EQ Bank Card Review in 2024
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The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
EQ Bank Card is a standout prepaid card that comes with no monthly fees and no minimum balance requirements. Your money earns a high interest rate until you spend it, and when you do spend it, you’ll still get cash back on all your purchases. Cash back rewards are paid monthly into your EQ savings account.
Because it’s strictly an online bank, there are no dedicated EQ Bank ATMs. To make up for that fact, EQ Bank will reimburse you for any ATM fees you are charged when withdrawing money in Canada. The lack of fees and solid rewards on saving and spending offer a flexible hybrid of earnings. In this review, we’ll cover more of the EQ Bank Card’s features so you can choose the right card for you.
EQ Bank Card
Rewards
- 0.5% Earn 0.5% cash back on every purchase
- 3% Earn up to 3% interest on card balance.
- Welcome offer None (However, you could earn 0.50% bonus interest for 12 months on your card balance.)
- Annual rewards $120 Learn how we calculate this.
- Annual fee $0
- Minimum income required None
Pros
- Reimbursed ATM fees for withdrawals made in Canada
- No monthly or hidden fees, as well as no foreign transaction fees on international purchases
- No minimum balance
- Earn high rate of interest of at least 2.50% on your money until you spend it
- Earn 0.5% cash back on all spending
- Compatible with Google Pay and Apple Pay mobile wallets
Cons
- The EQ card is not available to residents of Quebec
- It is a prepaid card so it will not help you build up your credit score
The EQ Bank Card is perfect for individuals seeking the convenience of a prepaid card with no monthly fees, all while earning a bit of cash back on all spending. Moreover, it allows you to grow your savings since you earn a competitive interest rate until you make a purchase. This prepaid card can also help control debt as you can only spend what you put on the card. That being said, it won’t help you grow your credit score.
EQ Bank Card: an overview
The EQ Bank debit card is a no-fee prepaid card that earns you cash back on all your purchases. You also get free withdrawals from any ATM in Canada (and get reimbursed for any out-of-network fees from other ATM providers in Canada). It’s also one of the few payment cards in Canada that doesn’t charge a foreign conversion fee when you make a purchase in a foreign currency. The card is linked to your EQ Bank Personal Account and you’ll earn interest on your money right up until you spend it.
EQ Bank Card rewards
With the EQ Bank card, you get 0.5% cash back for every single purchase you make on things like groceries, restaurants and gas. Keep in mind, refunds will lower the cash back you earn.
To get set up, you have to first sign up for an EQ Personal Account (or a Joint Personal Account), which you can do in minutes online.
Once you set up your account, you’ll be sent a card that you then need to activate and load with funds by transferring money from your Personal Account to your card. Your cash back is deposited into your account automatically monthly so you don’t have to worry about redeeming your rewards. You also get to enjoy an exceptionally competitive interest rate of up to 3% on your account balance, which remains in effect until you make a purchase.
EQ Bank Card eligibility
To use an EQ Bank Card, you must be a Canadian resident and have a valid address within Canada. You must also be the age of majority in your province or territory.
To begin using the card, you have to also open a Personal Account. Unfortunately, the card is not available to Quebec residents.
EQ Bank Card interest rates and fees
Fees:
- Annual fee: $0
- Foreign transaction fee: $0 (However, if you make a purchase in a different currency, your rate of exchange will be the Mastercard Conversion Rate.)
- ATM withdrawals: $0 (You may be subject to third party fees for ATM withdrawals; however, EQ Bank will reimburse you within 10 business days.)
- Card replacement: $0
Interest rates:
- Purchases: None
- Cash advances: None
- Balance transfers: None
The EQ Bank Card is not technically a credit card, but rather a prepaid Mastercard, so you can only spend money you preload and therefore won’t be subject to unpaid balance interest charges.
EQ Bank Card perks
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No monthly fees
EQ Bank’s card is free, and comes with no annual or monthly fees, including no foreign transaction fees (however, a Mastercard Conversion Rate will apply).
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High interest earnings
With EQ Bank, you’ll earn a minimum of 2.5% interest on all your funds until you spend them.
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Mobile wallet compatible
The EQ Bank card is compatible with Google Pay and Apple Pay so you can easily make transactions with your mobile wallet.
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Money is protected
Equitable Bank (EQ Bank’s parent company) is a member of the CDIC. That means that any transfers you make to your EQ Bank Card are protected by the CDIC for up to to $100,000.
Compare EQ Bank Card alternatives
See how the EQ Bank Card compares to the Wealthsimple Cash Card and the KOHO Prepaid Mastercard below.
Our final thoughts
The EQ Bank Card stands out as a premier prepaid card in Canada, offering a compelling combination of no fees, high interest rates, and cash back rewards. With a generous minimum 2.5% interest on your balance until spent, 0.5% cash back on all purchases, and the added perks of no foreign exchange fees and reimbursed ATM fees in Canada, the card is an attractive option for those seeking a convenient payment experience that will also earn them rewards.
Learn more about how we rate and review credit cards by visiting our methodology page.
