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Does EQ Bank Have a Debit Card?

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Fact Checked

The new EQ Bank Card works like a debit card, making it easy to access your EQ Bank Savings account for cash withdrawals at ATMs. It also works like a regular Mastercard for online and in-person payments in millions of locations (merchants) worldwide.

Read on to learn about EQ Bank’s payment card.

EQ Bank Card Overview

EQ Bank Card

eq bank card-img

Earn up to 4%* interest on your balance

0.50% cash back on purchases

No monthly account or FX fees

Free ATM withdrawals

If you want a reloadable prepaid card with no fees, the EQ Bank Card is an excellent choice. Its top features include:

  • Free withdrawals at any ATM in Canada. Fees charged by ATM providers are refunded.
  • Earn 2.50% interest on your entire balance. This interest is calculated daily and paid monthly.
  • Pay no foreign transaction fees when you make payments in a foreign currency, a saving of up to 3% in fees.
  • Pay no monthly fees or inactivity fees.
  • Earn 0.50% cash back on all purchases. Cash back earned is deposited monthly.
  • No minimum balance is required, and funds are insured by the Canada Deposit Insurance Corporation.

How The EQ Bank Card Works

While it is a reloadable prepaid card, the EQ Bank Card is very similar to a traditional debit card. The card is linked to your EQ Bank Savings Plus Account and draws funds from this account when you pay.

You can access cash at ATMs, shop online, or make payments by swiping your card at any point of sale terminal that accepts Mastercard.

Like a debit card, some limits apply when using the EQ Bank Card:

  • Card transaction limit: $5,000.
  • ATM transaction limit per withdrawal: $500.
  • Daily maximum point of sale limit: $5,000.

When you pay with the EQ Bank Card, you earn cash back, which converts into a rewards debit card. All purchases, both domestic and international, qualify for cash back.

The funds loaded onto your card earn a competitive 2.50% interest rate, which beats what many other savings accounts offer currently.

Benefits of the EQ Bank Mastercard

  • The EQ Bank Card does not charge monthly or annual fees.
  • It pays interest on your balance, effectively converting a spending account into a high-interest savings account.
  • Free access to ATMs across Canada helps save on fees you would typically pay when using another bank’s ATM.
  • Earn easily redeemable cash back on all purchases at home and abroad.
  • The EQ Bank Mastercard is accepted in over 210 countries and does not charge FX fees.

Downsides of the EQ Bank Mastercard

  • The EQ Bank Mastercard is not yet available in Quebec.
  • The maximum daily ATM withdrawal is capped at $500.
  • Unlike a credit card, the EQ Bank Card does not report your transactions to credit bureaus and cannot be used to build credit.

EQ Bank Card vs Debit Card

While the EQ Bank card works like a debit card, there are some differences.

It is more versatile, giving you free access to ATMs owned by other banks.

While most debit cards don’t offer rewards, the EQ Bank Card pays cash back on all spending.

Unlike a traditional debit or prepaid card, the EQ Bank Card pays interest on your balance, making it a lot more useful for putting your money to work.

EQ Bank Card vs. Credit Card

For convenient payments, the EQ Bank Mastercard is similar to Mastercard credit cards. There are, however, some differences.

The EQ Bank Card must be linked to an EQ Bank savings account, which is how you pay for purchases. You don’t get cash on credit.

This card cannot be used to build credit history or improve your credit score since EQ Bank does not report your transaction or payment history to a credit bureau like Equifax or TransUnion.

On the positive side, the EQ Bank Card does not charge annual fees or interest, a common feature of credit cards.

And it waives the foreign currency transaction fee of 2.50% or higher charged by most credit cards when your payment is in a currency other than Canadian dollars.

EQ Bank Card vs. Alternatives

EQ Bank Card vs Neo Money Prepaid Mastercard

Like the EQ Bank Card, the Neo Money Mastercard is a prepaid card that pays both cash back on purchases and interest on your balance.

If you opt for the no-fee Neo Money Card, you earn 1% cash back on grocery and gas purchases and 2.25% interest on your balance.

When you shop at Neo Partners at thousands of locations in Canada, the cash-back rate is up to 5%.

EQ Bank Card vs. CIBC AC Conversion Visa Card

Both the EQ Bank Card and CIBC AC Conversion Visa Prepaid Card offer cash back rewards.

While the EQ Bank Card waives FX fees, you can use the CIBC AC Conversion Visa Card to hold ten different currencies.

This CIBC card does not pay interest on your balance, and ATM withdrawals are not free.

FAQs

How do I get the EQ Bank card?

You can request a card after opening a Savings Plus Account.

How much money can you keep in EQ Bank?

You can have a maximum balance of $200,000.

Does EQ Bank have cheques?

EQ Bank does not offer paper cheques. However, you can deposit mobile cheques in your savings account and also use them for pre-authorized debits.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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