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PC Money Account Review

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The PC Money Account is a type of bank account that simplifies the Canadian direct banking experience. By combining the features of a chequing account, a prepaid credit card, and a rewards program, the PC Money Account provides a flexible alternative to traditional banking products. Account holders earn at least five PC Optimum points for every $1 they spend. There is no monthly account fee and no minimum monthly balance that must be maintained.

In this PC Money Account review by WealthRocket, we’ll take a closer look at President’s Choice’s return to Canada’s financial landscape, detailing account features, benefits, advantages and drawbacks.

PC Financial Mastercard

PC Money Account

Rated 2/5 stars.

  • Account Options Bank Account (chequing account and prepaid mastercard features)
  • Countries Served Canada
  • Branches in Canada Online only

PC Money Account: an overview

The PC Money Account is a digital bank account that combines the features of a credit and debit card.

It offers users access to an online-only money management system by using a hybrid PC Financial/Mastercard-branded card. This card is accepted anywhere that Mastercard is, although it does not function as a traditional credit card.

Instead, it’s a prepaid Mastercard, allowing Canadians to use the account without the monthly bill or credit card interest. It also allows cardholders to earn points on every purchase, redeemable at any Loblaws Corporation store, including Loblaws, No Frills, Shoppers Drug Mart, Joe Fresh, Zehrs, and Provigo, among many others.

The account comes with no monthly fees, no minimum balance requirements, unlimited bill payments, and unlimited Interac e-Transfers. Free transactions also come with this account, which means an unlimited amount of point of sale transactions, online transactions, and account transfers.

Since it operates as a reloadable account, the PC Money Account also offers three methods of placing money on the card, either by Interac e-Transfer, third party bank account transfer, or direct deposit.

All deposited money is protected with the Canada Deposit Insurance Corporation (CDIC), making all eligible deposits insured up to $100,000.

PC Money Account at a glance:

  • Monthly fees: None
  • Transaction limits: None
  • Bill payments: Unlimited
  • Interac e-Transfers: Unlimited
  • Direct deposit: Yes
  • Rewards: PC Points/Optimum Points
  • Insurance: CDIC, Mastercard Secure Network
  • ATM network: PC Financial ATMs
  • Overdraft protection: Yes
  • Cheques: None
  • Branches: None

PC Money Account rewards

New customers can sign-up for the PC Money Account and earn up to 130,000 PC Points/Optimum Rewards.

PC Optimum points are only redeemable in $10 increments, which may seem like an eternity to collect. However, points never expire. If you find yourself at any Loblaws Corporation store often enough, you’ll have frequent opportunities to use your points.

The account additionally offers a rewards program for every transaction, offering a minimum of 5 PC Optimum points* on every dollar spent.

Using your card will earn you:

  • 10 points* per dollar spent at all PC grocery stores
  • 25 points* per dollar spent at Shoppers Drug Mart
  • Up to 5,000 points* on bill payments and payroll direct deposits

You can earn more rewards upon signing up in a couple of ways:

  • Four months of eligible payroll deposits earn you up to 50,000 points*
  • Making eight bill payments of $50 or more to different recipients earns you 10,000 points* each for every transaction for a total of $80,000 points

*Rates current as of November 2023

PC Money Account eligibility

To apply for the PC Money Account, you must be:

  • A Canadian resident

  • At least 16 years old

  • Willing to provide information about your employment status

Providing your SIN can help speed up the application, but it’s optional.

PC Money Account interest rates and fees

One of the most compelling attributes of the PC Money Account is the opportunity to earn points without paying high fees. While it’s true that the PC Money Account does not come with monthly fees, it still comes with some fees, which include:


  • Inactivity fee: $20* (One-year of inactivity)
  • ATM withdrawals: Free at PC Financial ATMs, $1.50* for non-PC domestic ATMs, $3.00* for international ATMs
  • Overdraft protection fee: $5
  • Foreign exchange transaction fees: 2.5%*
  • Non-Sufficient Fund fee (NSF): $40*
  • Card replacement fee: One free annual card replacement, $5 for additional card replacement
  • Cancellation of an e-Transfer: $3.50*
  • Customer service-assisted transaction: $1*
  • Bill payment tracing: $15*
  • Bill payment recall: $24*

Interest rates:

  • Purchases: None
  • Cash advances: None
  • Balance transfers: None

*Rates current as of November 2023

PC Money Account perks

On top of earning PC Optimum points with every purchase, the PC Money Account also offers the following perks:

  • PC Financial app

    Manage your money via the PC Financial app, which comes with extra protection, a two-step authorization, and facial recognition available for both iOS and Android. The PC Money Account is also compatible with Apple Pay and Google Pay.

  • ATM network

    The PC Money Account has an efficient ATM network. Withdraw cash from PC Financial ATMs available at more than 750 Loblaws affiliated stores.

  • Security and customer support

    Get 24/7 online support and fraud detection, plus Mastercard’s zero-liability protection for unauthorized purchases. You can also lock a lost or stolen card through the PC Financial app.

  • Money management

    Receive digital statements summarizing your spending on a monthly basis and use online money management tools to your advantage.

Compare PC Money Account alternatives

PC Financial Mastercard

PC Money Account

  • Account Options Bank Account (chequing account and prepaid mastercard features)
  • Countries Served Canada
  • Branches in Canada Online only
EQ Bank Card

EQ Bank Card

  • Welcome offer None (However, you can earn 0.50% bonus interest for 12 months on your card balance.)
  • Annual rewards $120
  • Annual fee $0
  • Minimum income required None
WealthSimple Logo

Wealthsimple Cash

  • Account Options Cash, Investing, Crypto
  • Countries Served Canada
  • Branches in Canada Online Only

Our final thoughts

With a debit and credit card hybrid, topped off with the PC Optimum reward points program, this free banking product is suitable for people who want to stick to a budget and avoid credit card debt. Its offerings are also suitable for dedicated Loblaws Corporation patrons.

With no monthly fee and a few useful perks, PC Financial is a great option for anyone seeking a means of maximizing their spending and earning potential.

Learn more about how we rate and review credit cards by visiting our methodology page.

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