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PC Money Account Review 2022: Prepaid Mastercard For PC Optimum Points

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.

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

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) 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

PC Money Account Benefits

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 or sign up using the President’s Choice 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.

PC Money Account Fees

Unlimited In-Store PurchasesFree
Unlimited Online PurchasesFree
Unlimited ATM Withdrawals at PC Financial ATMsFree
Unlimited Bill PaymentsFree
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 Fee2.5 %
Send Interac® e-TransferFree
Receive Interac® e-TransferFree
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 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 here, you get a $20 cash bonus after making your first purchase using the card.

KOHO Prepaid Mastercard (formerly KOHO Visa)

Rewards: Earn 1% cash back on groceries and bill payments; 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 rates: 0%

Annual fee: $0

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, you get a $5 sign-up bonus after loading at least $300. Get more details about the card in this Stack prepaid Mastercard review.

PC Money vs. KOHO vs. STACK

Card NamePC Money Prepaid MastercardKOHO Prepaid VisaStack Prepaid Mastercard
Bank IssuerPresident’s Choice BankPeople’s TrustPeople’s Trust
Monthly Fee$0$0 for KOHO regular; $9 for KOHO Premium$0
FX Fee2.5%0% to 1.5%0%
Interac e-TransferFreeFreeFree
PerksEarn 10-25 PC Optimum points per dollar spentEarn 0.5% to 2% cash back on purchases; budgeting app; joint accounts; in-app offers, financial coaching, no FX fees, and price matching for Premium usersNo FX fees, free ATM withdrawals, in-app cash back offers
Mobile AppYesYesYes
Reload OptionsBank transfer and Interac e-TransferInterac e-Transfer, direct deposit, bank transfer, and Visa debitInterac e-Transfer, direct deposit, STACK-to-STACK transfer, cash load at Canada Post, bank transfer
PromotionUp to 100,000 bonus PC Optimum pointsGet a $20 cash bonus (use referral code CASHBACK)$5 sign-up bonus with $300+ load


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

Is the PC Money account worth it?

The PC Money Account may be worth it if you plan on doing a lot of shopping at Loblaw banner stores as it helps you earn more PC Optimum Points you can redeem for free groceries.

Is PC Money account the same as Simplii?

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.

Is PC Financial a real bank?

Yes, President’s Choice Bank is an online bank in Canada owned by Loblaw Companies Limited.

Related reading:

Are you a PC Optimum member? Tell us what you think about this new bank account in the comments.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

11 thoughts on “PC Money Account Review 2022: Prepaid Mastercard For PC Optimum Points”

  1. Gravatar for Jè

    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.

    • Gravatar for Enoch Omololu

      @Je: You are right on the instant KOHO transfers. Overall, KOHO’s cash back beats STACK and the PC Money account in my opinion.

      • Gravatar for Brian

        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.

        • Gravatar for Enoch Omololu

          @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.

  2. Gravatar for Amanda

    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?

  3. Gravatar for Cedric Poulin

    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.

  4. Gravatar for Mary Sitarski

    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.

    • Gravatar for Enoch Omololu

      @Mary: That’s an awfully long time to wait!

  5. Gravatar for Christa

    Can I pay other credit cards using my PC Money account and earn Optimum Points?

  6. Gravatar for Kathryn K.

    I’m not liking my PC Money Account because transactions post late to the account, I can make a purchase in a store it gets approved and then I find out shortly afterwards that I’m in the minus in my account. I’m always going by the amount that it currently shows in my account, I’m trusting that amount is correct what’s available for me to spend, this has happened a couple of times to me now where I’ve made a purchase it’s got approved in the store I find out later I’m in the negative and I find out it’s because it took a while for a previous transaction to post to my account so it’s messing me up and I don’t like it. I made an e-transfer to my PC account recently it took off what I owed what I was in the negative for and the remaining balance is now not available for me which is dumb, it’s like the system is recognizing that that negative amount has been deducted but it’s not making the rest available to me there’s a flag now on my account so I can’t keep going through that, the points are great but this the way the account is with posting transactions late and messing me up with not knowing how much is in my account to spend it’s too much of a headache to be honest. With Scotiabank for example if I was in the negative any money I deposit into my account it would deduct what I owe and the remainder would be available to me immediately even outside of business hours but it’s like with the PC Money Account the amount that’s currently showing in your account that might not be the true amount because maybe not all transactions have posted yet to your account so it seems to be more of a headache and I don’t think I’m going to continue with them.

    • Gravatar for Amanda S

      This is exactly what im dealing with suddenly. One day I have money the next Im -119 and do not have an overdraft and none of the “specialists” if we can call them that can even investigate, ive msg and called daily for a week now and cannot get it figured out. This is the second time money has gone missing from my acct but it doesnt show up in my statement as if it didnt happen! Im done with them.

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  • Get up to 4.90% interest rate* on new deposits.
  • No monthly fees and 3 free debit transactions monthly.
  • No minimum balance required.
Terms and conditions apply. Offer runs from From October 17, 2022, to January 27, 2023. Rates subject to change without notice.
  • Get up to a 4.90%* interest rate on new deposits.
  • No monthly fees and 3 free debit transactions monthly.
Terms and conditions apply. Offer runs from From October 17, 2022, to January 27, 2023. Rates subject to change without notice.