If youâ€™re looking to take advantage of PNC Bankâ€™s Virtual Wallet account package but donâ€™t earn a huge income, youâ€™ll want to start with this basic account.
This checking account does come with a rewards program, but weâ€™ll be honest: It is confusing. To earn rewards points, youâ€™ll need to log into the PNC Bank Rewards Portal to see and manually activate customized offers just for you, based on your spending history.
To achieve the higher rate, what PNC Bank calls its Relationship Growth Rate, you need to fulfill some additional requirements. You would need to either make at least five qualifying purchases in a month with your debit card or PNC credit card, or set up a $500-per-month direct deposit for the Virtual Wallet account. If you meet these criteria, the money in your Reserve (savings) portion of the Virtual Wallet account will be eligible for the higher rate for the next monthly cycle.
You can redeem your rewards through the online rewards catalog or receive cash back directly into your account. If you link a PNC Points Visa credit card to your account, you can also earn 25% more rewards points for your purchases.
We think that this is a nice bonus feature but not one you should base your decision on, because of the complexity of assessing the value of the rewards program before you sign up. If youâ€™re looking for cashback rewards, there are many better and more transparent options.
If you decide to open a basic Virtual Wallet account with PNC Bank, the process is relatively straightforward.
You can do it online, over the phone or in a physical branch. Youâ€™ll need to provide some basic information (name, address, Social Security number, etc.), have a government-issued photo ID ready and as a way to make an opening deposit with your existing bankâ€™s routing and account numbers. You can also use your bankâ€™s debit and credit card.