PC Money Account Review 2021: Welcome Back, President’s Choice!
- Nadya Camerino
- April 13, 2021
If you’ve recently paid a visit to No Frills, Shoppers Drug Mart, Joe Fresh, or any other Loblaws Corporation stores, you’ve likely seen the radiant purple advertisements for PC Money Account.
In this Wealth Rocket review, we’ll take a look at President’s Choice’s return to the Canadian financial landscape with the PC Money Account. While it’s not quite a chequing account or a credit card, it combines all of the benefits for dedicated Loblaws patrons nonetheless—without fees or limits.
Table of Contents
The PC Money Account Review for 2021
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 reward program.
PC Money Account: Features
As a no-fee online account, the PC Money Account combines the functions of a debit card and prepaid Mastercard, which can be used anywhere around the world that Mastercard is accepted.
As a no-fee online account, the PC Money Account combines the functions of a debit card and prepaid Mastercard, which can be used anywhere around the world that Mastercard is accepted.
That means an unlimited amount of transactions, whether they're point of sale or online. It also offers free, unlimited Interac e-Transfers, with no monthly limits, either.
The PC Money Account is a reloadable card and offers various means of a simple way to put money on your card.
Options include sending yourself an Interac e-Transfer from your personal bank account or linking an external bank account directly to your PC Money Account.
All deposited money is protected with the Canada Deposit Insurance Corporation (CDIC), meaning all deposits are eligible for insurance with a maximum of up to $100,000.
PC Money Account: Online Banking
When using the PC Financial app, it’s easy to set up extra protection with two-step authorization and facial recognition.
PC Financial customers can make bill payments and free Interac e-Transfers through the PC Financial website or the sleek, biometric-enabled PC Financial app, available for iOS and Android.
The PC Money Account is also compatible with Apple Pay and Google Pay.
PC Money Account: ATM Network
Despite being a bank that operates entirely online, PC Money Account has a small but efficient ATM network.
Customers can withdraw cash from PC Financial ATMs, many of which are available at many Loblaws affiliated stores.
While seldom, PC Money customers can withdraw cash from these ATMs.
PC Money Account: Rewards and Sign-Up Promotions
The simple act of signing up for the PC Money Account will get you 50,000 Optimum reward points, which equals $50 in cash value.
PC or PC Optimum points earned 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, you'll have frequent opportunities to use your points.
The account additionally offers a rewards program for every transaction, offering 10 PC Optimum points on every dollar spent.
Using your card will earn you 2.5% in PC Optimum rewards back when used at Shoppers Drug Mart and 1.5% everywhere else.
You can earn more rewards upon sign-up using in a few ways:
- Linking your PC Money Account to an external bank account will earn you 10,000 points,
- Using your card on a $50 or higher purchase will earn 10,000 points,
- Setting up a direct payroll deposit for a minimum of three months earns 25,000 points,
- Making five bill payments of $50 or more to different recipients earns 1,000 points each for every transaction, and
- Referring family or friends who make $50 transactions within 60 days of opening the account will earn 10,000 points for each referral.
What is the PC Money Account?
The PC Money Account is a digital bank account that combines a credit and debit card.
The PC Money Account also operates as a prepaid Mastercard, allowing Canadians to use the account in the same fashion as a traditional credit card, 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.
Despite being a non-traditional bank, the PC Money Account is considered a Schedule 1 bank and insured by the Canada Deposit Insurance Corporation (CDIC).
What is President’s Choice Financial?
Working under the Loblaws umbrella, President’s Choice is no stranger to personal banking products.
First launched in collaboration with CIBC in 1996, PC Financial offered a digital bank account, along with other banking products, such as personal loans, mortgages, and a credit card, among other spending, saving, investing, and borrowing options.
In 2017, CIBC and President’s Choice ended their relationship. CIBC was rebranded as Simplii Financial, while President’s Choice would reintroduce their bank account as the PC Money Account.
PC Money Account Pros & Cons
Pros: The Good Stuff
Cons: The Not So Good Stuff
Our Final Thoughts
PC Financial’s return to the personal finance landscape with a no-fee bank account couldn’t come at a better time, as the company rejoins a rising trend of free banking services, competing with many new neo-banks.
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. It’s also suitable for dedicated Loblaws Corporation patrons.
With no costs and a multitude of perks, PC Financial is a great option for anyone seeking a means of maximizing their spending and earning potential.
Frequently Asked Questions
Not exactly. While both banks offer no-fee banking solutions, PC Money and Simplii Financial are separate banking institutions.
PC Financial and CIBC, Simplii Financial's parent bank, separated in 2017 after over 20 years of partnership.
Following the separation, PC Financial customers moved to CIBC, then rebranded to Simplii Financial.
The separation was a mutual agreement between CIBC and PC Financial, which made the account transitions seamless
The PC Financial MasterCard would remain intact, and all PC Financial clients transferred to CIBC's new digital banking.
Not exactly. President’s Choice is a corporation that provides banking services as well. While PC Financial isn’t exactly a traditional bank, it’s more of a corporation that offers banking solutions.
Collecting PC Optimum points can add up quickly if you spend strategically. Points are redeemable in any Loblaws store or online in increments of $10.
All participating retailers are available on the PC Optimum website. It is easy to spot participating grocery stores, as they carry the President’s Choice brand.
Some notable supermarkets include Maxi, Loblaws, and No Frills. If you are in the market for some new clothes, Joe Fresh has you covered for all of your basic fashion needs. Lastly, Shoppers Drug Mart is available for all of your health and beauty needs.
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