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New EQ Bank Prepaid Card Offers Cash Back and No ATM Fees

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 Card

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%*) 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 Savings Plus 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 Savings Plus Account or its Joint account alternative qualify for a prepaid card.

Get the EQ Bank Card.

EQ Bank Mastercard Features

EQ Bank Card

eq bank card-img

Earn 2.50%* 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%*.

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 Easy Mastercard has no monthly or annual maintenance fees and offers 1% cash back on grocery purchases and bill payments. It also pays 0.50% interest on your balance, and the cashback rate is up to 5% at partner retail stores.

To enjoy no-FX fees, you can opt for the KOHO Premium Mastercard and earn up to 2% cashback and 2% savings interest.

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

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 sign up bonus after first purchase (use promo code CASHBACK)

Earn up to 5% cash back

Up to 2.00% savings interest on your balance

Unlimited Interac e-Transfers

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.

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Get a top-rated chequing account and up to a $400 bonus

Unlimited debits and Interac e-Transfer transactions.

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Earn 2% unlimited cash back in three spending categories - no annual fees!

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1.95% low-interest balance transfer rate and insurance coverage benefits.

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Author

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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