EQ Bank-PC Financial merger takes shape: Here’s what consumers can expect — SkimNews
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- EQB completed its acquisition of PC Financial from Loblaw in July, becoming the exclusive financial partner for the PC Optimum program, which has more than 18 million active members earning points at Loblaws, Shoppers Drug Mart, and Esso.
- EQ Bank launched a promotion offering 150,000 PC Optimum points ($150 value) to new account holders who spent just $150 at Loblaw banner stores — a far lower spending threshold than comparable credit-card sign-up bonuses.
- EQ Bank credited existing PC Financial cardholders with 10,000 PC Optimum points ($10 value) as an early merger benefit, signalling that existing loyalty balances are not being clawed back.
- EQ Bank already waives the 2.5 per cent foreign transaction fee charged by most credit cards, a perk the source suggests could be extended to PC Financial cardholders to reinforce its challenger-bank positioning.
- EQ Bank offers residential mortgages, opening the door to awarding PC Optimum points to homebuyers — a strategy mirroring RBC's recent offer of up to 65,000 Avion points for first-time buyers securing eligible mortgages.
- PC Financial's top-tier PC Insiders card carries a $120 annual fee, waived only in the first year, which competitors like major banks and Wealthsimple sometimes rebate for customers maintaining minimum account balances.
- Loblaw's in-store PC Financial kiosks currently function mostly as ATMs and are occasionally used to aggressively pitch credit-card sign-ups — a touchpoint the source says EQ Bank could rebrand to build consumer trust in its digital-only model.
Why it matters: With 18 million PC Optimum members at stake, EQ Bank's first consumer-facing moves — a 150,000-point offer for just $150 of grocery purchases and a 10,000-point credit to existing cardholders — signal the loyalty program is safe while hinting at deeper integration. If EQ Bank extends its no-foreign-transaction-fee policy and mortgage-point incentives to PC Financial, it could meaningfully undercut the Big Six banks on perks, reshaping what 18 million Canadians expect from their primary grocery loyalty currency.
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