Maxing Out my PC Financial Mastercard Rant

I know that most PF bloggers love PC Financial, and even though I am a huge fan of their no fee accounts and credit cards, I found myself in a heated discussion with them just a few weeks ago regarding some of their policies/practices.

Overlimit Fee $20

If you go over your credit limit, they charge you $20.

They don’t give you a separate notification of this, they just add it to your list of transactions.  Of course, us PF bloggers always check our statements and would find a charge like this.

I called and disputed this.

No Credit Limit Cap

PC Financial Mastercard will not let you put a hard cap on your credit.

I requested they could put a hard cap on my limit as I did not want to go over it, and wanted to be notified when my cap has been reached.  The representative I spoke with tried to do it and could not.

Isn’t it funny how they don’t allow you to put a hard cap on your credit limit, and yet they allow you to go over and simply charge you a $20 fee for going over?

2-3 Business Days to Process Payments

Usually, I don’t max out my credit card, but this was a first (I booked flights for my entire family).  I transferred the money from my checking account right away so that I would have more credit to book subsequent hotels, etc., Unfortunately, my payment had not been processed yet and I would have to wait 2-3 business days.

It didn’t matter that the money had already left my checking account, PC could not process my payment faster.  I asked if I could show them proof to move the process along, but no.

Credit Increase

I really wanted needed to use my credit card to book subsequent rental cars, hotels, etc., so I asked if PC could increase my credit limit.  I didn’t need a big increase, I just need another $1,000 so I pay for other things while they were taking their sweet time processing my payment.

PC could not increase my credit limit since I had gone over my credit limit and my account was now locked.  The only way to increase my credit limit was to allow them to run a credit check, first.

No. Way.

I told them that they could either process my payment faster or give me my credit increase that I was already pre-approved for, but I did not authorize them to run a credit check.


After speaking with three different representatives, I was able to get my Credit Limit Fee waived, as a courtesy (since I was not aware of it).  PC agreed to credit it back to me the following month – however, I did have to call back to remind them.  I wish they did it without me having to call, again.

There was nothing that I could do but wait for my payment to be processed. Boo. After all my payments went though, I called PC back to increase my credit limit, which they did.

Generally, I am happy with my PC Financial Mastercard, but there are bumps in the road, and this was certainly one of those times.  So, just be careful about reaching or surpassing your credit limit because you will be penalized with a fee of $20!

Has anyone else had problems with PC Financial? 


P.S. Are you following me on Twitter @fab_frugirl?


Filed under Credit Cards, Finance

11 responses to “Maxing Out my PC Financial Mastercard Rant

  1. At least you got everything sorted out but sounds like it was a major pain in the @ss! :/

  2. Wowza.

    I’ve never tried the PC card but I thought of getting one before. I have a TD rebate rewards card – holla to 1% back! Anyway, they are the same way ,they charge out the @$$ for over-limit charges but they don’t even warn you when your getting close. It’s a scam.

    • It’s such a scam! *shakes fist*

      I had a TD rebate visa, but mine was 0.5% for the first $3,000 (or maybe it was $5,000) and then it’s 1% back after that.

      I like the PC cc because you get 1% cashback right away.

  3. I love the PC Mastercard but HATE THEIR WEBSITE. I get locked out every time since they make you have this ridiculously hard to remember password and lock out out if you get it wrong once. And once you’re in, it’s very difficult to navigate, especially compared to the TD website.

  4. I have a Citibank Enrich and I love it. Sadly, it’s changing to a CIBC mastercard in Jan 2012. I’m so depressed about it. 😦

    Have you thought of one that gives dividends back? There’s a few that don’t have any annual fees associated either and can hard-cap the ceiling.

    • I had the TD Rebate card for a while and getting back $60 after one year was kinda painful for me (seeing that I had spent almost $8,000 on it).

      I also had a Aerogold Visa, but I didn’t want to pay an annual fee this year. I think the rewards were much better on that card.

  5. Emma

    I have problems with “maxing out” my PC Mastercard as well. Apparently, transactions already included in the current balance are not always immediately released from their “pending authorizations” status. So, a transaction can count TWICE against your credit limit. e.g. Suppose you have a $3000 credit limit, and a balance of $2000. If you make a $600 purchase, your available credit could suddenly drop to zero, even though you have $400 left. Your balance becomes $2600, and the “available credit” is zero cuz the authorization hasn’t been removed (up to 7 days), even though the transaction is already posted to your account and counted into your balance.

    I only learned this after my transactions were declined even though I was well under my credit limit.

  6. fred

    These people at pc financial really do suck. They will take your money from your account and give it to a third party without your knowledge and consent and without a court order. That’s a criminal offense with jail time and a fine. AVOID THEM LIKE THE PLAGUE!

  7. Sam G

    I just cancelled my PC credit card..after speaking with several people there about setting up automatic payments through my bank account 9 which they all said yet to), I find out it’s not possible.

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