The PC Money Account is an all-purpose prepaid account. You can earn PC Optimum points on purchases, earn interest on your balance, and get bonus points just for paying bills and setting up direct deposit.

All this for no monthly or annual fees. Any drawbacks? Just the usual prepaid card drawbacks, namely that they don't have insurance and have no bearing on your credit score.

Earning PC Optimum points

All your purchases will earn you PC Optimum points. And as you probably guessed, you'll earn bonus points on purchases at Loblaws stores.

• 10 points per $1 spent at PC stores
• 5 points per $1 spent on all other purchases

This is on par with what many prepaid cards offer.

Using your PC Optimum points is straightforward. When you buy almost anything in a Loblaws store (including Shoppers Drug Mart), you can use your points right at the register to pay for your purchase. You need to redeem your points in increments of 10,000, which will save you $10.

But that's not all – you can also put your points towards gas and car washes at Esso and Mobil stations. For gas, you can redeem 4,000 points to save 10 cents per litre, on up to 40 litres. This is a savings of $4, offering the same redemption rate as shopping at Loblaws.

However, getting a free car wash is the king redemption – 10,000 points gets you your pick of free car wash. These can easily cost upwards of $15, getting you the most bang for your buck.

If you also have any of the PC Mastercards, you can use your points toward a statement credit instead. But we don’t recommend this option, as you’ll only get $7 of value for 10,000 points spent.

Pros to the PC Money Account

Here are some other excellent features of the PC Money Account.

1. No monthly/annual fee

The PC Money Account has no annual or monthly fees to worry about.

2. Bonus points for bill payments and direct deposit

The PC Money Account also acts like a bank account. And there are two ways you can earn bonus PC points.

The first is with direct deposit. Setting up direct deposits totalling between $1,500 and $2,999 will get you 2,000 points per month. If your deposits total $3,000 or more, that gets increased to 5,000 points.

The other way to earn bonus points is by making bill payments. Every bill of $50 or more earns you 1,000 points, which can be earned 5 times in a month.

3. Earn interest on your balance

This account also acts like a savings account. You'll earn 3.3 on every dollar of your prepaid balance.

4. No credit checks

This isn't a true credit card, just a bank account with a prepaid card component. And as such, you won't be subjected to any credit checks.

Cons to the PC Money Account

Here are a few downsides to consider.

1. Better rewards with a credit card

If you're primarily after rewards on spending, a credit card will generally provide better rewards. Consider PC Mastercards, like the PC World Mastercard – the lowest earn rate is 10 points per $1 spent on every purchase.

2. Does not improve your credit score

The account is not a credit product, and as such it won't have any impact on your credit, as you're simply spending your own money. If you want some help improving your credit score this card won't help.

3. No insurance included

This is the case for prepaid cards, but with the PC Money Account you won't get access to any kind of credit card insurance.

Alternatives to the PC Money Account

Curious how the PC Money Account compares to similar accounts? Here's how it compares to EQ Bank Card, Neo Everyday Account, and Wealthsimple Prepaid Mastercard.

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FAQ

What is the PC Money Account?

The PC Money Account is a hybrid spend-save account. It functions like a chequing account that includes a prepaid Mastercard and a savings account with high interest.

What does the PC Money Account earn for rewards?

The PC Money Account earns PC Optimum points on purchases. You'll earn:

• 10 points per $1 spent at PC stores
• 5 points per $1 spent on all other purchases

Does the PC Money Account have any special features?

The PC Money Account offers 3.3% interest on your balance and the ability to earn bonus points on direct deposits and bill payments.