Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

EQ Bank Mastercard Review: Earn Cash Back and No ATM Fees

Updated:

Fact Checked

EQ Bank has just answered the ever-pressing question its customers have been asking over the years, i.e. “does EQ Bank have a debit card?”

With the debut of the new EQ Bank Card, you can now conveniently make payments in-store, withdraw cash at ATMs, earn cash back on purchases, and more.

Simply put, the EQ Bank Card goes a step further in converting the Savings Plus Account into a versatile spending account, along with the benefits of high-interest rates and zero monthly fees.

Overview of the New EQ Bank Mastercard

The new EQ Bank Card is a prepaid card that works alongside its flagship account, the EQ Bank Savings Plus Account.

This account offers high-interest rates (2.50% to 4.00%*) and unlimited debit and Interac e-Transfer transactions.

By adding the EQ Bank prepaid Mastercard, you can now access your savings account via ATM and earn 0.50% cash back on all purchases, making this one of the best debit reward cards in Canada.

How To Apply for the EQ Bank Card

The EQ Bank Card is free. To get one, open an EQ Bank Personal Account and fund it by connecting your bank account at any Canadian financial institution.

From your new account, order a free card and activate it when received.

Only the standard Personal Account or its Joint account alternative qualifies for a prepaid card.

Get the EQ Bank Card.

EQ Bank Mastercard Features

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

The main benefits of the EQ Bank Card are:

No Account Fees

The Savings Plus Account and EQ Bank Mastercard prepaid card do not have monthly or annual fees.

And unlike Vanilla Prepaid Cards, you won’t have to worry about activation fees.

Earn Interest on Balance

It pays a high-interest rate on your card balance which is currently 2.50%* (4% if you set up a direct deposit).

This makes it easy to load your card with funds without worrying about missing out on interest earnings.

Earn Cash Back on Purchases

EQ Bank Cardholders earn an unlimited 0.50% cash back on all purchases, whether online or in-store.

This puts this card on our list of the best prepaid cards in Canada.

No ATM Fees

Even better than a traditional debit card, EQ Bank does not charge ATM fees, and you can use your card to make withdrawals at ATMs owned by other banks in Canada.

If the ATM provider charges a fee, EQ Bank will reimburse you within ten (10) business days.

No Foreign Currency Conversion Fees

With the EQ Bank Card, you may no longer need to pay hefty annual fees for a no-FX credit card.

It waives the 2.50% foreign currency transaction fee and is accepted worldwide wherever Mastercard® is accepted (over 210 countries).

You will only be subject to the Mastercard currency conversion rate when you use the EQ Bank Card for payments abroad.

Mastercard Zero Liability

Cardholders enjoy Mastercard’s Zero Liability against unauthorized use or fraudulent charges.

Reloadable

You can easily reload your card by transferring funds from your linked EQ Bank Savings Plus Account.

EQ Bank Card Downsides

The EQ Bank Card is not available in Quebec.

While ATM fees are reimbursed in Canada, you will not receive reimbursement for ATM fees incurred when you use the card abroad.

Lastly, there are card transaction limits to keep in mind, including:

EQ Bank Card TransactionsLimit
Maximum card balance$10,000
Card transaction limit$5,000
ATM transaction limit per withdrawal$500
Maximum daily ATM withdrawal$500
Daily maximum point of sale limit$5,000
Maximum number of daily ATM withdrawalsUnlimited

EQ Bank Card vs. KOHO Prepaid Mastercard

The KOHO Prepaid Card, which is most similar to the EQ Bank Card, is the KOHO Easy Mastercard.

The KOHO Essential Mastercard offers 1% cash back on grocery, restaurant, and transportation purchases (up to 5% at partners) and 5.00% interest on balances.

It also comes with free credit score checks and access to 0% APR cash advances of up to $250. Even better, you can get this premium card for $0* monthly by simply setting a recurring direct deposit to your account.

KOHO Prepaid Mastercard

Rewards: Earn 1% cash back on groceries and transportation, up to 5% unlimited cash back at partner stores in Canada. Get 5% interest on your entire balance. Users also get access to a free budgeting app, 0% APR cash advances and free credit score checks.

Welcome offer: $20 sign up bonus after first purchase (use CASHBACK promo code during sign-up)

Interest rate fee: N/A

Annual fee: $0*

EQ Bank Card vs. Neo Money Prepaid Mastercard

The Neo Money prepaid card is a reloadable Mastercard that offers cash back on your purchases and pays interest on your balance.

This card pays an average of 5% cash back at thousands of partner stores, 1% cash back on groceries and gas, and a minimum of 0.5% on all purchases.

Like the EQ Bank Card, you can use Neo Money to make payments online and in person. The account also supports free bill payments and Interac e-Transfers. Learn more about the card.

Neo Money card

Rewards: Earn an average of 5% cash back at over 12,000 retail partners and a guaranteed minimum of 0.50% (up to $50 monthly); Earn 1% interest on your account balance.

Welcome offer: Earn up to 15% cash back on your first-time purchases.

Interest rate fee: 0%

Annual fee: $0 (no monthly fees)

Overall, the EQ Bank Card does better as an all-in-one prepaid card for your wallet.

FAQs

Who owns EQ Bank?

EQ Bank is a subsidiary of Equitable Bank, one of Canada’s largest banks with more than $100 billion in assets under management and administration.

Does EQ Bank offer a debit card?

You can use the new EQ Bank Mastercard as a spending card for your EQ Bank savings account.

Is the EQ Bank Card a credit card?

No, the EQ Bank Card is not a credit card. It is a reloadable prepaid card and does not affect your credit score.

Related: EQ Bank Card vs KOHO Mastercard.

Top Banking Offers for July

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 5.00% interest on your savings account

Earn up to 5.00% interest on every dollar when you set up a 30-day notice.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

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

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.