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EQ Bank Card review

Earn interest on your savings and cashback on your purchases, plus make free withdrawals at any ATM in Canada with the prepaid EQ Bank Mastercard.

The EQ Bank Card is designed to combine the convenience of a chequing account with the interest-earning power of a savings account. It allows you to earn 2.5% interest on your linked Savings Plus Account, plus earn 0.5% cashback on every purchase you make.

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By

Tim Falk

Updated

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Monthly Fee

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Cost per transaction

What is the EQ Bank Card and how does it work?

The EQ Bank Card is a prepaid EQ Bank Mastercard linked to EQ Bank’s Savings Plus Account. You can load money onto the card from your savings account and the money on your card continues to earn the same interest as the funds in your Savings Plus Account.

The EQ Bank Card works exactly how you’d expect an everyday bank card to work – you can use it to pay for purchases in-store or online and to withdraw cash from an ATM. You can use your EQ Bank Card anywhere Mastercard is accepted.

How do I get started with the EQ Bank Card?

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 (not available in Quebec)

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

  1. Open a Savings Plus Account. Sign up here for an EQ Bank Savings Plus 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 Savings Plus Account to your EQ Bank Card.
  4. Start spending. You can now use your card to pay for purchases and make ATM withdrawals.

How much does it cost to use the EQ Bank Card?

There are no fees for using your EQ Bank Card. There are:

  • No account-opening fees
  • No monthly or annual fees
  • No card-loading fees
  • No inactivity fees
  • No foreign transaction fees
  • No fees for domestic ATM withdrawals (if an ATM provider charges a fee, EQ Bank will reimburse you this amount within 10 business days)

EQ Bank also won’t charge you any fees for withdrawals from foreign ATMs. However, if the foreign ATM provider charges a fee for using their ATM, EQ Bank will not reimburse you for that amount.

What are the benefits of the prepaid EQ Bank Mastercard?

  • Earn 2.5% interest on your savings. The money you load onto your card continues to earn interest at the same rate as your Savings Plus Account until you spend it. 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 does not charge any foreign currency conversion fees or exchange rate markups when you make foreign transactions. Funds are converted at Mastercard’s currency conversion rate.
  • No minimum balance requirement. There is no requirement to maintain a minimum balance on your card in order to avoid fees.
  • 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.
  • 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 unauthorised or fraudulent charges.

What to watch out for with the EQ Bank Card

  • Not yet available in Quebec. If you’re a resident of Quebec, you’ll need to consider other options.
  • Limits apply. Take note that there are some limits that apply to the EQ Bank Card. The maximum card balance is $10,000, the card transaction limit is $5,000 and the ATM transaction limit per withdrawal is $500.
  • 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.

Bottom line

If you want a prepaid card that is 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.

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