PC Money Card review

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2.5% Earn 2.5% cash back at Shoppers Drug Mart

1% Earn 1% cash back at Loblaws grocery stores

0.5% Earn 0.5% cash back everywhere else

$0 Annual Fee

2.5% Foreign Transaction Fee

Poor Recommended Credit Score

$0 Required Annual Personal Income

$0 Required Annual Household Income

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PC Money Card review

Quick overview of PC Money Card

Looking for a bank account and prepaid card, all in one? The PC Money Card could be of interest – it’s a no-fee bank account that comes with a prepaid Mastercard. There are no monthly fees, no minimum balance requirements and – maybe best of all – it’s the only account in Canada that earns you PC Optimum points. Let’s get into the details. 

Who’s the PC Money Card for?

The PC Money Card is for people interested in the affordability of a no-fee banking account and the flexibility of a prepaid credit card. You can do all your online shopping with the account’s prepaid Mastercard while also earning PC Optimum points. If you’re a regular shopper at Shoppers Drug Mart, No Frills or Loblaws, this account will help you quickly earn PC Optimum points. 

Pros and cons

Pros

Pros

  • No monthly fees

  • No minimum balance

  • Unlimited transactions

  • Free Interac e-transfers

  • Earns you PC Optimum Points

  • Free cash withdrawals at PC Financial ATMs

Cons

Cons

  • No interest earned on your balance

  • No physical cheques

  • While you can withdraw funds for free from PC Financial ATMs, those aren’t as common as other big bank ATMs

  • 2.5% foreign transaction fees

PC Money Card welcome bonus

  • Earn up to 125,000 PC Optimum points, a value of $125 
  • How it works: 
  • Earn 75,000 points when you set up a direct deposit (payroll or pension) of at least $1,500 for three consecutive months, starting with 60 days of opening your account
  • Earn 10,000 points for each of your five bill payments of at least $50 within 60 days of opening our account (for a total of 50,000 points)

How to earn PC Optimum points on PC Money Card

The PC Money Card will earn you points with your everyday banking as well as everyday shopping. It’s a pretty decent bang-for-your-buck account/prepaid card combo, unique in its ability to earn you PC Optimum points. Paying monthly bills will earn you up to 5,000 points per month and direct deposit will earn you up to 5,000 points per month, as well. 

You’ll also earn up to 25 points per dollar spent (2.5%) at Shoppers Drug Mart, 10 points per dollar spent (1%) at Loblaws grocery stores and five points per dollar spent (0.5%) everywhere else. Of course, you can also earn up to 125,000 bonus points within the first 60 days of opening your account, which is a nice little nest egg of points to get you started. Another way to earn bonus points is to refer a friend. You’ll earn 25,000 points for every referral who opens an account and spends at least $100 on their new card (up to a maximum of 250,000 points). 

How to redeem Optimum points on PC Money Card

PC Optimum points redemption is quite simple. You can use them directly in Loblaws grocery stores (including No Frills and Real Canadian Superstores) and Shoppers Drug Mart to lower your bills. The cashier will prompt you if you have points to use. 

You can redeem as few as 10,000 points to lower your bill by $10. You can redeem as much as $500 worth of points at one time. 

Key PC Money Card benefits

  • A welcome bonus of 125,000 points
  • No monthly fees
  • The flexibility of a prepaid Mastercard
  • Earn points on your everyday spending and banking

Extra benefits

  • Free ATM access at over 750 PC Financial ATMs
  • Online money management tools
  • Download the PC Financial app for digital banking

What people have to say about this card

When asked whether the PC Money Card could be a replacement for a big bank account, one Reddit user wasn’t so sure. 

“It’s not very interesting unless you can’t or won’t use a regular credit card for some reason. It doesn’t have the features of a real chequing account like the ability to use a debit card, write/deposit cheques, deposit cash, etc.,” they wrote. “Therefore, it’s not suitable as a replacement to a no-fee chequing account you can get at Tangerine or Simplii.” Despite this, the user said they did sign up for the card to take advantage of the welcome bonus.

Another user weighed in and described who they think this account is best suited for. “Honestly this account is really for those who shop at Loblaws owned stores, don't want to use their regular credit card or can't get one and still want to earn PC Points,” they wrote. “For everyone else, you're better off just using the PC Financial credit cards instead.”

How PC Money Card compares

PC Money Card vs. Wealthsimple Cash Card

Wealthsimple Cash card

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Poor

Suggested credit score

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Apply now

Pros

  • Earn 1% cash back on all purchases

  • Choose whether your cash back goes to your investments or crypto or cash account

  • Earn up to 5% on your balance

  • No foreign exchange fees

  • No annual fees

  • $5 reimbursement per withdrawal for any ATM fees

Cons

  • No insurance

  • Relatively low spending and transaction limits

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

While the PC Money card is meant for those who often shop at Shoppers Drug Mart and Loblaws grocery stores, the Wealthsimple Cash Card is for someone who wants an account that will help supercharge their investments.


With the Wealthsimple account, you’ll earn up to 4.5% interest on your balance. Another bonus is that you’ll earn 1% cash back in cash, stock or crypto with every purchase.


Both cards have no monthly fees. If you’re considering between the two, it might be best to think of them this way: The PC account is like a hybrid chequing/prepaid card, while the Wealthsimple account is like a hybrid savings/chequing account, also with a prepaid Mastercard.



Pros

  • Earn 1% cash back on all purchases

  • Choose whether your cash back goes to your investments or crypto or cash account

  • Earn up to 5% on your balance

  • No foreign exchange fees

  • No annual fees

  • $5 reimbursement per withdrawal for any ATM fees

Cons

  • No insurance

  • Relatively low spending and transaction limits

Eligibility

Recommended Credit Score

Poor

Required Annual Personal Income

$0

Required Annual Household Income

$0

Earn at least 4% on your account balance

4%

Get 1% cash back on all purchases

1%

There are no foreign exchange fees

0%

Annual Fee

$0

Foreign Transaction Fee

0%

PC Money Card vs. Tangerine Money-Back Ca

Tangerine Money-Back Credit Card

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3.8

Good

Suggested credit score

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Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

This one isn’t a straight apples to apples comparison. The PC card is a prepaid Mastercard while the Tangerine Money-Back Card is a traditional credit card. That distinction might be enough to sway you one way or the other.


The Tangerine card is also more flexible. It gives you 2% cash back in two categories of your choice; choose between groceries, restaurants, hotels, gas, recurring payments, drugstores and more. You’ll earn 0.5% cash back on everything else. You can also get cash back on a third category if you set up direct deposit of your points into a Tangerine savings account.


Tangerine helps you build credit. PC, as a prepaid card, does not.




Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

PC Money Card vs. EQ Bank

EQ Bank Card

Apply now

2.9

Fair

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • No FX fees (up to 2.5%)

  • Earn 0.5% cash back on every purchase

  • Free ATM withdrawals in Canada (EQ will reimburse you)

Cons

  • ATM fees charged abroad (EQ will not reimburse)

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

You could call this the battle of the prepaid Mastercards. Both accounts come with one and both offer rewards.


The EQ Bank Card does a few things really well. It offers no foreign exchange fees, so if you’re a frequent traveller, that’s a huge perk. You’ll also get free withdrawals at any Canadian ATM, 0.5% cash back on purchases. And, like the PC account, there are no monthly fees.



Pros

  • No FX fees (up to 2.5%)

  • Earn 0.5% cash back on every purchase

  • Free ATM withdrawals in Canada (EQ will reimburse you)

Cons

  • ATM fees charged abroad (EQ will not reimburse)

Eligibility

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Cash back on purchases

0.5%

Interest on your balance

2.00%

Annual Fee

$0

Foreign Transaction Fee

0%

Card PC Money Card Wealthsimple Cash Card Tangerine Money-Back Card EQ Bank Card
Annual fee $0 $0 $0 $0
Welcome offer Up to 125,000 PC Optimum points N/A 10% cash back (up to $100) in the first two months N/A
Benefits ● No monthly fees
● Earn PC Optimum points
● Access to PC ATMs
● Unlimited Interac e-transfers
● Earn 4% on your balance
● Earn 1% cash back on purchases in stock, cash or crypto
● Earn 2% cash back on two categories of your choice
● Free cards for up to five users
● No foreign exchange fees
● Earn 0.5% cash back on purchases
Review You’re reading it Wealthsimple Cash review Tangerine Money-Back Card review EQ Bank Card review

Is the PC Money Card worth it?

The PC Money Card is worth it if you’re a frequent shopper at Loblaws grocery stores and Shoppers Drug Mart and want to earn Optimum points without having to use a credit card. There are no monthly fees, so even if you were to use it alongside a more traditional account, there may be an argument for keeping this one in your wallet as well.There are, however, some other alternatives that better suit your needs, including the Wealthsimple Cash Card, EQ Bank Card or Tangerine Money-Back Card. 

PC Money card eligibility criteria

  • Be a Canadian citizen
  • Be the age of majority in your province
  • Provide employment information
  • To sign up, you’ll need to provide personal information, including your Social Insurance Number

FAQs

  • Is the PC Money Card a credit card?

    +

    The PC Money Card isn’t a traditional credit card. It’s a bank account that comes with a prepaid Mastercard. That means you can’t purchase with credit. Instead, you need to load your own funds to the account.

  • Does the PC Money Card pay interest?

    +

    While the PC Money Card doesn’t pay interest, it does earn you PC Optimum points with every purchase you make with the card.

  • Does the PC Money Card affect credit score?

    +

    Since it’s not a traditional credit card, the PC Money Card doesn’t affect your credit score. The benefit of this is that you don’t need to qualify for the card like you would a traditional credit card. The drawback is that you won’t build credit with the PC Money Card.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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