Canadians love earning points, cashback, and travel perks—but are we actually making the most of them? New research from PC Financial suggests there’s a surprising disconnect between our intentions and our habits, with more than half of rewards program members admitting they’re not maximizing the benefits available to them. We sat down with finance expert Eduek Brooks to uncover the most common mistakes Canadians make, the hidden value many of us are overlooking, and the simple strategies that can help turn everyday spending into meaningful rewards. —Noa Nichol
More than half of rewards users believe they have points or cashback going unclaimed. What are the biggest mistakes Canadians make that prevent them from getting the full benefit of these programs?
The biggest mistake Canadians make when it comes to rewards programs is signing up for programs that do not reflect their actual spending habits.
Some rewards programs make it easy to accumulate points, but the redemption process may be limited to specific products, services, or retail partners that you do not regularly use or shop with. As a result, points can sit unused or be redeemed for things that provide little value to you.
When choosing a rewards program, it is important to look beyond how quickly you can earn points and pay attention to how you can redeem them. The best rewards programs are the ones that allow you to redeem points where you already spend your money or on products and experiences that are already on your wishlist. The easier it is to use your rewards in ways that align with your lifestyle, the more value you are likely to get from the program.
For example, PC Optimum points can be redeemed on everyday essentials such as groceries, household items, and gas. And with the PC Mastercard, you also have the option to redeem your points for a statement credit. Having multiple redemption options gives people more flexibility and makes it easier to redeem points on things they already need and ultimately get the most value from every point earned.
With the cost of living remaining top of mind, can a well-used rewards strategy genuinely make a noticeable difference to a household budget? What does that look like over the course of a year?
A well-used rewards strategy can absolutely make a noticeable difference to a household budget, especially during times when the cost of living can make it feel tight.
The key is to use a rewards program consistently on purchases you were already planning to make. A program like PC Optimum, when paired with the PC Mastercard, allows you to earn points on everyday spending such as groceries, gas, and household items. Over time, those points can add up to meaningful savings.
For example, a household that spends $4,800 per year on groceries and $2,400 per year on gas could earn approximately $1,152 in PC Optimum points over the course of a year. Those rewards can then be redeemed on future purchases, helping offset everyday expenses and creating a little more breathing room in the budget without requiring any additional spending.
The biggest benefit of a rewards strategy is that it turns purchases you were already going to make into future savings, allowing you to get more value from every dollar you spend.
Cashback continues to be the most popular type of rewards program, but travel rewards users often report earning significantly more value. How should consumers decide which type of program best fits their lifestyle?
When choosing a rewards program, it is best to go with one that gives you the most value where you need it most.
If you are a frequent traveller, a travel rewards program may make more sense because you can earn and redeem points on flights, hotels, and other travel expenses. If having access to cash for an unexpected expense is more important to you, then a cashback program can be a great option. If you prefer flexibility and the ability to redeem rewards on everyday essentials, then a program like PC Optimum may be a better fit.
The best rewards program is not necessarily the one that offers the highest earning potential on paper, but the one that aligns with your lifestyle and spending habits. A rewards program only creates value when you actually use the rewards you earn. Whether that’s travel, cashback, groceries, gas, household essentials, or even a statement credit, the goal is to choose a program that makes it easy to redeem your rewards on the things that matter most to you and helps you get the most value from every point you earn.
Grocery shopping appears to be where Canadians are most engaged with rewards. Beyond scanning a loyalty card, what are some practical habits that can help families maximize their points every week?
Beyond just scanning a loyalty card, Canadians can maximize their points when grocery shopping by planning ahead.
Before heading to the store, take a few minutes to review store flyers for special discounts, bonus points offers, and redemption promotions. This allows you to be more intentional with your purchases, stack more points, and get the most value from the money you’re already spending.
When you open the PC Optimum app before you shop, you get personalized offers based on your shopping habits, allowing you to earn additional points on grocery items you regularly purchase. You can also browse store flyers, view special deals at your home store, and create a shopping list directly within the app. These features help make your shopping experience more intentional, organized, and efficient.
If you use a PC Mastercard, you can also earn points on every dollar spent on groceries. Pairing the PC Mastercard with PC Optimum allows you to maximize your earning potential by collecting points through both your purchases and personalized offers, helping you get even more value from your everyday grocery spending.
The survey found that while 71% of Canadians say rewards would influence their choice of a mobile plan or device, only 23% actively optimize rewards on those purchases. Why do you think people overlook some of the biggest earning opportunities?
I think many Canadians overlook some of the biggest earning opportunities because they tend to focus on rewards for everyday purchases like groceries, gas, and dining, while forgetting about larger one-time expenses such as mobile devices, phone plans, insurance, travel, or household appliances.
The reality is that rewards can add up quickly when attached to bigger purchases, but many people don’t think to check whether there are points offers, partner promotions, or credit card rewards available before making these types of purchases.
This is why it pays to take a few minutes to understand your rewards ecosystem and look for opportunities to earn points on both your everyday spending and your larger planned purchases, and get the most value from the money you were already going to spend.
Many Canadians belong to multiple rewards programs at once. Is there a point where having too many loyalty cards actually works against you, and is it better to focus on one ecosystem?
Without a strategy, having too many loyalty cards could work against you because you have to spread your spending across multiple cards. This can slow down how quickly you accumulate points and make it more difficult to keep track of all the different rewards, offers, and redemption opportunities.
Instead of using multiple loyalty cards that may take longer to build enough points, it is often better to focus on one or two loyalty cards that provide the most value based on your spending habits. By concentrating your purchases within a smaller number of programs, you can accumulate points faster, reach redemption thresholds sooner, and maximize special offers and promotions.
The goal is not to have the most loyalty cards, but to have the right ones. Focusing on one or two programs that align with where you regularly shop helps you earn rewards more efficiently, get more value from your points, and avoid the overwhelm that can come with trying to manage too many programs at once.
For someone who wants to get smarter about rewards but doesn’t have time to track complicated promotions, what are your top three “set it and forget it” strategies?
Tracking multiple promotions can get complicated and time-consuming, which is why it’s important to choose rewards programs that align with your everyday spending habits, so that earning points becomes automatic and doesn’t require much upkeep.
My top three “set it and forget it” strategies are:
First, use a credit card that lets you earn points on every dollar you spend. Doing this ensures you’re getting rewards for everyday purchases instead of being limited to specific spending categories. This way, you don’t have to constantly think about where to spend because you know every swipe is earning rewards. With the PC Mastercard, for example, you earn points everywhere you shop, helping take the guesswork out of earning rewards.
Second, take advantage of personalized offers. Look for rewards programs that adapt to your shopping habits, making it easy to earn additional points even when life gets busy, and you don’t have time to plan ahead. The PC Optimum app curates personalized offers based on products you regularly purchase. Simply open the app before you shop, and your offers are automatically loaded, making it easy to earn more points on the go.
Third, give yourself a target for redeeming your points. Whether it’s reaching a specific points balance, saving for an item on your wishlist, or redeeming during seasonal events like Black Friday or the holidays, having a goal makes it easier to stay engaged with the program and get more enjoyment from your rewards. Personally, I like to let my PC Optimum points accumulate throughout the year and redeem them during the holiday season for a fragrance that I probably wouldn’t purchase with my own money. It feels like a treat, and it’s a great example of how rewards can help you enjoy things you value without impacting your budget.
There’s often skepticism that loyalty programs encourage overspending. How can consumers use rewards as a financial tool without falling into the trap of buying things they don’t actually need?
It’s very easy to fall into the trap of overspending when using loyalty programs. The first rule is to always let your budget guide your spending instead of making spending decisions based on promotions, bonus points, or minimum spend requirements. A simple question to ask yourself is, “Would I still buy this item or spend this amount of money if it weren’t tied to earning more points?” If the answer is no, it’s probably not worth it.
It’s also important to choose rewards programs that align with your existing spending habits and the places where you already shop. The best rewards programs complement your budget rather than encourage you to overspend.
Look for programs that offer flexibility, give you cash back and allow you to redeem points on things you already need. For example, with PC Optimum and the PC Mastercard, you can redeem points on everyday essentials like groceries, household items, pharmacy purchases, and gas. You also get the option to use your points towards a statement credit, giving you even more bang for your buck.
The best way to use rewards as a financial tool is to earn and redeem points on purchases you were already planning to make. When rewards are built into your existing spending habits, they can help stretch your budget further without encouraging unnecessary spending.
If you were sitting down with a Canadian family looking to stretch their budget this summer, what simple changes would you recommend that could help them earn hundreds of dollars more in rewards over the next year?
If I were sitting down with a Canadian family looking to stretch their budget this summer, the first thing I would recommend is finding ways to earn rewards on purchases they are already making.
For many families, that could mean switching from a regular debit card to a PC Mastercard for everyday spending. Unlike a debit card, which typically doesn’t earn rewards, the PC Mastercard allows you to earn points on purchases you were already planning to make, helping you get more value from your existing budget without changing your spending habits.
Over the course of a year, those points can add up to savings that could provide some relief in their budget. With the PC Mastercard, families can earn up to $700 in value. Depending on how they choose to redeem their points, those rewards could be used to stock up on household essentials, help offset holiday spending, purchase items on their Christmas wishlist, or be applied as a statement credit to pay down their credit card balance. Small changes, like earning rewards on everyday purchases, can make a noticeable difference over time and help create a little more flexibility in the household budget.
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