The PC Financial No-Fee Mastercard is the entry-level credit card from PC Financial (a division of CIBC/Loblaw Financial Services), offering no annual fee and PC Optimum points on every purchase. For Canadians who regularly shop at Loblaws, No Frills, Real Canadian Superstore, or Shoppers Drug Mart, it’s a natural fit as a primary or supplementary grocery card.
Quick Verdict
Best for: Canadians who regularly shop at Loblaw-banner stores (Loblaws, No Frills, Real Canadian Superstore, Shoppers Drug Mart) and want to earn PC Optimum points at no cost.
Not ideal for: Those who don’t shop at Loblaw-banner stores, or those who want travel rewards, cash back, or insurance benefits.
Key Card Details
| Feature | Details |
|---|---|
| Annual Fee | $0 CAD |
| Network | Mastercard |
| Purchase Interest Rate | 19.97% |
| Cash Advance Rate | 22.97% |
| Income Requirement | None |
| Credit Score Recommended | Fair to Good |
Welcome Bonus
PC Financial periodically offers bonus PC Optimum points for new cardholders. Check pcfinancial.ca for the current offer.
Earn Rates
| Spending Category | PC Optimum Points per $1 |
|---|---|
| Loblaw-banner grocery stores | 45 points |
| Shoppers Drug Mart | 45 points |
| Gas at Esso/Mobil stations | 30 points |
| All other purchases | 10 points |
PC Optimum point value: 10,000 points = $10 (i.e., 1 point = $0.001)
Effective cash back rates:
- Loblaw stores: 4.5% (45 pts × $0.001)
- Gas at Esso/Mobil: 3%
- All other purchases: 1%
A family spending $1,000/month at Loblaw grocery stores earns 540,000 PC Optimum points/year—worth $540 in Loblaw redemptions.
Redemption
PC Optimum points are redeemed exclusively at:
- Loblaw-banner grocery stores — Loblaws, No Frills, Real Canadian Superstore, Zehrs, Fortinos, Independent, Provigo, Valu-Mart
- Shoppers Drug Mart
- Joe Fresh (in-store)
Redemption minimum: typically 10,000 points = $10 off. Points can be saved for larger redemptions.
Benefits and Perks
- No annual fee — all rewards earned are net value
- Mastercard Zero Liability — fraud protection
- Purchase protection — basic coverage on eligible purchases
- PC Optimum integration — points pool with the app, in-store PC Optimum card, and online shopping bonuses
Fees and Rates
| Fee / Rate | Amount |
|---|---|
| Annual Fee | $0 CAD |
| Purchase Interest | 19.97% |
| Cash Advance | 22.97% |
| Foreign Transaction Fee | 2.5% |
| Returned Payment | $45 |
Who Is This Card Best For?
The PC Financial No-Fee Mastercard suits:
- Loblaw-ecosystem shoppers — those who do their primary grocery shopping at Loblaws, No Frills, or Real Canadian Superstore
- Shoppers Drug Mart regulars — 45 points per $1 at SDM is exceptional for a no-fee card
- PC Optimum collectors — building points for larger grocery redemptions
- No-fee seekers — those who want rewards without any annual fee
Alternatives
| Card | Annual Fee | Loblaw Earn Rate | Best For |
|---|---|---|---|
| PC Financial World Mastercard | $0 | 30+ pts/$1 | Mid-tier Loblaw rewards |
| PC Financial World Elite Mastercard | $0 | 45+ pts/$1 + more | Premium Loblaw rewards |
| Scotiabank Scene+ Visa Infinite | $120 | 3× Scene+ at groceries | Non-Loblaw grocery earner |
Bottom Line
The PC Financial No-Fee Mastercard is one of the best no-fee grocery rewards cards in Canada—specifically for the Loblaw/Shoppers Drug Mart ecosystem. At 4.5% effective return at Loblaw stores and 3% at Esso/Mobil gas stations, it genuinely outperforms many paid grocery cards at those specific merchants. If Loblaw is your grocery store, this card is a must-have.
Disclaimer: Card terms, earn rates, and PC Optimum program rules are subject to change. Verify all current details at pcfinancial.ca before applying.