card would satisfy your preferences and also give worthwhile rewards. Essentially, with groceries and possibly gas covered by the former card, you can choose between 2 and 3 different categories for 2.00% cash back with the Tangerine card, thereby getting big rewards on whatever you purchase. We say go for it, but request that you let us know how effective your strategy is after a few months. If you’ve found a more pertinent combo, perhaps we’ll put it in one of our articles so other readers can take advantage!

You can learn more about the Tangerine card by reading our full Tangerine Money-Back Card review.

GreedyRates Staff

Peter Johnson says:

It is so frustrating trying to get my points since the change over last month….i hope the person in charge of this makes sure to go back and compensate people for this blunder.Im out lots of points,I thought they could automatically figure this out but for some reason they can’t.

JM says:

In March 2017, some posters indicated that they were not receiving points equal to the 3% when shopping at No Frills. I’m considering this card, and currently use the TD Cash Back Visa, which gives me 3% on grocery purchases. I have to purchase gift cards at Zehrs to use at No Frills, as the latter doesn’t accept Visa. Using the PC WE mastercard would eliminate this, but I’m not signing up if the return would be less than 3%. Did anyone conclude if items purchased with points offers from PC points only yield 1% as was suggested in the post from March? It seems like a reasonable policy to eliminate double dipping (points offer + 3% cashback), however, it would be a deal-breaker for me.

JM says:

To answer my own question on this, I got the card about a month ago and have been watching my points carefully to verify the 3%. I’ve only the used the card at Loblaws stores, and can confirm that after nine transactions at Zehrs and No Frills, my points earned represent exactly 3% of my spend. This is despite earning about 180,000 additional points through regular, in-store and special offers. It appears that the 3% is legit and isn’t affected by other points offers as previous posters had suggested.

Mike says:

One of the biggest perks you fail to mention is the PC Points on gas purchases. If you use Loblaws gas stations found at most larger stores you get 7 points per litre. That’s by far the best return from any gas station. And they have an agreement with Esso in Western Canada there’s 3 points per litre cash back using the card.

GreedyRates says:

Wow, thanks Mike! It’s great that readers like you notice further bonuses that we don’t. This is why we encourage people to come and post their experiences with the cards we review. We’ll be sure to take your findings into account for the future! Thanks again.

GreedyRates Staff

Sandra says:

Does the pic elite card cover travel insurance

GreedyRates says:

Hey Sandra, thanks for your question! The PC Financial World Elite card does have 10 days of travel medical insurance – an excellent length of coverage that is one of the best in the industry. In fact, it’s the only no-fee card that offers such a great deal. For other kinds of travel insurance like rental car, trip cancellation or flight delay, there are other cards that you should look at, like the BMO World Elite. If you have any other questions, just ask. Thanks!

GreedyRates Staff

Tracy says:

One thing people need to know about this card is if you miss one payment, even if you are customer who has been with this company for many years and always paid on time, they will freeze your credit until you make a payment. Even if you are no where near your credit limit. I missed one payment and when I went to use the card to buy airline tickets that were on sale I couldn’t access my card. I missed out on the seat sale and now I am looking at having to pay an extra $500.00 per seat at the current prices. They didn’t even call or send me an email to let me know that I had missed the payment they just froze the account. I will be cancelling the card as soon as I use up the points that I have built up.

Judi Luft says:

I have just cancelled my PC MasterCard as I was having trouble getting it 2 work. When called in was told my limit was lowered. I pay it off every single month but was told I have bad credit. Advised me to call credit bureau. When I replyed I shouldn’t have to chase the credit bureau, representative kept repeating same thing over & over. Had trouble understanding her with the accent. Great benefits but if that’s how they treat loyal customers that pay their card off every month…just on the principal alone I’m done with them.

Tah says:

has anyone made a claim using PC world elite free medical travel insurance? My spouse is concerned free insurance won’t turn out to be reliable once a claim is made. any experience with dealing with them for a claim?

spen says:

Pretty sure it’s the same coverage as all Mastercard World Elite programs. I think the insurance is through Mastercard, not through PC.

Rob says:

I was just approved for the card. I noticed the min. annual spend is $25K. Wondering what will happen if I fall short of spending the min. annual amount.

Beth says:

From what I understand, you could literally spend no money on the card and the worst they can do is either cancel the card, or charge you a $10 fee. We were concerned about the same thing, but after looking into it, there are no actual penalties (well, except the $10).

Howard says:

Good evening,

Thank you for the great and detailed reviews, very highly appreciated.

I applied for and just used the PC World Elite Mastercard at No Frills. Although the pre-tax bill amount was $136.30, the points earned did not reflect 3% – I earned 3561 points. At the 30 PC points per $1 spent that their website suggests, I expected 4089 points. Not sure where it is buried in the fine print, so I sent an inquiry to PC Financial, now awaiting their response.

Have you or any of the readers had similar experiences? If so – are there exceptions to the 3% earning rate? Any official response from PC Financial? Or did I simply miss something in the fine print, after all?

Looking forward to your input.

Thank you,


GreedyRates says:

Hi Howard,

That shouldn’t be the case. You should have earned the full 4089 points. There was an online breach of PC Plus accounts, as reported in the news in late February, where points were stolen from individual PC Plus accounts. We’d recommend you call PC and report your discrepancy to determine the cause and possible recourse.

Hope that helps,

GreedyRates Staff

Jaclyn says:

Hi Howard,

I am experiencing the same thing when shopping at No Frills. My reward points do not reflect the 3%. Did you receive a response from PC Financial?

I noticed something in the fine print indicating “Any bonus PC points offers available to all PC Financial Mastercard customers are calculated based on the regular earnings rate of 10 PC points per dollar spent.” I’m not sure how to interpret this, but perhaps if any items on the receipt were eligible for bonus PC point offers, then the points accumulated would be 1% for those items? That is just a guess at this point.



Jay says:

Hi Howard,

I experienced the same issue. I called the PC to enquire about this after my first few purchases after receiving the credit card. The staff was not able to answer my questions related to points award and discrepancy. Frustrated enough I thanked the staff and disconnected.

Please share your experience/answer from PC.


ta says:

you only earn 3% if you shop at a loblaws stores (superstore, loblaws, shoppers, etc) I don’t think no frills is a loblaws store.

Michele says:

No frills is part of the Loblaws banner stores

Peter R says:

The PC Financial World Elite MasterCard looks like a great deal for benefits such as the free 10 day out of country travel medical insurance with no annual fee. 
Does this travel insurance cover PRE EXISTING medical issues also ?

GreedyRates says:

Hi Peter,

From our reading, and we would advise you to read it yourself, it seems that Pre-Existing Medical Conditions are not covered. A pre-existing condition is defined in the PC Financial Wrold Elite MasterCard certificate of insurance as follows:
“Pre-existing Condition means any Medical Condition for which symptoms appeared or for which an Insured Person sought the attention of a Doctor, had investigated, diagnosed or treated, had treatment or further investigation recommended, or for which medication was prescribed or altered, in the 180 days prior to the Trip departure date. A Pre-existing Condition does not include a Medical Condition which is controlled by the consistent use of medications prescribed by a Doctor, provided that, during the 180-day period, before the Insured Person’s departure, there has been no other treatment or investigation recommended and there has been no change in medication. A new medication or increase/decrease in dosage constitutes a change.”

Hope that helps!

GreedyRates Staff

Robert Levi says:

Thanks for your insight as always. I have been reading many of your posts & I am amazed at the knowledge I am gleaning from all your advice to people. Keep up the great work.

Regarding BMO , If I cancel, which I need to do as the renewal fees just kicked , i only have 90 days to redeem points before they expire & at present do not have any travel plans. Can you redeem for anything else ? (gift cards, electronics etc….).

I am contemplating getting the West Jet Master Card. However, if I am using other cash back Master Cards PC World Elite at Loblaws stores, Tangerine for gas & a few other places etc..) Even though there is a sign up bonus, Is it still worthwhile if I am not sure I will use the companion ticket ? (similar to the example given in your post) . The annual fee of $100 knocks down the $250 West Jet dollars to $150 which is a fraction of the cheapest short haul flight (i.e.Toronto- New York) . How much $ would need to be spent to get $300 West jet dollars. This is where it gets tricky on how to divide your spending. Use it on travel rewards or cash back?

Lastly, would you know if there is any way to apply & get US based credit cards? They have great sign up bonuses on a lot of their cards. Their applications usually require a Social Security # (which I have ) & can have access to a U.S. address.



GreedyRates says:

Hi Robert,

Thanks for the kind words Robert! Share our site with your friends on facebook!

First, yes you can use your BMO rewards to redeem for more than just travel. Check out the other items available for redemption in their catalogue here.

The nice thing about WestJet rewards is that you can do partial redemptions, so you can use the 250 Westjet dollars against a $400 flight, and pay the $150 balance out of pocket.

Some have been known to be successful if you’ve ever had a US social security number and a US address as well. We have a few of those people in our office! It might be easier to get approved with a store card first (Macy’s or Gap), then once oyu build a U.S. credit history start migrating your way up to US cards with heftier rewards.

GreedtRates Staff

Robert Levi says:

Hi . Great stuff as always. I have had a U.S. Citi Visa card for about 25 years, so I probablly have the credit rating needed, as well as S.S. # & US address. However i find it difficult applying online for these cards , as the income section is difficult to fill in being that they usually ask for address of employment etc… I guess I can try.

Can the BMO world elite points be transferred to Aeroplan or the like?

With West Jet , I see what you are saying, but in reality it is only $150 (still a nice amount) after the annual fee.


GreedyRates says:

Hi Robert,

1. Unfortunately no, you cannot transfer your BMO Rewards to Aeroplan.
2. Yes, you’re correct, with WestJet, the welcome bonus, after netting out the annual fee is only $150, which isn’t bad. What makes the WEstJet card is the companion ticket and the free bags. Awesome card for travelling couples and families.

GreedyRates Staff

Robert Levi says:


1. I Guess we need to redeem for gift cards.
2. I am eager to apply for the various new credit cards , being that I will be cancelling the BMO World Elite & Td First class travel. What pitfalls , if any ,are there for applying for multiple cards ?


GreedyRates says:

Hi Robert,

You do not want to apply for multiple credit cards all on the same day. You will want to space it out so that you apply every 2-3 months or so. The credit bureaus are designed to detect those who are exhibiting behaviour deemed risky by the banks. In their risk models, someone who applies for multiple credit cards in a short period of time typically does so because they are in need of money. As such, those people have shown a higher likelihood for delinquency than others. As a result, the bureaus lower your score to reflect a higher risk to the bank. That said, you can have an unlimited number of accounts, you just need to space out the applications so you don’t unintentionally send the wrong signal to the banks.

GreedyRates Staff

Robert Levi says:

I have left some posts, recently & was going to cancel my BMO world elite due to the annual fee of $150 + for the additional users. You had recommended a few options for Master Card. Has the PC one jumped to the head of the line? As well, it seems it would be best to use this for Loblaw owned stores, however for other stores it might be worth using another cash back like Tangerine to get a higher cash back.

BMO World Elite gives you 90 days to redeem your points after cancelling the card, if I do not have travel plans, would you know what is the best bang for buck on redemption

GreedyRates says:

Hi Robert,

The no-fee PC Financial World Elite MasterCard will earn you the most rewards of any card at Loblaw owned stores (3%). Like you suggested, using another no fee card for non-Loblaw purchases like the Tangerine which can get you 2% in up to 3 categories and the Rogers MasterCard which can get you 1.75% on ALL spend is a great no-fee strategy to maximize your rewards. Of course taking advantage of the no fee first year offers with welcome bonuses and 2% cashback is also a good play.

The BMO World Elite MasterCard allows you to redeem for any travel through the BMO travel center. You’re given a market rate quote, for all the airlines that travel that route, for any destination in dollars, and then you use your accumulated travel dollars to redeem for your flight. Just pick a destination and time and choose the cheapest flight available like you would on Expedia, Travelocity or any other travel comparison site.

Hope that helps,

GreedyRates Staff