From what I can tell, sort of. SQC is based on what you spend, but with certain multipliers depending on what fare your flying on AC or if your flying other star airlines. And you can get SQC from some credit card spend.

For most of the lower Elite levels, it looks like you have to spend about twice as much money to qualify. Credit card spend will offset that a bit. I think its a bit different SE, but since I will never be an SE, havnt looked into that