EQ Bank has recently addressed a long-standing inquiry from its customers: “Does EQ Bank have a debit card?” The answer is a resounding yes, with the introduction of the EQ Bank Card. This prepaid card enhances the functionality of the Savings Plus Account, offering not only high-interest rates and zero monthly fees but also a range of spending benefits.
The EQ Bank Card, a prepaid Mastercard, is designed to complement the EQ Bank Savings Plus Account. This account, known for its attractive high-interest rates (ranging from 2.50% to 3%*), also provides unlimited debit and Interac e-Transfer transactions.
With the addition of the EQ Bank prepaid Mastercard, users can conveniently access their savings account through ATMs and earn a noteworthy 0.50% cash back on all purchases, solidifying its position as one of Canada’s best debit reward cards.
Obtaining the EQ Bank Card is a straightforward process. Simply open an EQ Bank Savings Plus Account, link it to your existing Canadian financial institution, and fund your account. Once set up, request a free card from your account and activate it upon receipt. It’s important to note that only the standard Savings Plus Account or its Joint account alternative qualifies for the prepaid card.
There are no monthly or annual fees for both the Savings Plus Account and the EQ Bank Mastercard prepaid card. Activation fees, often associated with other prepaid cards, are also nonexistent.
The card pays a competitive interest rate on the balance, currently set at 2.50%* (3% with direct deposit). This feature allows users to load funds onto the card without sacrificing interest earnings.
Cardholders enjoy an unlimited 0.50% cash back on all purchases, whether online or in-store, placing it among the best prepaid cards in Canada.
EQ Bank stands out by not charging ATM fees. Users can make withdrawals at ATMs owned by other banks in Canada, with reimbursement for any fees charged by the ATM provider within ten business days.
The EQ Bank Card eliminates the need for a traditional no-FX credit card by waiving the 2.50% foreign currency transaction fee. It is accepted worldwide wherever Mastercard® is recognized.
Cardholders benefit from Mastercard’s Zero Liability policy, safeguarding against unauthorized use or fraudulent charges.
Easily reload the card by transferring funds from your linked EQ Bank Savings Plus Account.
Unfortunately, the EQ Bank Card is not available in Quebec.
While ATM fees are reimbursed within Canada, users won’t receive reimbursement for fees incurred when using the card abroad.
Keep in mind the card transaction limits, including a maximum card balance of $10,000, a $5,000 card transaction limit, and various ATM and point-of-sale limits.
Comparing it to the KOHO Prepaid Card, particularly the KOHO Easy Mastercard, the EQ Bank Card offers a compelling all-in-one solution. While the KOHO Easy Mastercard provides 1% cash back on specific purchases, the EQ Bank Card’s 0.50% cash back on all purchases, along with its other features, makes it a versatile choice.
