Credit Cards

PC Financial Money Account (Debit MC)

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  • Sep 16th, 2020 1:00 pm
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May 8, 2009
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Going to the Moon
Afaik requires PCF MC to sign up for their prepaid.
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Not a debit card. Debit mastercards are actually not legal in canada due to the banking regulations requiring all debit to be interac. There are co-branded debit interac+mastercard cards , but pure mastercard debit is not allowed in canada. (It's available in the US and other countries)
EG: Won't be accepted at debit only merchants. If the merchant has to press debit or credit key, they should press credit, even though it's not a credit card.
  • 50k PC points = $50 CB equivalent for signing up and completing steps. Minimum, worth more up to around $75 during shoppers bonus redemption days.
    10 PC Optimum points = 1% CB on all purchases
  • There is no additional bonus for shopping at shoppers drug mart or anywhere else. They only list the total PC points earn at shoppers together because it's the only place you earn PC points at a fixed rate on almost any purchase. They do this for their credit card too. You earn the same 10 base points per dollar, and the standard 15 base points per dollar at shoppers you always earn as a PC member = 25. Probably the card will double as your PC optimum membership card the same as the credit cards do.
  • No credit check whatsoever, as this a prepaid card. They are not allowed to do soft or hard checks for those. Only an identify/KYC/Address verification. It uses transunion too, but shows up no where on even your full report and does not matter if ur credit score is 0. Edit: They do offer optional overdraft, opting into that may indeed do a soft credit check since that is very much a credit-like feature, so it's possible you can get declined, or at least declined for that feature.
  • No fees/minimums needed. Probably has a FX fee though the same as a PC credit card.
  • This is NOT a debit card. Nor a credit card. This is a prepaid reloadable mastercard. Essentially it's worse in most every way due to way the mastercard network handles though. EG: You can't use at debit only locations or use interac online. It will get declined at certain hotels and car rental places as they have set up there terminals to block prepaid cards since a prepaid card can normally never go below $0 balance. ( Though oddly they do advertise optional overdraft protection - I think they will have to handle that with a special system, the default mastercard prepaid system doesn't allow it. Pre-authorized amounts (like buying a full tank of gas) can sometimes take a little longer to clear on prepaid cards, resulting in up to $200 in funds stuck a day or two.
  • Only real advantage to it being prepaid vs interac is they will let you get free ATM pulls at PC grocery store ATMs (There's no other card that can do that except maybe simplii, but that will expire soon), and if they charge no fee's at other ATMs (They list no fee's, but hard to be sure), mastercard network is also free at select credit unions, and sometimes a lower fee at other ATMs than interac network.
  • They probably had to make it a prepaid card as i imagine there fight with CIBC about ending there banking contract probably included a non-competitive clause to lock PC out for X years from becoming their own fully fledged bank (by using the knowledge they gained working with CIBC for years).. So they got around that issue by making it not a bank account, but a reloadable prepaid card with more features than your average one.
Also probably doesn't need two threads, since far as card features go, its pretty limited. It's mostly a fully featured bank account with a prepaid mastercard attached, eg: Much like KOHO but a bit less mature in terms of features. It did launch with some features KOHO lacks though such as e-transfer requests and e-transfer auto deposit.
Full thread in finance forum:
pc-money-launched-09-14-2020-2273440/15/
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Eleventeen wrote: Not a debit card. Debit mastercards are actually not legal in canada due to the banking regulations requiring all debit to be interac. There are co-branded debit interac+mastercard cards , but pure mastercard debit is not allowed in canada. (It's available in the US and other countries)
Intriguing. Not that I doubt you, but I'd love to see the source if you have it available.
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Read about it years ago, so not gonna look it up.

But yea it costs all the banks a lot more to do complex co-branded debit interac + online mastercard/visa co branded cards.

They don't do it because they like spending extra money. There is a legal reason none are available in canada. Debit is heavily regulated to be very low merchant fees and universally available.. While credit is far less regulated.

There are also issues with the co branded cards agreement:
Interac made an online service to accept there cards (Interac online).. but you'll find for any co branded cards, its not functional. This is do to the regulation/agreement as well. Any swiped transactions must use interac in canada, online they must use visa/mc. Internationally you could use the MC/Visa part as a debit function, but you'd still have to have the vendor press the credit button, and compatibility is generally very low in the USA since they have there own messy debit system.

So pure interac cards have an advantage too as interac online is available. Not that many websites use it these days, seems like a dying product due to MC/Visa online dominance.
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Dec 16, 2017
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Eleventeen wrote: Not a debit card. Debit mastercards are actually not legal in canada due to the banking regulations requiring all debit to be interac. There are co-branded debit interac+mastercard cards , but pure mastercard debit is not allowed in canada. (It's available in the US and other countries)
EG: Won't be accepted at debit only merchants. If the merchant has to press debit or credit key, they should press credit, even though it's not a credit card
Eleventeen wrote: Read about it years ago, so not gonna look it up.
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There is a legal reason none are available in canada. Debit is heavily regulated to be very low merchant fees and universally available.. While credit is far less regulated.


Interac made an online service to accept there cards (Interac online).. but you'll find for any co branded cards, its not functional. This is do to the regulation/agreement as well. Any swiped transactions must use interac in canada, online they must use visa/mc. Internationally you could use the MC/Visa part as a debit function, but you'd still have to have the vendor press the credit button, and compatibility is generally very low in the USA since they have there own messy debit system.

So pure interac cards have an advantage too as interac online is available. Not that many websites use it these days, seems like a dying product due to MC/Visa online dominance.


https://www.bmo.com/main/personal/bank- ... rcard-faqs

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Kneader wrote: Intriguing. Not that I doubt you, but I'd love to see the source if you have it available.
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Eleventeen wrote: Not a debit card. Debit mastercards are actually not legal in canada due to the banking regulations requiring all debit to be interac. There are co-branded debit interac+mastercard cards , but pure mastercard debit is not allowed in canada. (It's available in the US and other countries)
EG: Won't be accepted at debit only merchants. If the merchant has to press debit or credit key, they should press credit, even though it's not a credit card.
Definitely not true. There's nothing prohibiting a bank from issuing a Visa Debit or MasterCard Debit for use in store. And for the cobranded cards now you don't press credit in Canada - you press debit. If you're in the US though, you can press "credit" so it runs on the MasterCard or Visa rails.

The only issue here is the voluntary Code of Conduct that was adopted and revised a few times, but essentially there is a part prohibiting two networks from doing the same function from coexisting on the same card. All issuers to date have chosen Interac to be the card present network, and MasterCard/Visa to be used for card not present transactions and international transactions. This is exactly the same reason why Interac Online will fail to work once you go over to a cobranded card.

However, there's nothing preventing a bank from going pure MasterCard Debit or pure Visa Debit without Interac. It just won't work at most places.
MasterCard and Visa are already there. They've published rates for interchange for domestic debit transactions and is freely available online. Just that no one is going to pick it up and issue one right now.

In the US, it's the exact opposite: issuers are mandated to offer two networks on debit cards for competitive reasons. So you usually have Visa/MasterCard + debit networks such as Interlink, NYCE, Accel, etc.

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OMG thread derailed.

Off-topic but I think what people here are arguing is the difference between a debit MasterCard like the ones found in US, Europe, etc. versus a VISA/MC debit (co-badged with Interac, found in Canada).

Such an argument can be taken over to another thread, and the PCF Money prepaid can resume discussion in its thread.
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titaniumtux wrote: OMG thread derailed.

Off-topic but I think what people here are arguing is the difference between a debit MasterCard like the ones found in US, Europe, etc. versus a VISA/MC debit (co-badged with Interac, found in Canada).

Such an argument can be taken over to another thread, and the PCF Money prepaid can resume discussion in its thread.
Exactly what I was going to say.
Things are different in other parts of the world, but here in Canada, almost all major banks are co-badging their debit cards with Visa and MC.
RBC is the odd one of the bunch, with their silly “Virtual Visa”.
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FWIW, I use a UK-issued debit Mastercard here in Canada all the time (as "credit") and it is recognized as such by most terminals (receipt says "DEBIT MASTERCARD").
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rhw123 wrote: FWIW, I use a UK-issued debit Mastercard here in Canada all the time (as "credit") and it is recognized as such by most terminals (receipt says "DEBIT MASTERCARD").
I would point out that the 'Debit MasterCard' is just the preferred application name set by the bank on the chip. Pure Debit MasterCard and regulular MasterCard credit cards are processed exactly the same. The debit and credit buttons are really a bad name, Really Debit just means just Interac, and Credit just means the international card networks. It can be confusing for tourists though.

Adding to some of the other comments on here. It technically isn't against any rules to issue a pure Debit MasterCard or Visa Debit card without Interac, it's just Visa/MC are relucant to allow banks to do it because they are worried about having interchange restrictions put on their credit cards.

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