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Help protect your PC® Credit Card from the unexpected

Payment Support Plan (“PSP”)2 is an optional insurance that can help ease financial burden with payments on your credit card balance in case of job loss, disability, or loss of life.

Sign in to enrol (opens in a new window)External link
Payment Support Plan

3 ways Payment Support Plan helps you stay covered

  • Involuntary job loss or disability

    A monthly payment of 20% of your PC® Mastercard® balance, as of the statement date on or immediately before the occurrence, for up to 5 consecutive months.

  • Loss of life

    A one-time payment of your full PC® Mastercard® balance as of the date of death, up to a maximum of $30,000.

  • Spousal coverage

    PSP extends most benefits to spouses who are Additional Cardholders. Spousal enrolment is automatic, and they are subject to the same eligibility criteria as the Primary cardholder.

  • Who's eligible?

    • Canadian residents (excluding residents of Quebec, Saskatchewan and the Yukon Territory)

    • Individuals under 65 years old

    • PC® Mastercard® cardholders with an account in good standing

    • Employed or self-employed individuals1

  • How much does it cost?

    The cost for the Payment Support Plan is 99¢ (plus applicable taxes) per $100 of your current month's statement balance. For example, if the balance on your monthly statement was $300, the cost for that month of PSP would be $2.97, plus any applicable taxes.

Enrol for PSP in minutes - no calls or paperwork required

  • Step 1

    Select ‘Accounts’ on your dashboard

  • Step 2

    Select your PC® Mastercard®

  • Step 3

    Select ‘Payment Support Plan’ under Accounts

  • Step 4

    Select ‘Confirm & Submit’ after reading details

Important

If you are currently enrolled in Account Balance Protection (“ABP”) and want to enrol in the Payment Support Plan (PSP), you will need to cancel ABP first. Please note that if you decide to enrol in PSP, you cannot re-add ABP after cancellation.

Enrol for Payment Support Plan, by signing in to PC Financial® online banking.

Enrol for PSP (opens in a new window)External link

Frequently Asked Questions

How do I make a claim?

PSP coverage is provided by The Canada Life Assurance Company ("Canada Life"). To make a claim, please contact Canada Life at 1-877-789-41823.

Can I cancel my PSP?

Yes, you can cancel your PSP at anytime. This coverage is optional. To cancel this plan, please call PC Financial® at 1-866-246-7262. Should you choose to cancel your coverage within the first thirty (30) days of the effective date, any premiums billed to your PC® Mastercard® will be refunded and coverage cancelled.

Are Additional Cardholders covered?

PSP extends most benefits to spouses who are Additional Cardholders. The coverage applies ONLY to an Additional Cardholder who is your spouse.

Is the premium charged on my minimum or full statement balance?

The insurance premium is charged on your full current month’s statement balance. The insurance premium will be charged to your PC® Mastercard® credit card and will appear on your monthly statement as PSP Premium.

When does coverage start?

The coverage is not effective immediately. The effective date of your coverage will be up to nine (9) business days from the date that you first activated your PC® Mastercard® if you opted-into PSP at the time of your application; or up to nine (9) business days from your enrolment date if you already have an active PC® Mastercard® at the time of enrolment. From your effective date, your coverage will continue until it's cancelled or terminated.Insurance coverage ends when a customer turns 65 or moves into an ineligible province4.

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