EQ Bank Card review

Types of EQ Bank debit cards

EQ Bank currently only offers one type of debit card — the EQ Bank Card. It’s a prepaid reloadable Mastercard that can only be linked to an EQ Bank Personal Account or Joint Account. It works almost like a normal debit card, but you have to load money onto it from your EQ balance before you can make purchases.

You can use it for both in-store and online purchases wherever Mastercard is accepted, and to withdraw funds at any ATM in Canada or abroad. And, EQ Bank will reimburse any third-party ATM fees you’re charged in Canada.

EQ Bank debit card basics

Here’s a look at some of the features the EQ Bank Card has to offer:

• Load funds easily. Transfer money from your EQ Bank Personal or Joint Account to your card instantly through the EQ Bank app or online banking.
• Accepted everywhere Mastercard is accepted. You can use your EQ Bank Card anywhere you can use a Mastercard — in more than 210 countries around the world.
• No additional fees. Getting and using an EQ Bank Card is completely free. You won’t pay for things like loading your card, foreign transactions, annual fees or domestic ATM withdrawals.
• Insured by the CDIC. The money on your EQ Bank Card is eligible for insurance from the Canada Deposit Insurance Corporation (CDIC), just like funds in your EQ Bank Personal Account, protecting up to $100,000.
• No minimum balance requirement. There’s no requirement to maintain a minimum balance on your card in order to avoid fees.

How to make purchases online with an EQ Bank debit card

You can use your EQ Bank Card to shop online the same way you’d use a credit card. At checkout, select Mastercard as your payment method, then enter your card number, expiry date and CVV (the three numbers at the back of your card).

The amount you spend will be deducted from your EQ Bank Card balance right away. For added security, EQ Bank uses Mastercard SecureCode for verification on certain transactions. This means you may have to confirm your purchase through the EQ Bank app or a one-time password.

Which accounts come with an EQ Bank Card?

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EQ Bank Personal Account

Earn 2.75%
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The EQ Bank Personal Account combines the features of a chequing account with a high-interest savings account, offering up to 3% interest, no monthly fees and unlimited transactions. You can manage your money entirely online through the EQ Bank app or website, while still enjoying free ATM withdrawals across Canada. And every time you use your connected EQ Bank Card, you'll earn 0.5% cashback.

• $0 account fee
• Get unlimited transactions
• $0 Interac eTransfers
• Earn up to 2.75% interest on your balance
• EQ Bank will refund withdrawal fees for using any ATM across Canada
• No minimum balance requirement

• No physical branches for in-person service
• Some standard banking features not available such as overdraft protection and the option to have paper statements

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn 2.75%

You can also request an EQ Bank Card with the EQ Bank Joint account.

EQ Bank debit card perks

• Earn interest on your money. Earn 2.00% interest on top of the 1.00% base rate on your card balance when you set up a recurring direct deposit of at least $2,000 a month. Interest is calculated daily on your closing balance and paid monthly.
• Earn 0.5% cashback on purchases. You get 0.5% cashback on every purchase you make with your EQ Bank Card. This is the sort of feature you’d traditionally find on a credit card.
• Avoid ATM fees. You can use your card to withdraw cash from any Canadian ATM without incurring any fees.
• No foreign currency conversion fees. EQ Bank doesn’t charge any foreign currency conversion fees or exchange rate markups when you make foreign transactions. Funds are converted at Mastercard’s currency conversion rate.
• Other Mastercard perks. As a cardholder, you can access a range of unique activities and attractions through Mastercard Priceless Experiences, plus take advantage of Mastercard’s Zero Liability Protection against unauthorized or fraudulent charges.

What to watch out for with the EQ Bank Card

• Limits apply. Take note that there are some limits that apply to the EQ Bank Card. The maximum card balance and transaction limit is $10,000. Use any ATM in Canada, and get the surcharges reimbursed. But the ATM withdrawal limit is $500 per transaction.
• No branches. EQ Bank doesn’t operate any branches, which may be a cause for concern if you prefer to be able to visit a bank branch in person.
• Limited products. EQ Bank doesn’t offer the same range of products as major banks. This may be worth considering if you want to have all your financial products with the same bank.

What should I know before I apply?

Eligibility requirements

You’ll need to satisfy the following criteria to qualify for an EQ Bank Card:

• Must be a Canadian resident
• Must have a permanent Canadian address
• Must be the age of majority in your province or territory (18 or 19)

How to apply for an EQ Bank debit card

You can get an EQ Bank Card by completing the following steps:

1. Open a Personal Account. Sign up here for an EQ Bank Personal Account by providing your personal details, contact info, SIN and proof of ID. Deposit money into your new account.
2. Order a card. You can order your free card online or via the EQ Bank app. Once your card arrives, activate it via the app or online banking.
3. Add money to your card. Move money from your Personal or Joint Account to your EQ Bank Card.
4. Start spending. You can now use your card to pay for purchases, earnr cashback and make ATM withdrawals.

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Bottom line

If you want a prepaid card that’s convenient to use, provides 0.5% cashback and allows you to earn interest on your savings at the same time, the EQ Bank Card is certainly worth a look. Make sure you compare it to other prepaid cards before deciding whether the EQ Bank Card is right for you.