President's Choice Financial

President's Choice Financial

 3.5/5 (149 reviews)
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Overall Rating3.5 out of 5
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About President's Choice Financial

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President's Choice Financial is a Canadian bank founded in 1998 by Loblaw Companies Limited, a major grocery store chain. The bank is most known for PC Optimum, a points-based loyalty program that allows customers to earn free groceries and other rewards. PC’s product lineup consists of several credit cards and a no-fee bank account — all of which earn PC Optimum points.

Pros & Cons


  • Robust rewards program
  • Welcome bonuses for new customers
  • No annual or monthly fees


  • Can’t write or deposit checks
  • High overdraft fees
  • No interest-bearing or savings accounts
  • Only available in Canada

Bottom Line

PC Financial is a good option for Canadians looking for a no-fee bank account or credit card that earns PC Optimum rewards.

Top President's Choice Financial Reviews


Best prices on gas at superstore by far with the PC discount and I rack up points so fast I can’t fathom it some days for groceries. You get entire buggies of groceries for free! ...

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I have had the card for almost a year, started with 5000 limit. I max it out every month between everyday purchases, groceries and all bill payments. I pay it off in full every mo...

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What is President's Choice Financial?

President's Choice Financial is a Canadian financial services company that provides credit card and banking services. It’s a wholly-owned subsidiary of Loblaw Companies and is headquartered in Toronto, Ontario.

President's Choice Financial offers a variety of credit cards and the PC Money Account, which is a no-fee banking account that earns PC Optimum points for debit card purchases, direct deposit and bill payments.

How does President's Choice Financial work?

President's Choice Financial is most known for its loyalty program, PC Optimum. Through the program, customers earn PC Optimum points for banking activities such as using their debit or credit card or paying bills online. These points can then be redeemed for discounts on groceries and other products sold at Loblaw-owned stores, such as Loblaws, No Frills and Shoppers Drug Mart. Every 10,000 points is worth $10, redeemable at over 4,500 Canadian stores.

President's Choice Financial operates primarily online and through a network of ATMs located in Loblaw-owned stores. Customers can also access their accounts via the PC Financial mobile app.

President’s Choice Financial is insured by the Canada Deposit Insurance Corporation (CDIC), which means that up to $100,000 of your deposits are insured if the bank fails.

President's Choice Financial products and services

President's Choice Financial provides customers with one bank account and a few credit cards.

The PC Money Account is a no-monthly-fee account that earns PC Optimum points on everyday purchases, as well as on direct deposits and bill pay. Here’s what you can earn:
  • Earn 10 PC Optimum points for every $1 spent at Loblaw grocery stores
  • Earn up to 25 points for every $1 spent at Shoppers Drug Mart
  • Earn 5 points per $1 spent everywhere else

Although you can’t deposit or write checks with the PC Money Account, you can use it to pay bills, transfer funds and make purchases online or in-store.

At the time of publishing, new PC Money account customers can earn up to 200,000 welcome points by completing certain account activities.

President's Choice Financial offers a variety of credit cards, all of which have no annual fee:
  • The PC Optimum card is a basic card that earns PC Optimum points at select retailers.
  • The PC Mastercard earns PC Optimum points on every dollar spent and comes with a free extended warranty and purchase assurance on items bought with your card.
  • The PC World Mastercard earns even more PC Optimum points on every dollar spent and offers additional perks, such as concierge services for dinner and event reservations.
  • The PC World Elite Mastercard earns the most PC Optimum points on every dollar spent and comes with the most perks, including travel emergency medical insurance, car rental insurance and identity theft assistance services.

President's Choice Financial fees

There is no monthly fee for the PC Money Account and no annual fee for PC credit cards. However, President’s Choice Financial may charge fees for the following:

  • $40 for non-sufficient funds or overdrafts
  • $5 for optional overdraft protection
  • 19% interest charge on overdrawn balances (calculated daily and charged monthly)
  • $1.50 for non-network domestic ATM withdrawals
  • $3 for non-network international ATM withdrawals
  • 2.5% for foreign transactions
  • $3.50 to cancel an Interac e-Transfer
  • $20 if your account is inactive for 12 months

While overdraft fees can’t be avoided, you can avoid non-network ATM fees by using a machine in the President’s Choice Financial network.

President's Choice Financial FAQ

Where can I use my President Choice Financial credit card?

You can use your PC credit card anywhere Mastercard is accepted; it’s not just for Loblaw stores.

Can I earn PC Optimum points for setting up direct deposit with my PC Money Account?

Yes. You can earn up to 5,000 PC Optimum points each month when you set up direct deposits from an employer or pension plan.

How do I deposit checks into my PC Money Account?

Unfortunately, the PC Money Account is a checkless account, meaning you can’t write or deposit checks.

Where can I redeem PC Optimum points?

You can redeem your PC Optimum points at over 4,500 drug and grocery stores across Canada, including Atlantic Superstore, Beauty Boutique, Loblaws City Market, Dominion, Loblaws, Maxi, No Frills, Pharmaprix, Provigo, Shoppers Drug Mart, Real Canadian Superstore, Zehrs, Valu-mart, Joe Fresh and more.

How can I contact President's Choice Financial customer service?

PC customer service is available 24/7 by calling 1-866-246-7262. You can also contact customer service by email or live chat on the company's website.

Is President's Choice Financial legit?

Yes, President's Choice Financial is a legitimate company. It’s a subsidiary of Loblaw Companies Limited, which is one of the largest grocery retailers in Canada. The bank’s PC Money Account and credit cards have no maintenance fees and earn points through the PC Optimum program. Because of this, it’s best for those who shop at Loblaw store brands and want to earn free groceries and other rewards on their purchases.

President's Choice Financial Reviews

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Page 1 Reviews 0 - 10
Verified Reviewer
Original review: April 27, 2023

No idea how this has any stars - an absolute joke of a Company. Applied for the PC Mastercard and received approval. No card for several weeks and so called them - they basically stated that I had actually been unapproved due to "process error". Asked why they hadn't contacted me to let me know was met with nothing more than a I don't know but basically ended up being human error. I spoke to this individual called Jesse who stated this happened all the time at the Company. Told me to reapply and should be able to get it approved. It wasn't. When asked why, they couldn't tell me but it didn't align with their lending policies, whatever that means. Honestly a joke of a Company - Loblaws must be bleeding money with these people running it.

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Verified Reviewer
Original review: April 26, 2023

I signed up with PC Financial to move our banking over to their 'Money' account. I already had a PC Mastercard. The experience was absolutely awful!! The website kept glitching, I tried everything and was unable to use my Money account. I couldn't transfer, fund it or anything. I tried different computers, clearing cookies, cache etc.

I reached out to customer service, and they were zero help. I called again the next day and they said someone from web support would fix it and reach out to me within 2 business days. Nothing, crickets. I reached out via chat, they said the same thing and apologized. 1 week after that, I called AGAIN and was told it would be escalated and they were sorry....still nothing. This went on for 6 weeks! I finally asked them to just close my account. That was over a month ago, the account still isn't closed. This is an AWFUL place to trust with your money. Also, after 2 years of having their PC Mastercard, and paying it always on time - they randomly lowered my credit limit today...I have no idea why. I won't even bother calling because I know I won't get anywhere. I'm going to pay this card off and close everything with PC. Stay Away!!!!

2 people found this review helpful

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    Verified Reviewer
    Original review: March 22, 2023

    Worst banking experience of all time. Worst customer service. Longest wait times. Customer services reps cant do anything to help you. If you like waiting on hold for an hour just to be transferred to a voice-mail that never calls you back this bank is for you.

    3 people found this review helpful
    Verified Reviewer
    Original review: March 21, 2023

    I have signed up for PC Money Account by thinking I will save some money on everyday groceries and it went well for 3-4 months then suddenly no points were getting added to my PC Optimum account out of my total expenses!! The sales person told me I will receive 10 points for spending 1 cent by using PC Money account in participation stores and I received it under "PC Money Account Spend Promo" for initial 3-4 months and then suddenly it disappeared. Now I am owing to PC Optimum a sum of 45000 points and I have already 2-3 cases open with PC Optimum department and 1 case under PC Money account department but so far no outcome. I have been calling 2 times every week to PC Optimum department and every single agent saying specialist/escalation team working on it!!

    If I ask for manager/supervisor they aren't available on the floor on a mid day of a weekday. Not Only that, none of them aren't aware about the "PC Money Account Spend Promo". I have already pointed them the promo from my previous points history and provided them all details about the points I am expecting now but seems either their escalation team sucks at their job or there are so many customers are suffering like me and they can't close cases on time. I had to stop using my PC money account for groceries as it is not giving me any benefit that I have been promised by PC Financial to receive.

    Most likely soon I will be cancelling this PC Money account as I feel PC Financial is just making fake promises to get more customers but simply not eligible to maintain them. Every PC Customer service department are horrible with their services. I feel awful whenever I had to call them because I know they aren't helpful at all, especially they aren't fully aware of their job related information. I won't sign up for any more PC products and most likely will be cancelling what I currently have because I believe the company launching new products without a strong base support and customers like me who believe in them are nothing but just the sufferer!!

    3 people found this review helpful
    Verified Reviewer
    Original review: March 17, 2023

    What seems like a value add with points to save on purchases becomes a nightmare if you EVER have to dispute a transaction or deal with fraud. The online method with a robot in chat is a neverending circle of nonsense, and finally a phone call. That was answered relatively soon, but even after contacting the merchant directly to verify the preauthorized order is Canceled, received email confirmation, etc... this is still not reversed, and PC states it can take up to 15 days, which is when we can proceed with a dispute if the charges are not reversed.

    In the past, a fraudulent charge from a website that NEVER shipped from a domain that renamed itself after 7 days was not removed either, because PC claimed we had to contact the merchant...the one that DIDN'T exist, and never replied, and just kept the money! There is no customer service here. Best advice I can offer here... don't do it. YOU WILL REGRET IT, over and over. Go with a legit financial institution, and don't rely on points programs. I've never had issues with my bank issued Visa. There is no value here. I will be paying this off, and cutting it up.

    6 people found this review helpful
    Verified Reviewer
    Original review: Feb. 18, 2023

    Do not get this card or even deal with President's Choice Financial at all. Customer Service is absolutely horrible and money just happens to go missing out of your money account and due to terrible customer service, you don’t get it back. They drag it out saying it’s because transactions are “pending” - but regardless the math does not add up. So many times I’ve had money just leave the account with no trace. More money gets deposited to the card than gets spent - yet it’s all gone. They are straight up thieves.

    7 people found this review helpful
    Verified Reviewer
    Original review: Dec. 8, 2022

    I had a PC Mastercard and PC Money Card - The money card was closed when I got the Mastercard - There was a credit in the account - They could not refund or etransfer out - Took 7 or 8 long phone calls, email and escalation - In the end I made a payment to my utility company once they re opened the account. Ok for Christmas I made a purchase around $3000, they flagged the account and locked my card out, no phone call, no email, no info at all - Called in after a few declined transactions, long hold time multiple phone calls - They canceled the card and put a hit on my credit score - All I got was sorry lost all my points... They said to re apply in 3 months, but I need to send in copies of my personal ID and personal banking records :(

    5 people found this review helpful
    Verified Reviewer
    Original review: Nov. 7, 2022

    After calling the Fraud department to report unauthorized issuance of balance protection plan on my credit card. Their process is to phone me back within 1 to 2 business days. When I am a victim of fraud who do they expect me to reply to a phone call and answer questions that could put me under further risk as anyone could impersonate their call. The process should be that they allow me to call them and then I trust which party I am calling, they can do the verification they need and then address my situation. When I asked to escalate to a manager, the reply I got that the manager will phone me back. So same story goes on.

    10 people found this review helpful
    Verified Reviewer
    Original review: Nov. 6, 2022

    I had an account for 2 years prior to this ridiculous incident and had a great report with them. My account was always in good standing! Last January I had lent a fellow mother $40 for formula. She paid me back the $40's via etransfer... Months later I go to use my card and boom account is locked so I call, sit on hold for 2.5 hrs, spoke to 6 different people before someone was able to have authority to transfer me to a supervisor. I'm told there is nothing I can do... like what? Then I find out the fellow mother was a victim of fraudulent activities regarding her bmo bank so because I had received a $ 40 email it was now frozen. I was evicted 2 times because my cheques were directly deposited and my income support worker would not put another bank on file because I could not get a closing account balance.

    They kept my money so I got the fellow mother to go to her bank and prove it was not a scam etransfer so they marked etransfer as legitimate so here we are 1 whole year later and my student loan was accidentally disbursed in to what I was told a closed account $ 11,600 and I suppose to Live off this pay my rent, a portion of my tuition oh and my 2 year old daughter. I'm pissed. I'm on the verge of an emotional and or mental breakdown. I spend week on hold, transferred to 6 different people to only be hung up on or told it's been ESCALATED and I'll get a response in 1 business day .... Yeah been weeks. Still waiting so I continued to call at this point. I'm begging them to help me. Finally I'm told I'll be granted temporary access to withdraw the money. Now I'm crying out of happiness. I'm told I'll receive a call the next day. Never came... so again I'm on hold 3 hrs. Finally a supervisor was available only to tell me that a check as been mailed out and I will receive it in 25- 30 days. WHAT THE **? I'M SEEKING LEGAL ACTION!

    9 people found this review helpful
    Verified Reviewer
    Original review: Oct. 16, 2022

    Someone hacked into my optimum account and was able to redeem points without a card. They did it with a phone. I wasn't made aware that you can redeem the points from a phone. And I'm sure many of their customers don't know that either. Absolutely horrible security. Can happen to anybody. Customer support does not care at all. They say someone will call, but they never do. All customer support can do is read a script. They're not actors. Also when points are redeemed, you are not sent any notification. Your transaction history can all be on one side of country and someone can redeem your points from the other side and customer support will think it makes sense.

    6 people found this review helpful
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    President's Choice Financial Company Information

    Company Name:
    President's Choice Financial