EQ Bank Card Review 2024 (2024)

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.

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.

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.

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.

• 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).

• High interest earnings

  With EQ Bank, you’ll earn a minimum of 2.5% interest on all your funds until you spend them.

• Mobile wallet compatible

  TheEQ Bank cardis compatible with Google Pay and Apple Pay so you can easily make transactions with your mobile wallet.

• 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.

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.