(March 26 – 11:10 ET) – President’s Choice Bank today launched the new President’s Choice Financial MasterCard in British Columbia. The card lets consumers earn free grocery rewards for everyday spending on their credit card.

“The President’s Choice philosophy has always been about searching the world to bring consumers unprecedented value”, explains Geoff Wilson, vice president Industry and Investor Relations, Loblaw Companies Ltd, “We believe that the President’s Choice Financial MasterCard offers the best credit card value for Canadian consumers with its unbeatable combination of free grocery rewards, premium credit card benefits and no annual fee.”

The main feature of the new credit card is the PC points loyalty program. Customers who use the card can earn PC points on purchases everywhere, redeemable for free groceries in Loblaw Cos. Ltd. owned and franchised stores, such as Real Canadian Superstores in B.C. Other travel and merchandise rewards will be introduced to points program in the near future.

“Nine of the past 11 new credit card issuers in Canada have chosen MasterCard,” said Craig Penney, vice president and general manager, MasterCard Canada.”

The B.C. launch represents the first stage of a roll-out of the new credit card across Canada. Over the next three months, the card will be introduced in Alberta, the Prairies, Ontario and the Atlantic Provinces with Quebec following in 2002.