If you thought that Loblaw was mostly out of the retail banking business for good after breaking up with CIBC in 2017, you’d be wrong. The retail giant just announced its new bank account, PC Money.
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.
Read on to learn about what we know so far about the new PC Money Account.
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 50,000 Bonus PC Optimum Points: You can earn up to 50,000 bonus PC Optimum points when you open a PC Money Account.
Here’s what’s up for grabs:
- Earn 10,000 points when you make your first purchase of $50 or more using your PC Money account within three months of account approval
- Earn 10,000 points when you link a bank account with another financial institution to your PC Money account
- Earn 1,000 points for each of up to five bill payments of $50 or more to unique payees per calendar month
- Earn a one-time bonus of 25,000 points when you set up automatic payroll or pension direct deposit into your PC Money Account for the first time and complete at least three direct deposits into the account within three consecutive months following setup
7. Security: President’s Choice Bank is a member of the Canada Deposit Insurance Corporation (CDIC) and this 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 PC Financial app.
You can fund your account by transferring funds to it 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 as follows:
| 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 |
How Does the PC Prepaid Mastercard Stack Up Against 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 Visa
The KOHO Visa Card takes the top spot among prepaid credit cards in Canada. The regular no-fee KOHO card offers:
- $0 monthly account fee
- 0.50% real cash back on all debit purchases
- Automatic savings by rounding up your purchases to the nearest $1, $2, $5 or $10
- Up to 5% cash back at select retailers
- Free budgeting app
- Friend referral program
- Access to $100 of your payroll three days early through KOHO Early Payroll
- 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 and use the promo code CASHBACK, you get an extra 1% cash back for 90 days.
PC Prepaid Mastercard vs. STACK Prepaid Mastercard
The Stack Mastercard is the only no-fee prepaid card in Canada that waives FX fees. You can use the card to pay for everyday purchases and STACK does not charge for ATM withdrawals.
The Stack app tracks your spending and you can use it as a budgeting tool. It can also be used to save money automatically.
Users of the Stack prepaid card earn cash back at more than 140 retailers, including Amazon, Hello Fresh, Foot Locker and others.
When you sign up for a Stack card here, you get a $5 sign-up bonus. Get more details about the card in this Stack prepaid Mastercard review.
PC Money vs. KOHO vs. STACK
| PC Money | KOHO | STACK | |
|---|---|---|---|
| Card Name | PC Money Prepaid Mastercard | KOHO Prepaid Visa | Stack Prepaid Mastercard |
| Bank Issuer | President’s Choice Bank | People’s Trust | People’s Trust |
| Monthly Fee | $0 | $0 for KOHO regular; $9 for KOHO Premium | $0 |
| FX Fee | 2.5% | 0% to 1.5% | 0% |
| Interac e-Transfer | Free | Free | Free |
| Perks | Earn 10-25 PC Optimum points per dollar spent | Earn 0.5% to 2% cash back on purchases; budgeting app; joint accounts; multiple in-app offers; plus financial coaching, no FX fees, and price matching for Premium users | No FX fees, free ATM withdrawals, in-app cash back offers |
| Mobile App | Yes | Yes | Yes |
| Reload Options | Bank transfer and Interac e-Transfer | Interac e-Transfer, direct deposit, bank transfer, and Visa debit | Interac e-Transfer, direct deposit, STACK-to-STACK transfer, cash load at Canada Post, bank transfer |
| Promotion | 50,000 bonus PC Optimum points for new customers | Get 1% extra cash back for 90 days with promo code CASHBACK | Get a $5 sign-up bonus |
| Apply | Apply now | Apply now | Apply now |
Conclusion
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!
Related Reading:
- Best Cash Back Apps in Canada
- Best Tangerine Savings Accounts
- High-Interest Savings Accounts in Canada
- Apps That Pay You To Upload Receipts
- Best Credit Cards for Groceries
Are you a PC Optimum member? Tell us what you think about this new bank account in the comments.
KOHO also has instant K2K transfer (KOHO to KOHO) like STACK has Stack-to-Stack.
Thank you for this breakdown. I was considering getting PC Money because of the points, but it looks like I will be sticking solely with my KOHO, which is so easy to use, and the rewards are much better.
@Je: You are right on the instant KOHO transfers. Overall, KOHO’s cash back beats STACK and the PC Money account in my opinion.
Hmmm, not sure if I agree. The existing pc points specials(especially Shoppers Drugmart) in addition to the in-store specials, the 10 pts per $1 at Shoppers for optimum, plus the 15 pts per dollar for the PC Money card is a tidy little 2.5% double down. I like all my points in one place. Recent trips to Shoppers were over 28,000 pts ($28) back spending just over a hundred and twenty dollars and 2 weeks ago, 27,000+ points spending $90. Focusing on one points incentive club pays back well. My optimum card was emptied 3 months ago and is already back to a balance of over 270,000 pts ($270). I havent been a member of any multi layered points clubs that pay back like this. Personal preference I guess. I’m sticking PC.
@Brian: I also use the PC Optimum program a lot and we get $600 to $800 or so per year. I agree that its a great loyalty program especially if you do most of your shopping at Superstore or SDM.
I have been looking for an answer and can’t find one anywhere…where or how do I get a second card on the pc money account for my husband?
Get away from PC Money account
I registered my account a month ago and it’s been a nightmare since.
Customer service is awful. You have to speak to a supervisor to get good service.
If you open an account and you have different goals account in it and you want to transfer money between these accounts, it takes 24-48h to get access to the transferred money.
THIS IS NOT a bank account at all where you can access your money right away when it’s in it.
See it as a prepaid credit card only as it uses the same procedure as MasterCard as for funding the account.
I put money in my goals account weeks ago that was unfrozen and ready to use, but when I transferred it to my main money account, the money took 48h to be accessible.
I wanted to give them a chance, but it is not mature enough for the moment.
I have been waiting 15 weeks to have my PC Optimum card linked to my PC Money Account, which I opened on Sept.19, 2020, supposedly because I had a PC MasterCard in 2013 for 33 days and never used it. Thinking of cancelling PC Money Account.
@Mary: That’s an awfully long time to wait!