Understanding what makes a bank card rewards program actually rewarding—issues like flexibility, transparency, and on a regular basis incomes potential—might help you get extra out of your cash. We’re exploring get essentially the most worth out of your rewards, that includes the no annual charge PC Mastercard, showcasing flip on a regular basis spending into on a regular basis worth.
What do you worth most in a rewards program?
When requested to pick out the highest components which can be necessary in a rewards program, practically six in 10 Canadians (59%) mentioned they place essentially the most emphasis on how simple it’s to redeem factors. Different necessary options embrace:
- Incomes rewards on on a regular basis purchases (55%)
- Flexibility in how factors can be utilized (49%)
- Transparency of factors worth (48%)
Though most Canadians need rewards applications which can be worthwhile and easy to make use of, solely 20% are glad with how shortly they earn rewards, and simply 19% are pleased with their program’s flexibility.
“Most Canadians love the concept of getting rewarded for spending on what they’re already doing,” shares monetary professional, Eduek Brooks “However many shortly notice that conventional applications are difficult, gradual to ship worth, and laborious to make use of. Between clunky apps, complicated level conversions, and lengthy waits to earn significant rewards, individuals usually really feel the trouble outweighs the profit.”
Match rewards to your way of life and spending habits
You’re not going to maximise your earnings in case your loyalty program is at odds along with your spending habits or way of life. A card that gives premium rewards on flights received’t do you a lot good if you happen to not often journey. Your factors will sit idle whereas your on a regular basis spending earns subsequent to nothing.
By switching to a program that rewards your highest spending classes—say groceries, gasoline, or recurring payments—you’ll rack up factors a lot quicker. Even higher, search for a card that rewards you on each buy, so that you’re incomes irrespective of the place you spend. You’ll additionally wish to use a program that allows you to redeem factors the way you need, everytime you need. Nobody likes ready a full 12 months to redeem money again, so choose a program that places you in cost.
“For those who actually need your rewards to work tougher for you, begin by utilizing one program for many of your spending as an alternative of spreading factors throughout many applications,” suggests Eduek Brooks. “Once you focus your on a regular basis purchases in a single place, the factors stack up quick.”
For those who’re on the lookout for a bank card that participates in a versatile rewards program, PC Monetary’s no annual charge Mastercard is an efficient choice. You get 1% again in PC Optimum factors in all places you store plus as much as 4.5% again at Customers Drug Mart, and as much as 3% again at their banner grocery shops—with none incomes caps. Plus, you’ll get at the least 3 cents per litre again on Esso and Mobil purchases. The cardboard is a superb instance of how one can earn clear worth with each buy.
Card particulars
| Rates of interest | 21.99% on purchases, 22.97% on money advances and % on stability transfers |
| Revenue required | None specified |
| Credit score rating | 560 or larger |
| Level worth | 1 PC Optimum level is value $0.001 (redeem 10,000 factors for $10) |
Extra worth, extra flexibility: The PC Mastercard method
Let’s check out how the no annual charge PC Mastercard delivers what cardholders actually need from a bank card rewards program.
Incomes factors must be clear and straightforward
Advanced incomes and redemption constructions seemingly contribute to Canadians’ dissatisfaction with most rewards applications. The PC Mastercard takes the other method, with easy-to-use rewards by means of PC Optimum, with out the necessity to monitor rotating classes or difficult tiers.
Once you use your PC Mastercard, each 10,000 PC Optimum factors equals $10 off at Loblaw banner shops or a free automobile wash at Esso, maintaining issues easy and clear.
You possibly can examine your factors stability anytime by means of the PC Monetary app, making it simple to trace your rewards on the go
Versatile redemption choices
Having the pliability to redeem factors by yourself phrases is necessary for a lot of. When you’ve gathered PC Optimum factors you can begin redeeming increments of 10,000 factors, whether or not it’s on groceries or on a regular basis necessities.
Plus, they’ve not too long ago launched a brand new function to make use of factors towards your bank card stability (10,000 minimal factors to redeem $7), supplying you with even higher flexibility on the place you wish to use your factors. With no ready for reward cycles or card anniversaries, you should utilize your factors in your phrases and switch your on a regular basis spending into on a regular basis rewards.
Rewards applications are extremely popular with Canadians, with virtually everybody belonging to at the least one. But it surely’s value asking: is yours actually rewarding you?
“Rewards must be seamless and significant,” explains Eduek. “When factors are simple to earn and straightforward to redeem, individuals really feel the worth instantly and preserve coming again.”