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PC Financial World and World Elite cards
July 11, 2020
10:37 am
Briguy
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Just saw someone posted on Reddit that they went to upgrade their PCF Mastercard to World Elite and the agent told them that they have added a minimum spend in addition to the annual income requirement.
Those values are:

World: $15,000 in the past 12 months

World Elite: $25,000 in the past 12 months

Looks like other World Elite cards might be following suit to Rogers World Elite?

July 11, 2020
12:04 pm
Loonie
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As far as I know, the "minimum spend" concept with credit cards refers to spending previously done on that same credit card, so you have to take a hit on that card's inferior rate before you can potentially get the upgrade - at which point the cash return might very well have been reduced and/or you may have found a better deal. It sounds to me like a ploy to reduce churning and effectively adds the cost of a fee-based card for one year..

I think we should be looking for a card that would accept the amount you'd charged on any card or combination of cards as meeting this criterion. But this may be hard to get.

July 11, 2020
1:56 pm
Alexandre
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Tangerine sent me an offer to upgrade their Mastercard to World Mastercard.

This is what small print says: "your annual purchases on your Current Account needed to be at least $15,000 for you to be eligible for this offer."

July 11, 2020
5:14 pm
Briguy
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I hope this isn't going to be a problem for renewal of all my free World Elite cards- Rogers, PC,Triangle, and Tangerine. I use Tangerine for gas and recurring bills, Triangle for bill pay and CT, PC for No Frills, and Rogers for most other stuff, so I don't spend that much on any one card. If I had to cut down to 1 card it would be hard to choose between PC and Triangle. I could still keep the Tangerine card as the basic one is not bad.

July 11, 2020
7:54 pm
Rick
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Alexandre said
Tangerine sent me an offer to upgrade their Mastercard to World Mastercard.

This is what small print says: "your annual purchases on your Current Account needed to be at least $15,000 for you to be eligible for this offer."  

They keep pestering me to switch. I like my regular old Tang card with the 28 day grace period.

July 13, 2020
7:26 am
savemoresaveoften
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hmmm I have to keep a close eye on this as I have multiple WE card all serves different purposes. Will be difficult to have $15k spend on each one esp the Triangle one...

July 13, 2020
12:24 pm
Alexandre
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I wonder what would happen if someone gets World card, but can't manage to reach $15K spend?

What is credit card issuer policy in that case?

July 13, 2020
1:14 pm
Briguy
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Alexandre said
I wonder what would happen if someone gets World card, but can't manage to reach $15K spend?

What is credit card issuer policy in that case?  

They might downgrade you to a lower card if they have one or just ignore the lower spend and leave you on same card.

July 14, 2020
12:31 am
Adam1
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Rick said

They keep pestering me to switch. I like my regular old Tang card with the 28 day grace period.  

It's the same grace period with either one. My statement period and due date didn't change when I upgraded.

Adam

July 14, 2020
5:18 am
Alexandre
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Briguy said

They might downgrade you to a lower card if they have one or just ignore the lower spend and leave you on same card.  

I am more concerned that they might introduce annual fee for those cardholders who are below annual spend limit.

July 14, 2020
7:48 am
savemoresaveoften
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Alexandre said

I am more concerned that they might introduce annual fee for those cardholders who are below annual spend limit.  

if they do that, I will cancel without hesitation.

They either want me to use it "some of the time" or not at all. Either way I dont really care as I can get pretty much get any card I want (except those AE by invitation $2000 a year annual fee ones...)

July 17, 2020
7:31 am
dougjp
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I doubt any of them will look at existing cards to charge a fee, downgrade an existing customer or threaten to cancel a card unless certain "performance/volume" criteria are met. The first one to do that would be like signalling they want to get out of the credit card business, without specifically saying that. So much business would be lost.

IMO its more likely that leading cash back cards would try to scale back what they pay, like Rogers did.

My guess is the card Companies don't want to issue new cards in a pandemic unless they are assured it would be very profitable. Therefore they have (for almost all people) unattainable usage targets, earnings etc., and probably in the background I suspect they are raising the minimum credit score needed to qualify. They know many people have multiple cards already. I certainly didn't need to meet the current PC MC limits when they gave me my Elite card.

However it is still a competitive market, much as the card companies would like it not to be. Walmart just sent me a message to get their MC and get some free cash for doing so. And it pays 1% on everywhere other than Walmart. With my card mix, that would mean PC MC would lose some of my business. However I get 2% on Walmart purchases via Tangerine, so the only reason to apply would be to have another card "for protection" in case some other card reduces cash back.

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