PC Money Card review
May 21, 2025
While we adhere to strict editorial guidelines, partners on this page may provide us earnings.
First year value
$77
Get this card if you:
- want a prepaid card with cash back rewards
- want to avoid paying an annual fee
- value a generous welcome offer
Scores by category
Cash Back 2.0
At a glance
The PC Money™ Account is a no-fee hybrid bank account and prepaid Mastercard® that allows users to earn PC Optimum points on everyday purchases, including groceries and gas. It offers unlimited transactions, free Interac e-Transfers®, and the convenience of earning rewards without monthly fees, making it a practical choice for those who frequently shop at Loblaw-affiliated stores.
Highlights
$77
First year value
$0
Annual fee
Interest Rates
Eligibility
Poor
Recommended credit score
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
- 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
- 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
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Choose whether your cash back goes to your investments or crypto or cash account
- Earn up to 2.25% 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
Fees
$0
Annual Fee
0.00%
Foreign Transaction
0.00%
Balance Transfer
Rewards
1.25% to 2.25%
Earn at least 1.25% on your account balance*
0%
There are no foreign exchange fees
Eligibility
Poor (up to 299)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- Choose whether your cash back goes to your investments or crypto or cash account
- Earn up to 2.25% 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
Fees
$0
Annual Fee
0.00%
Foreign Transaction
0.00%
Balance Transfer
Rewards
1.25% to 2.25%
Earn at least 1.25% on your account balance*
0%
There are no foreign exchange fees
PC Money Card vs. Tangerine Money-Back Card
10% cash back
Welcome Bonus
$484
First Year Value
$384
Annual Value
Welcome Bonus: Earn 10% cash back for 2 months† (up to $100). Expires Jan 30, 2026
Get this card if you...
- want flexible cash back categories
- want unlimited cash back
- want to avoid paying an annual fee
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
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
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 10% cash back for 2 months† (up to $100).
Our Take
The Tangerine Money-Back Credit Card is a no-annual-fee cash back card that allows cardholders to earn a higher cash back rate in two spending categories of their choice, such as groceries, gas, or restaurants, and a lower rate on all other purchases. By opening a Tangerine Savings Account and directing cash back earnings there, a third higher rate cash back category can be added. Additional benefits include purchase assurance and extended warranty protection, with cash back rewards automatically applied monthly.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
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
Annual Interest Rates
19.95% - 24.95%
Purchase
19.95%
Cash Advance
1.95% - 19.95%
Balance Transfer
1.95%
Balance Transfer (Introductory)
24.95%
Penalty
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
$3.5
Cash Advance
$25
Over The Limit Penalty
$25
Return Penalty
Rewards cash back
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 10% cash back for 2 months† (up to $100).
PC Money Card vs. EQ Bank
$108
First Year Value
$0
Annual Value
Get this card if you...
- want to avoid paying any foreign transaction fees
- want to earn cash back on a prepaid card
- have a fair credit score
Annual Fee & Annual Interest Rates
$0
Annual Fee
0%
Purchase
Our Take
The EQ Bank Card is a prepaid Mastercard that offers Canadian users cash back on all purchases and reimburses fees for domestic ATM withdrawals. It also provides free withdrawals from any ATM in Canada, with EQ Bank reimbursing any fees incurred. Additionally, the card does not charge foreign exchange fees, making it a cost-effective option for international transactions, however, users should be aware that ATM fees charged abroad are not reimbursed.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
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)
Annual Interest Rates
0%
Purchase
Fees
$0
Annual Fee
0.00%
Foreign Transaction
Rewards cash back
0.5%
Cash back on purchases
1.25%
Interest on your balance
Our Take
The EQ Bank Card is a prepaid Mastercard that offers Canadian users cash back on all purchases and reimburses fees for domestic ATM withdrawals. It also provides free withdrawals from any ATM in Canada, with EQ Bank reimbursing any fees incurred. Additionally, the card does not charge foreign exchange fees, making it a cost-effective option for international transactions, however, users should be aware that ATM fees charged abroad are not reimbursed.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
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)
Annual Interest Rates
0%
Purchase
Fees
$0
Annual Fee
0.00%
Foreign Transaction
Rewards cash back
0.5%
Cash back on purchases
1.25%
Interest on your balance
| 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
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.
Explore the latest articles
Morningstar reveals wealth-building money moves
Useful advice for the everyday investor
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.