PC Master Card review
Currently, I do most of my grocery shopping at Superstore. Yes, I remember these articles I wrote not too long ago, and I sometimes alternate between stores to get the most price efficiency, but lately I have started to value my time over money. Because, honestly, who has the energy to run around town like a madman to save a few bucks here and there? I know I don’t.
So I went to Superstore yet another time for some routine shopping, and got approached by a PC (as in President’s Choice, Superstore brand) associate, who pitched me the PC Master Card. I sluggishly declined and tried to carry on, but she was one tough cookie. My objections were handled, and the final “free cookies regardless of whether you get approved” attack was launched. I just couldn’t pass on free cookies.
A few weeks later I have received an envelope with the PC MC, agreements and coupons. 4 total, 5000 points each (equivalent to a $20 reward). I needed to use these coupons each time I bought something at Superstore using my PC Master Card, and I would get these $20 credited towards my purchase once they clear (supposedly, within 3 weeks after they are used). Each $1 spent gets you 10 points (e.g. $1 you spend, you get $0.001, or 1/1000 of a $1 in rewards).
The card itself has no annual fees, and the interest rates vary from 19.25% to 24.5% IIRC, compounded annually.
To pay off the credit card they want you to get a (free) chequing account with PC Financial (which is a branch of CIBC), and to deposit the payment via one of their ATM’s (obviously, Superstore has them). I signed up for one at the store, and they have promised me another $150 in free groceries for receiving my payroll through them. Though, I am yet to find out how to redeem these points.
The chequing account with PC is free to maintain. They also gave me a free limited savings account. I learned the hard way, that the deposits you make via an ATM are going to take 3-4 business days to verify, and only a mere $500 would be available for use right away. Once the credit card is paid off via an ATM, it will take another 2-3 business days for it to process.
UPDATE: On August the 2nd, I have did my routine shopping at Superstore, and the cashier has asked me if I wanted to redeem my points on the $80-something purchase, and I did indeed want to use my points. So I ended up paying just $10 for the entire purchase, essentially getting $70 worth of groceries for free! And that’s just after 2-3 months of using the card.
If you have this credit card, make sure to also use the PC Plus card (free to obtain at a Superstore register) to get even more points. Keep in mind, the points from the PC Plus card and the PC Financial Master Card need to be redeemed separately – just tell ask the cashier if there are enough points on either card to be redeemed. You can also view your points at their website.
- No annual fees;
- Rewards; $170 in free groceries (20,000 points supplied via coupons that arrive in the mail with the credit card, and 150,000 points for transferring my payroll to PC Financial).
- $1000 credit limit, with an option to increase;
- Limited branches (CIBC tellers do not service them);
- Longer processing times for deposits and payments;
- The online interface is slow and ugly, and hard to navigate;