The PC Money Account comes with a prepaid Mastercard you can use for online and in-store purchases anywhere Mastercard is accepted.
Unlike many traditional prepaid credit cards, this one offers several benefits and perks, including the ability to earn valuable PC Optimum points.
This PC Money Account review covers what you need to know.
PC Money Account Features at a Glance
- Pay $0 monthly account fees
- Get unlimited debit transactions and Interac e-Transfers
- Earn 10 PC Optimum points for every dollar spent
- Earn an extra 15 PC Optimum points per dollar spent at Shoppers Drug Mart
- Get free ATM withdrawals at PC Financial ATMs
- Enjoy CDIC protection on eligible deposits
PC Money Account Benefits
1. Earn PC Optimum Points: The PC Money Account offers 10 PC Optimum points for every dollar you spend, whether your purchase was completed online or at a store.
If you shop at Shoppers Drug Mart, you get an additional 15 points for a total of 25 PC Optimum points per dollar spent.
You can easily redeem your PC Optimum points for free groceries and other items at more than 2,500 locations across the country.
Here are some tips on how to maximize PC Optimum rewards.
2. Pay No Monthly Fees: The PC Money Account does not have a monthly account maintenance fee. This makes it sort of a free chequing account. There is also no minimum balance required to keep the account fee-free.
3. Unlimited Free Transactions: Use your PC Money prepaid Mastercard and account to pay for purchases, make bill payments, set up pre-authorized withdrawals, and transfer money between banks.
If you have a PC Financial Mastercard, you can use it to pay off your balance.
4. Free Interac e-Transfers: Easily send or receive Interac e-Transfers without paying fees.
5. Free ATM Withdrawals: Free cash withdrawals are available at PC Financial ATMs located at Loblaw banner grocery stores (e.g. Superstore), Shoppers Drug Mart, and Pharmaprix.
6. Up to 100,000 Bonus PC Optimum Points: You can earn up to 100,000 bonus PC Optimum points when you open a PC Money Account and meet the eligibility requirements.
7. Security: President’s Choice Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your deposits are protected up to a maximum of $100,000.
The PC Money Mastercard is covered by Mastercard’s Zero Liability Protection. This protects cardholders against fraud and unauthorized use.
Related: PC Financial World Mastercard review
How The PC Money Account Works
This account works like a chequing account, and the associated prepaid Mastercard is similar to a debit card, except that you can’t use cheques.
To open an account, visit pcfinancial.ca or sign up using the President’s Choice Financial app.
You can fund your account by transferring funds through Interac e-Transfer or by linking an external bank account.
To pay for a purchase, simply use your card online or at a POS. To withdraw cash, visit a PC Financial ATM for free service. You can use your card to tap and pay using Google Pay and Apple Pay.
While the PC Money Account doesn’t have a monthly fee, some transactions incur fees.
PC Money Account Fees
|Unlimited In-Store Purchases||Free|
|Unlimited Online Purchases||Free|
|Unlimited ATM Withdrawals at PC Financial ATMs||Free|
|Unlimited Bill Payments||Free|
|Non-Sufficient Funds (NSF)||$40.00|
|Domestic ATM withdrawal (not PC Financial ATM)||$1.50|
|International ATM withdrawal (Mastercard Network)||$3.00|
|Foreign Exchange Transaction Fee||2.5 %|
|Send Interac® e-Transfer||Free|
|Receive Interac® e-Transfer||Free|
|Cancel Interac® e-Transfer||$3.50|
|Optional Overdraft Protection Fee||$5.00|
|Optional Overdraft Protection Interest (Per annum)||19 %|
|Bill Payment Trace||$15.00|
|Bill Payment Recall||$24.00|
|Rush Card Replacement||$5.00|
|Card Replacement (1st Free per year)||$5.00|
|Printed Copy of Previous Account Statement||$5.00|
|Inactivity Fee (yearly)||$20.00|
|Assisted Transaction via Customer Service Representative (per transaction)||$1.00|
PC Money Account Pros and Cons
The PC Money account has no monthly fees, and users can save on fees that would otherwise go to debit transactions and Interac e-Transfers.
If you routinely shop at Superstore and other stores where PC products are sold, this account can help you earn reasonable rewards.
Also, since you will be using a prepaid card, there’s no concern that you could start to rack up debt and carry a big credit card balance.
On the flip side, you can’t use the PC Money Mastercard to improve your credit score, and PC Bank has a limited ATM network.
Lastly, the PC Money account does not offer cheques.
PC Money Prepaid Mastercard vs Other Prepaid Cards
The PC Money Prepaid Mastercard is one of many prepaid cards available in Canada.
While most prepaid cards offer a no-frills functionality, a few recent ones are bucking the trend and providing benefits beyond simply making payments.
How does the PC Money prepaid card stack against some of the other prepaid cards we have reviewed, including KOHO and STACK?
PC Prepaid Mastercard vs. KOHO Prepaid Mastercard
The KOHO Mastercard is the top prepaid credit card in Canada. The regular no-fee KOHO card offers:
- $0 monthly account fee
- 1% real cash back on groceries and bill payments
- Up to 5% cash back at select retailers
- Automatic savings by rounding up your purchases to the nearest $1, $2, $5, or $10
- Free budgeting app
- Friend referral program
- A snappy Visa card plus a virtual card
You can also open a joint account with a spouse or partner.
KOHO has a paid account, KOHO Premium, that additionally offers free financial coaching, price matching, 2% cash back on transportation, groceries, and restaurant purchases, and waives the 2.5% foreign currency conversion fee.
When you open a new KOHO account here, you get a $20 cash bonus after making your first purchase using the card.
KOHO Prepaid Mastercard
Rewards: Earn 1% cash back on groceries and transportation; Up to 5% cashback at select partners; Earn interest on your balance*.
Welcome offer: Get a $20 bonus when you load and make your first purchase (use promo code CASHBACK during sign-up).
Interest rate fee: 0%
Annual fee: $0
PC Money vs. KOHO
|Card Name||PC Money Prepaid Mastercard||KOHO Prepaid Visa|
|Bank Issuer||President’s Choice Bank||People’s Trust|
|Monthly Fee||$0||$0 for KOHO regular; $9 for KOHO Premium|
|FX Fee||2.5%||0% to 1.5%|
|Perks||Earn 10-25 PC Optimum points per dollar spent||Earn up to 5% cash back on purchases; budgeting app; joint accounts; in-app offers, financial coaching, no FX fees, and price matching for Premium users|
|Reload Options||Bank transfer and Interac e-Transfer||Interac e-Transfer, direct deposit, bank transfer, and Visa debit|
|Promotion||Up to 100,000 bonus PC Optimum points||Get a $20 cash bonus (use referral code CASHBACK)|
If you collect PC Optimum points, the PC Money Account offers a way to rack up points and free groceries without needing a credit card.
Trying to limit your spending or stick to a tight budget? A prepaid card such as KOHO, PC Money Mastercard, or STACK can help you get the job done!
PC Money Account FAQs
The PC Money Account may be worth it if you do a lot of shopping at Loblaw banner stores, as it helps you earn more PC Optimum Points you can redeem for free groceries.
No, the PC Money account is different from Simplii Financial, which is an online bank owned by CIBC. PC Money account is offered by President’s Choice Bank.
Yes, President’s Choice Bank is an online bank in Canada owned by Loblaw Companies Limited.