To be clear, this is my first impression based off of my reading and my previous experience with PC Financial when they were connected to CIBC. For anyone that didn’t know the current Simplii financial was previously connected to PC prior to CIBC fully taking it over in 2017.
I love PC Points and use them every year to help with Christmas dinner and other large grocery stock ups. I was very interested in learning more when I heard of the new PC Money account launch last week. We are currently PC Mastercard users when we shop at PC stores to maximize our PC Points. I have applied for a PC Money account and will be giving it a try once my card arrives so that I can provide feedback on my experiences.
At first glance and without having used the account (yet), it seems like a great option, especially if you will be using the account to switch from an account that you are currently paying a monthly fee for. If you’re paying a monthly bank fee, it doesn’t seem like a lot, but take 2 minutes to add up how much it has cost you so far in your life. Let’s take a 40 year only who has been paying $15.95/month (this in much lower than some banks are charging) and has had the account for 20 years. At $191.40/year for 20 years, the total is $3828. Think about what you could do with that instead of paying bank fees!
One big drawback of the PC Money account, and other online banks is that you either don’t have access to some types of transactions or there is a delay because you don’t have access to branches with a tellers. This is honestly the reason we have kept a bank account at a traditional bank. Unlike most online banks with the PC Money Account you can’t currently deposit cheques, this could very well be a deal breaker for you and many others. Another big thing to consider is access to ATMs, you can do a search here to check out locations close to you.
If you are a lover of PC Points like I am and are already using one of the PC Mastercards, you won’t end up further ahead with the PC Money account, when it comes to gas at ESSO and travel you will actually lost out on points. If you have the PC World or Elite Mastercards you will actually earn fewer points if you were to switch to fully using the PC Money Account Debit Mastercard at PC Stores. Here are a few key examples:
PC Money Account VS Regular PC Mastercard
PC Grocery Stores 10 10
Shoppers 25 25
Esso 10 30
PC Travel 10 20
Other 10 10
For anyone that is new to PC Optimum Points, 1,000 points is equal to $1. You can redeem points in 10,000 ($10) increments at Loblaws branded grocery stores and Shoppers Drugmart.PC Financial is also communicating that the 10 PC points for every dollar you spend is broken down into 5 regular and 5 bonus points with a note that it can change or extend the bonus points after Sept 30, 2021.
My thoughts are that if you love PC Points, and don’t qualify for a PC Mastercard, or you know that credit cards are not a good option for you, this account could be just what you have been waiting for. If you do have a PC Mastercard and are looking to reduce your monthly bank fees or access the bonuses for new account holders, I suggest you make sure you understand the full extent of what you need to do to qualify for the bonuses. Currently these bonuses can get you up to 50,000 points but require you to link external bank accounts (10,000), set up direct payroll deposits (25,000), spend your first $50 (10,000) and pay 5 bills that are $50+ (1,000/bill). If you don’t intend to use this account as your main account, some of the above actions may not be worth the time it takes to switch and switch back.
I will do an update in a few months with my thoughts on the account once I have used it for a little while.
-Sherry
