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PC Money Account review

Pay no monthly fees and collect PC Optimum points every time you shop.

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PC Money Account card image
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.

30-second take

  • Think about this account if you want to pay zero fees and you’d like to enjoy the features of a prepaid credit card.
  • Choose something else if you want access to credit or you need an account that lets you write and deposit cheques.
  • There are no minimum income requirements for this card.

PC Money Account features

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.

  • Account fee. $0
  • Transaction fee. Unlimited $0 transactions
  • Interac e-Transfers. Unlimited $0 Interac e-Transfers (both sending and receiving)
  • Minimum required balance. $0
  • ATM usage. Withdraw cash for free at PC Financial ATMs located in select Loblaw, Shoppers Drug Mart and Pharmaprix stores (cash deposits not accepted). It costs $1.50 to use an out-of-network ATM in Canada and $3 to use an international ATM.
  • Inactivity fee. $20 per year if you have no transactions on your account over 12 months
  • Foreign currency conversion fee. 2.5% fee charged for transactions in a foreign currency
  • Rewards. Get 10 PC Optimum points for every dollar you spend on your card and 25 points whenever you make purchases at Shoppers Drug Mart.
  • Overdraft protection available? Yes (optional). Overdraft protection is available for $5 per month with an interest rate of 19% (calculated daily, charged monthly).

Is the PC Money Account a credit 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.

What are the benefits of the PC Money Account?

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:

  • No monthly fees. This account comes with no monthly fees or service charges.
  • Earn rewards. Get 10 PC Optimum points for every dollar you spend on your card and 25 points whenever you make purchases at Shoppers Drug Mart.
  • Unlimited transactions. Make in-store purchases, pay bills and carry out other types of daily transactions at no extra charge.
  • Free Interac e-Transfers. Avoid paying fees when you want to send money to family or friends with free Interac e-Transfers.
  • Optional overdraft protection. Pay extra for overdraft protection if you want to avoid paying non-sufficient funds (NSF) fees when your account dips below zero.
  • Free in-store ATM withdrawals. Take out cash for free from any PC Financial ATM.
  • Credit card features. Enjoy exclusive Mastercard features such as tap and go payments, fraud protection, secure online payments and a zero liability promise.
  • Mobile app. It’s possible to access the PC Money Account mobile app 24/7 to see your transactions and budget for future savings goals.
  • Welcome bonus. Enjoy a welcome bonus of up to 50,000 PC Optimum points when you complete certain tasks on your account (outlined below).

How can I take advantage of my welcome offer?

You can earn up to 50,000 PC Optimum points when you sign up and complete a variety of tasks on your account. The points you’ll earn per task include the following:


  • 10,000 points for linking your PC Money Account to an external bank account

  • 10,000 points the first time you make a purchase of $50+ using your card

  • 25,000 points for setting up a direct payroll deposit for 3+ months

  • 1,000 points each for up to 5 bill payments of $50 or more to different recipients

What should I look out for?

While the PC Money Account offers many benefits, it also comes with a handful of drawbacks you should be aware of:

  • No cheques. You won’t be able to write or deposit cheques using this account.
  • No interest on savings. You won’t earn interest on the money you hold in your account.
  • Not a credit card. This card is not a credit card in that it won’t give you access to borrowed funds, which means you can only spend money that’s already in your account.
  • Fees for non-PC ATM withdrawals. You’ll have to pay a fee to make any withdrawals from non-PC ATMs.
  • Non-transparent fees. There doesn’t seem to be much information online about additional fees you might need to pay for certain services or transactions.

PC Money Account‘s ATM network and fees

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.

Compare with other pre-paid cards

Name Product Monthly fee Cost per transaction Foreign transaction fee Rewards with this card
KOHO Premium Prepaid Card
$9/month or $84 annually
$0
0%
Up to 2% cash back
Earn 2% cash back on transportation, grocery and restaurant purchases. Plus, get a 30 day free trial. Use promo code FINDERCODE and receive a bonus of an additional 1% cash back for the first 90 days after activation (on top of the regular 0.5% for other purchases, for a total of 1.5% cash back).
KOHO Joint Prepaid Card
$0
$0
1.5%
0.5% cash back
Use promo code FINDERCODE and receive a bonus of an additional 1% cash back for the first 90 days after activation (on top of the regular 0.5%, for a total of 1.5% cash back).
KOHO Prepaid Visa card
$0
$0
1.5%
0.5% cash back
Use promo code FINDERCODE and receive a bonus of an additional 1% cash back for the first 90 days after activation (on top of the regular 0.5%, for a total of 1.5% cash back).
Refresh Financial Secured Card
$12.95 annually + $3/month maintenance fee
$0
3.5%
N/A
Take advantage of a low annual fee, with no credit check and guaranteed approval once you secure your card with some funds. Secure your card with anywhere from $200 - $10,000.
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How do I open a PC Money Account

Eligibility requirements

To apply for a PC Money Account, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
  • Have money to load into your account
  • Provide information about your occupation or employment status

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number (optional) and date of birth
  • Your email address and phone number

How do I deposit or withdraw my money?

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.

Expert review

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.

Frequently asked questions about the PC Money Account

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