PC Financial under President’s Choice Bank has introduced the PC Money Account. The PC Money Account works similar to a conventional debit account, but the added value is – for every purchase, the account provides a reward.
The PC Money Account has a guaranteed no monthly fee and is Mastercard branded. This account provides a debit card that draws down on your bank account and is not a line of credit. The debit card is accepted everywhere Mastercard is accepted – even outside Canada. Aside from the unlimited transactions you can make on a monthly basis, 10 PC Optimum points are rewarded for every $1 spent on purchases. You will also be rewarded with 25 PC Optimum points for every $1 spent at Shoppers Drug Mart.
Pros and Cons of PC Money Account
This article aims to provide a thorough review of the PC Money Account by comparing its pros and cons. To begin with, the PC Money Account works like any debit account, but the bonus is you get rewarded with PC Optimum points when you spend your own money. Usually points are given to consumers for spending on a Credit Card but for a PC Money Account, you are given points for spending on a debit account. Amazingly, there is no monthly fee to worry about unlike many of the accounts offered at the big 5 banks these days.
The Mastercard number provided with the account can be used for online transactions, and for those who love to travel, the PC Money Account provides additional accessibility as it can be used anywhere worldwide as long as it is used in places where Mastercard is recognized. Similar to many Canadian banks, the PC Money Account is convenient to use as there is a mobile application that can be downloaded to make direct deposits, electronic money transfers, and manage your bills (even pre-authorized withdrawals for utility bills or gym memberships). Also, a pretty awesome feature that the account has is that you will be rewarded 1,000 points for paying a bill over $50 with a limit of up to 5 per month. The account also allows you to send and receive Interac e-Transfers.
Just like any credit card, the Mastercard number that you use with a PC Money Account can be added on either Apple Pay or Google Pay, allowing you to make payments with your smartphone or smartwatch.
Anytime you deal with money, security is always a main concern to ensure your is money protected. PC Financial covers this aspect. In terms of security for your money, similar to any Bank, the PC Money Account guarantees protection of your account since the President’s Choice Bank is a member of the Canada Deposit Insurance Corporation (CDIC). At each Canadian financial institution, your deposits are eligible for insurance of up to $100,000. In case you experience any customer difficulty or face an online problem that needs to be fixed, the PC Money Account also gives you access to a 24/7 online support team to help you out.
Now, while everything mentioned sounds great, it’s important to understand the potential drawbacks that we need to be aware of to make a rational money decision.
As mentioned earlier, the PC Money Account is similar to a debit account as you use a card that is using your own money. However, it is not a full-service bank account since it has a few limitations. These limitations include not being able to write or deposit cheques at an ATM to a PC Money Account. Cash can be withdrawn but not deposited at an ATM. For those comfortable with a brick-and-mortar set up for banking, the PC Money Account, unfortunately, does not have a physical facility to address direct inquiries. Customer services have to be done over the phone or through the mobile banking application.
Canadians should also be cautious with the use of the PC Money Account Mastercard as it can be rejected at stores that do not accept a Mastercard. Similarly, the name Mastercard might be misleading for some, the PC Money Account Mastercard should not be confused with a credit card as it only provides benefits similar to a credit card, but functions more like a debit card since your own money is used in transactions.
