Interest Rate: 19.97%
Below is the President?s Choice Financial??Mastercard??Application Disclosure Summary. Please review and print a copy for your records.
|Annual Interest Rate||Purchase interest rate:?19.97%
Cash Advance interest rate:?22.97%
Promotional balance transfers:?0.97%?for?6?months if made within?90?days of account approval if you apply by?December 31, 2019.
We may, with prior notice, increase your Purchase and Cash Advance rate to the Performance rate of?25.95%?for purchases and?27.95%?for Cash Advances following a review of:
|Interest-Free Grace Period||21 days
A minimum of?21?days for new Purchases (meaning purchases which have not appeared on any previous statement) if you pay your entire current statement balance in full by the applicable due date, otherwise interest is charged from the transaction date.
The interest-free grace period does not apply to Cash Advances (which include balance transfers and convenience cheques), and interest is charged from the transaction date.
|Minimum Payment||Any past due amounts, plus: your statement balance if?$10?or less, or the?greater of:
(b)?2.2%?of your total statement balance (5%?for new accounts issued to Quebec residents as of July 1, 2019), or
(c) the interest charges and fees billed on the current statement plus?$1.
|Foreign Currency Conversion||2.5%
For foreign currency transactions, the foreign currency conversion markup percentage charged for purchases and cash advances and deducted from refunds and credits is?2.5%?of the amount of the charge or credit transaction.
|Other Fees||To be charged on the day the transaction occurs:
Cash Advance at a bank machine or teller in Canada:?$3.50
Cash Advance outside Canada:?$5
Overlimit charge if over the credit limit on statement date:?$29?(for Quebec residents as of July 1, 2019 statements:?$0)
Cash equivalent transaction (such as for a wire transfer or money order):?1%?(minimum?$5, maximum?$10)
Dishonoured payment or convenience cheque:?$42
Copy of a sales draft:?$10?(for Quebec residents as of July 1, 2019:?$0)
Copy of a previous account statement:?$10
Credit balance refund made by cheque:?$20
Balance Transfer:?1%?of the transferred amount will be charged for balance transfers requested?6?months or more after account approval.
Inactive account: if on your statement date there is a credit balance on your account and there has been no activity on your account (meaning no debits, credits, interest or fees) for the preceding?12?consecutive months, your account is subject to a fee equal to the?lesser of?$10?or the credit balance amount.
The PC Financial Mastercard that has card rental insurance is the President’s Choice Financial World Elite Mastercard. This card offers Car Rental Collision/Loss Damage Waiver Insurance. It provides Collision damage and theft protection for your car rental needs. Read our review on the PC World Elite Mastercard here.
The credit score needed to get approved for a PC Mastercard credit card is between fair to good which means 680 to 750.
For the President’s Choice Financial World Elite Mastercard the credit score needed is good to excellent (700 to 850).
You can go to the PC Financial President's Choice website and apply online.
You can apply in person at participating supermarkets everywhere in Canada.
You can apply in person at participating locations with a President's Choice Financial pavilion or in-store representative.
PC financial offers travel emergency insurance but do not offer trip cancellation insurance. Please review the certificate of insurance for details.
Credit card issuers will determine your credit limit through a convoluted process called underwriting. The higher the credit limit, the more that the Credit card issuers indicate that it trusts a borrower to repay the debt. The credit limit will depend on your credit score and existing debts.
Earn PC points on every purchase, including extra points at Shoppers Drug Mart, Esso, PC Travel and Mobil. Points can be redeemed at Loblaws, No Frills, PC Travel and Shoppers Drug Mart/Pharmaprix. Ten dollars is equal to 10,000 PC points. With this credit card level, card holders earn more points per purchase.
The PC Financial World Mastercard is essentially the same as the PC Financial Mastercard. Unfortunately, there is one significant drawback. In order to obtain this credit card, you must have an annual income of $60,000 individually or $100,000 within your household. The limitations of this credit card make it less accessible to the general Canadian population as not everyone has that high of an income.
On the contrary, this card allows individuals to earn more PC points while spending. In the eyes of PC Financial, the more you spend, the more they earn. It might be unfair to you that you can?t earn more points, but it makes perfect sense to PC Financial! Regardless, you should stick to your budget as opposed to focusing on earning more rewards.
If you don?t meet the minimum income requirements, you can also upgrade to this card by being an existing PC Financial Mastercard user who spends more than $15,000 per year with the card. That?s $1,250 per month, if that?s out of your budget, it wise to stick to the basic PC Financial Mastercard. Although if you meet this requirement and already spend $15,000 a year with your credit card, the upgrade is worth your while!
To summarize, this card is affordable and points are easily obtained from daily purchases. However, since it is difficult for the average Canadian to obtain, it receives a lesser rating than the regular PC Financial Mastercard. However, this card is still an excellent choice for those who meet the requirements and have the budget to spend!