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PC Financial World and World Elite cards
March 4, 2021
11:13 pm
User230
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Norman1 said
Yes, any billers who were billing to the former World Elite MasterCard will have to informed of the card number and expiry date of the replacing World MasterCard.  

Right. I understand that billers need to be told about the new number.

I am talking about the PAD form as well though:

https://www.pcfinancial.ca/static/cc91f1d0e7e7c92b65e49cd65ea7c15b/preauth_payment_registrationform.pdf

Sort of annoying to fill out a new PAD form.

March 5, 2021
3:15 am
Briguy
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You're better off switching ( for no fee cards ) to a combination of Tangerine for 2 percent for 2 or 3 categories, and Canadian Tire Triangle World Elite Mastercard for everything else. CT will give you 3 percent on the first 12,000 dollars of grocery expenditures per year, so Tangerine's preferred payment categories should include recurring bills and either gas if you don't shop at CT gas,or some other category where you shop a lot, eg. home renovation. Triangle is a keeper for its roadside assistance and ability to bill pay for companies that normally don't allow credit card bill pay.

If you have a deluxe chequing account at one of the top 5 banks you can probably get a free normally expensive annual fee credit card that includes travel insurances. You can put that into the mix too.

March 5, 2021
11:08 am
Norman1
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User230 said

I am talking about the PAD form as well though:

https://www.pcfinancial.ca/static/cc91f1d0e7e7c92b65e49cd65ea7c15b/preauth_payment_registrationform.pdf

Sort of annoying to fill out a new PAD form.

I don't know if PC Financial needs a new PAD authorization to continue debiting the bank account for the payments of the new World MasterCard.

The card number is not really the account number. As well, a credit card account can have multiple cards, each card with a different number.

March 21, 2021
9:34 pm
User230
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Someone I know was not downgraded from the World Elite version of this card this year and did not meet the 15,000 spend on this years spend.

They did the previous year though.

I am thinking this is a factor on if you were downgraded or not.

If in previous years you did meet the required 15,000 dollar spend per year requirement.

March 27, 2021
7:22 pm
Norman1
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It is likely a factor as the fine print in the notification letter says the review period is not the calendar year:

1 The annual review period runs from August 1 to July 31 each calendar year.

That August annual review period matches what was reported last year for the Rogers World Elite MasterCard:

Starting June 2, 2020, Rogers World Elite Mastercard accounts must have an annual minimum spend (i.e. the total of Purchases made, less any Purchase returns) of at least $15,000 posted to the Account during each annual review period in order to maintain your eligibility for the Account. An annual review period commences on August 1st of a year and ends on July 31st of the following year, with the first annual review period commencing on August 1, 2020. …

March 27, 2021
11:32 pm
User230
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Norman1 said
It is likely a factor as the fine print in the notification letter says the review period is not the calendar year:

1 The annual review period runs from August 1 to July 31 each calendar year.

That August annual review period matches what was reported last year for the Rogers World Elite MasterCard:

Starting June 2, 2020, Rogers World Elite Mastercard accounts must have an annual minimum spend (i.e. the total of Purchases made, less any Purchase returns) of at least $15,000 posted to the Account during each annual review period in order to maintain your eligibility for the Account. An annual review period commences on August 1st of a year and ends on July 31st of the following year, with the first annual review period commencing on August 1, 2020. …

  

There are only a few no fee world elite cards.

I do think Mastercard is pushing the no fee world elite cards to do this.

Mastercard does not want to push the fee-based cards to do this. As they can make them more money.

Also, the fee-based cards are usually from major issuers. Like banks.

I think the newest no fee world elite is from Canadiantire and this maybe the reason why Canadiantire has not yet enforced this new rule.

The PC and Rogers world elite cards have a good base of card holders that Mastercard wants to reduce. They are hoping this reduces the number of WE cards significantly. Which will reduce the higher interchange fees to businesses.

Likely, they will need to impose further measures though. As most consumers will find a better offering and keeping the interchange fees high. Mastercard took a long time to take any action to my understanding. They might try the same again. They may not take another action for years.

March 28, 2021
4:07 am
dollarbill
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Presidents Choice told me, in a phone call, that I would be not be eligible to have the World Elite card, which I have had for many years, effective April, 2021.

The expiry on my card is 2023. They will send me a World card in April which will reduce my earnings. So now when I purchase at any of the Loblaws stores, which I do my best not to, I use the PC Mastercard for points and pay the bill with my CTC World Elite Mastercard.

Also, I am sure you have all seen the ads for the BMO 3% on all grocery purchases.

March 28, 2021
5:23 am
dougjp
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As others have previously been downgraded far away from this time frame, maybe the review period depends on the anniversary date of getting the card, ie; they review a certain number monthly?

I haven't received the letter and for sure my PC WE card will be downgraded. Thanks to savemoresaveoften's post # 24 on page 2, mentioning his CIBC Dividend Visa Infinite card, I now have that, and the PC WE is on standby, unused except to get up to an even points cutoff for redeeming them all.

March 28, 2021
10:20 am
Norman1
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It is definitely possible that PC Financial is staggering the World Elite downgrades. That would spread the imprinting and mailing of those replacement cards out over some months instead having to issue all those replacement cards in a single month!

March 28, 2021
10:35 am
Norman1
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User230 said

There are only a few no fee world elite cards.

I do think Mastercard is pushing the no fee world elite cards to do this.

Mastercard does not want to push the fee-based cards to do this. As they can make them more money.

Also, the fee-based cards are usually from major issuers. Like banks.

I think the newest no fee world elite is from Canadiantire and this maybe the reason why Canadiantire has not yet enforced this new rule.

If the $15,000 minimum spend requirement is for all the no-fee World Elite MasterCards in Canada, then the Canadian Tire one will be next with an announcement.

The pricing of World Elite MasterCards with annual fees likely takes care of the minimum spend. Someone paying an annual fee of $120 to $150 for their World Elite MasterCard is likely spending substantially with it.

For example, the BMO CashBack World Elite MasterCard is $120/year and has a 1½% cash back. One needs to spend significantly more than the $8,000 break-even each year for it to be worthwhile. At $15,000 of spending each year, the cash back, net of the annual fee, would be just

   ($15,000 x 1½% - $120) / $15,000 = 0.007 = 0.7%.

March 29, 2021
4:53 am
Londonguy
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dollarbill said
So now when I purchase at any of the Loblaws stores, which I do my best not to, I use the PC Mastercard for points and pay the bill with my CTC World Elite Mastercard.

I know you're annoyed but that last part of your plan isn't going to work, because you can't directly pay a monthly credit card bill using another credit card, not even under the CT setup. MasterCard is not a valid payee at CT, neither is VISA, etc.

The only way you can pay one credit card off to put it on a different card is to perform a balance transfer, which is a different process that is typically a one-off event (not recurring) and also involves paying transfer fees of some description

March 29, 2021
4:40 pm
dollarbill
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Re payments. I mean that I am using the CTC credit card to pay for the purchases at Loblaws, not to pay the PC Mastercard invoice.

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