PC Mastercard, or President’s Choice Financial® Mastercard®, is a credit card issued by Canada’s major banks. It is a MasterCard-branded card that can be used anywhere MasterCard is accepted.
PC Mastercard holders enjoy many perks, including cash back rewards, no annual fees, and low interest rates. Some PC Mastercards even come with insurance coverage for purchases made with the card.
PC Mastercards claims that they are a great option for Canadians who want a flexible and rewarding credit card. Let’s see if they’re right.
The Benefits Of Using A PC Mastercard
- Cash back rewards – Many PC Mastercards offer cash back rewards on your purchases. This means you can earn money back on everything you buy with your card.
- No annual fees – Many PC Mastercards have no annual fee, so you can use your card without having to worry about paying any extra costs.
- Low interest rates – PC Mastercards often come with low interest rates, so you can save money on finance charges if you carry a balance on your card.
- Insurance coverage – Some PC Mastercards offer insurance coverage for purchases made with the card. This can protect you in case something happens to the item you purchased or if it is lost or stolen.
- Flexible credit limits – PC Mastercards often have high credit limits, so you can use your card for large purchases.
- Convenient payment options – PC Mastercards offer convenient payment options, so you can make payments online, by phone, or in person.
The Drawbacks Of Using A PC Mastercard
There are some drawbacks of using a PC Mastercard, including:
- Potential for high interest rates – PC Mastercards often have high interest rates if you carry a balance on your card. This means you could end up paying a lot of money in finance charges if you don’t pay off your balance in full each month.
- Limited acceptance – Not all businesses accept PC Mastercards. This can be inconvenient if you want to use your card for everything from gas to groceries.
- Annual fees – Some PC Mastercards come with annual fees, so you need to factor this cost into your budget when deciding whether or not to get one of these cards.
How to use a PC Mastercard
To use a PC Mastercard, simply present your card at the time of purchase and sign the receipt. You can also use your card for online purchases by entering your card number, expiration date, and security code at checkout.
When you use your PC Mastercard, you’ll earn rewards points that can be redeemed for cash back, gift cards, or merchandise. You can also use your points to get travel discounts and perks.
To get the most out of your PC Mastercard, be sure to pay your balance in full each month and take advantage of any rewards or perks that come with your card.
The bottom line
We’ve tested the benefits and the drawbacks of the PC Mastercard, have read the fine print on their terms and conditions and compared it to other cards. It is a very generic and unimpressive standard credit card.
It is not even increasing the earnings potential at select home President Choice banners or brands such as Wholesale Club, Maxi and Provigo. It is merely acting as an Optimum Card and Mastercard at the same time, which can be circumvented by carrying your Optimum card with any payment method.
