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The PC Money Account is a hybrid bank account that links your account balance to a prepaid credit card. You can use your card everywhere Mastercard is accepted, including online and when travelling abroad. You'll also earn PC Optimum points for every dollar you spend on purchases. This account can be used for putting away savings or paying bills. It comes with no monthly fees and unlimited free transactions.
The PC Money Account is not a chequing or savings account, and the mastercard you get with the account is not a debit card. Rather, it offers a prepaid card that you can use much like a debit card.
No. Unlike a credit card, the PC Money Account does not provide access to borrowed funds that you have to pay back with interest. You must load funds onto the card to spend. So, you don’t go into debt when you make purchases and you can only spend up to the amount loaded onto the card.
You can use the PC Money Account anywhere Mastercard is accepted. It’s similar to a credit card in that you can’t deposit cash or write cheques on the account like you would with a normal chequing or savings account. But it’s similar to a debit card in that you can’t spend money you don’t have.
The PC Money Account is a debit card that that lets you spend money out of your own bank account while still earning rewards. It can be used anywhere Mastercard is accepted and comes with the following benefits:
While the PC Money Account offers many benefits, it also comes with a handful of drawbacks you should be aware of:
The PC Money Account charges zero monthly fees and you won’t pay to make withdrawals from your account. This includes when you use your account to make bill payments or send Interac e-Transfers. You’ll also get any withdrawal you make at a PC Financial ATM for free.
That said, it’s difficult to find any information about extra costs you might have to pay for certain services or transactions. These include fees for requesting paper statements, dipping into a negative balance, having an inactive status or making non-PC ATM withdrawals using your card.
To apply for a PC Money Account, you need to meet the following criteria:
It’s easy to make withdrawals from your account using your debit card. You can do this by taking money out for free at a PC Financial ATM (or for a fee from a third-party ATM). You can also take money out of your account by sending it to your external bank account via Interac e-Transfer.
To deposit money into your account, you’ll be able to receive an Interac e-Transfer from an external account. You can also choose to link an external account to your PC Money Account using the “Link an Account” function in its app. Unfortunately, there’s no option to deposit money into your account by cash or cheque at this time.
The PC Money Account is a hybrid debit account/prepaid credit card that lets you earn PC Optimum points wherever Mastercard is accepted. This card is best-suited for customers who might not have the credit score they need to qualify for a regular credit card. It’s also a good fit for those who regularly shop with PC Optimum partners.
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