EQ Bank Card Review 2024: A No-Fee Prepaid Mastercard
EQ Bank Card Review Rating: 4.3/5
EQ Bank has finally given a physical touch to its digital banking solutions with the recent release of a prepaid Mastercard.
For years, EQ Bank was known as one of the leading providers of savings and GIC accounts in Canada.
Many Canadians were so concerned that the reputable digital bank has no credit or debit cards, unlike other online banks.
Before now, the feelings of Quebecers could rather be imagined as they couldn’t even access any of the existing services of EQ Bank.
Today, EQ Bank is not only available in Quebec, but it also gives its clients access to a free and no-fee reloadable prepaid card.
The expectations are currently high as to what the EQ card has to offer. Is it worth the delay or a disappointment?
In this EQ Bank card review, I cover everything you need to know about the card including its pros and cons, fees, how to get it and how it compares with other reloadable prepaid cards out there.
Overview of EQ Bank Card
Let’s take a quick view of EQ Bank prepaid Mastercard’s profile before going into a detailed review.
| Name | EQ Bank Card |
| Year launched | 2023 |
| Card type | Prepaid card |
| Card issuer | Equitable Bank via EQ Bank |
| Operating network | Mastercard |
| Minimum balance | None |
| Maximum limit | $10,000 |
| Card order fee | None |
| Card replacement fee | None |
| Monthly fees | None |
| Inactivity fees | None |
| FX fees | None |
| ATM fees | None on domestic withdrawals |
| Cash back | 0.5% |
| Interest on balance | 4.00% |
| Availability | All parts of Canada except Québec |
| Recommendable? | Yes |
What is EQ Bank Card?
The EQ Bank Card is a reloadable prepaid card that operates on the Mastercard network. The card is issued by the parent company of EQ Bank — Equitable Bank.
As a prepaid card, the EQ Bank Mastercard allows you to load money into your account and make purchases with the card at domestic or international markets.
The card is acceptable anywhere Mastercard is accepted and it can be used both for online and in-store purchases.
What distinguishes the EQ card from most prepaid cards out there is that it doesn’t charge monthly fees, ATM fees, fx fees, inactivity and other common fees.
Despite that, the card rewards you regardless of whether you use it or not. When you use the card to make purchases, you get cash back. When you don’t use the card and leave money in your account, you will earn high interest.
In what follows, we are going to learn more about how the card works and the rate of cash back and interest you can expect with it.
How Does EQ Bank Prepaid Card Work?
The EQ card works like other prepaid cards out there. That’s, the card works only with the money you deposited in your account.
You can either use the card through the popular EQ Bank Savings Plus Account or the Joint Savings Plus Account. Both accounts have the following features:
- Up to 4.00% daily interest on savings
- No monthly fees,
- No minimum balance
- No everyday fees such as Interac e-Transfer fees, debit fees, withdrawals fees and bill payment fees
- Mobile cheque deposit feature
- CDIC protection
That being said, you’re allowed to load a maximum of $10,000 on your EQ card. Every purchase you make with the card will earn you 0.5% cash back. And when you leave a balance on your account, you will earn up to 4.00% daily interest.
Note that both the cash back and interest earnings are paid monthly. Although the cash back is calculated per every $1 purchase while the interest is calculated daily on the total closing balance of your card.
To keep track of your account, you can check your balance and transaction history through your EQ Bank online or mobile banking portal. You can also do so by calling an EQ Bank representative at 1-844-437-2265 (or 1-416-551-3449 if you’re outside North America).
Finally, EQ Bank requires that you review the transaction history of your card at least once every 30 days to ensure your card is in good standing.
EQ Bank Card Fees
The EQ card is an all-round no-fee prepaid card for Canadians. This is because the card doesn’t charge any fees for usage in Canada.
As a result, you don’t have to worry about the following common fees when using the EQ reloadable card:
- Monthly fees
- Domestic ATM fees
- Transaction fees
- Foreign transaction fees
- Inactivity fees
- Card replacement fee
The only fee applicable to the EQ Bank Mastercard is the foreign ATM withdrawal fee. Unlike domestic ATM withdrawal fees, EQ Bank will not refund withdrawal fees charged by foreign ATMs.
If you’re looking for a prepaid account to make domestic purchases, you don’t have to worry about the foreign ATM withdrawal fees.
My Fear: It will be costly for the EQ card to sustain itself in business by eliminating all the common fees of a prepaid card. Reimbursing domestic ATM withdrawal fees means that EQ Bank will be paying the fees from its pocket. From past experience, I suspect that the current EQ card fee schedule is just a short-term offer that aims at attracting initial users.
EQ Bank Card Limits
Like other prepaid cards out there, the EQ Bank reloadable card also has limits on the amount you can load and spend with the card.
The following are the minimum and maximum limits applicable to the EQ card:
| Load/Transaction | Limit (CAD) |
| Minimum load amount | None |
| Maximum daily load | $10,000 |
| Maximum card Balance | $10,000 |
| Life of card maximum load | None |
| Transaction limit | $5,000 |
| ATM daily maximum withdrawal limit | $500 |
| ATM Transaction limit per withdrawal | $500 |
| Maximum daily point of sale limit | $5,000 |
Note that the above limits are not permanent. EQ Bank can impose additional transaction limits without notice when they notice suspicious activity with your card.
READ ALSO: EQ Bank e-Transfer Limit
Is EQ Bank Card Safe?
No doubt about that! The EQ Bank reloadable card is backed by Mastercard Zero Liability Policy which protects you against unauthorized purchases with your card.
In addition, funds in your EQ card account are covered up to $100,000 by the Canada Deposit Insurance Corporation (CDIC).
And whenever your card is misplaced or stolen, you can lock the card in your EQ Bank account to avoid unauthorized transactions. You can also ask an EQ Bank representative to lock the card on your behalf by calling 1-844-437-2265 (or 1-416-551-3449 if you’re outside North America).
Overall, the established reputation of EQ Bank and that of the card issuer (Equitable Bank) an offer optimal feeling of safety with the EQ card.
Pros and Cons of EQ Bank Card
Having discussed what the EQ Mastercard entails, it’s time to weigh its pros and cons to better understand its strength and weaknesses.
Let’s go there!
Pros
- Free card ordering and replacement: You can order the card for free for the first time. And when the card is misplaced or stolen, you will be replaced with another card for free as well.
- No minimum balance: The EQ card doesn’t require a minimum load amount or minimum balance. This eliminates the pressure of loading more than you intend to load.
- Interest on balance: Not many prepaid cards offer interest on balances in Canada. Those that do barely offer up to 2.00% interest compared to the 4.00% high interest on the EQ card.
- Freebies: The card doesn’t charge Canadians any fees at all. The only fees applicable with the card are foreign ATM withdrawal fees. In Canada, you can use the EQ card without worrying about ATM withdrawal fees. This is because EQ Bank will reimburse you within 10 days of any ATM withdrawal fees charged in Canada. That being said, the EQ card doesn’t also charge monthly fees, FX fees, inactivity fees, or card replacement fees.
Cons
- Not available Quebecers: Even though EQ Bank is now available in Quebec, its newly launched prepaid card is not available to Quebecers.
- Limited maximum limit. The maximum balance ($10,000) of the card may be insufficient for people that make higher purchases.
- Low cash back: The EQ card’s 0.5% cash back is one of the lowest among other prepaid cards out there.
- Doesn’t improve your credit score: This is needless to mention as all regular prepaid cards don’t report to credit bureaus, hence they can’t improve your credit score directly.
My EQ Bank Card Review Rating
I rate the EQ card 4.3 out of 5 stars based on comparative analysis and the overall rating of the following factors:
EQ Bank Prepaid Card Review Rating Methodology
Overall Rating
With a 4.3-star rating, my EQ Bank prepaid card review is positive and recommendable for Canadians looking for a no-fee prepaid Mastercard.
How to Get the EQ Bank Prepaid Mastercard
Before you can get the EQ Bank prepaid Mastercard, you must meet the following eligibility:
- Be a permanent resident of any province or territory in Canada, excluding Quebec
- Reach the age of majority in your province or territory
- Have an EQ Bank Savings Plus or Joint Savings Plus Account
If you already have an EQ Bank Savings Plus or Joint Savings Plus Account, all you need is to order the account through your online banking or mobile banking account.
If not, you need to first open an EQ Bank Savings Plus Account by visiting this page.
After opening an EQ Savings Plus Account, you can proceed to order the card. Upon receiving your request, EQ Bank will mail the card to the residential address that’s attached to your EQ Bank Savings Plus Account.
You should expect to receive the card within 5 to 10 business days of request. If it exceeds this duration, call EQ Bank at 1-844-437-2265 for rectification.
After receiving the card, you will need to activate it before usage. All you need is to log in to your EQ Bank online or mobile banking account, provide your card information and verify your card identity to activate the card.
Before you can start using the card, you will also be required to set your PIN and load funds to the card.
To load funds to your EQ card, you will need to move money from your linked EQ Bank Savings Plus Account. The transfer will be processed instantly.
Note: You can deposit funds to your EQ Bank Savings Plus Account through Electronic Funds Transfer (EFT), Interac e-Transfer, or mobile cheque deposit through your EQ Bank mobile app.
How EQ Bank Card Compares
Before EQ Bank prepaid Mastercard, Canadians already had access to numerous reloadable cards from different network providers.
The question many are asking is — what difference does the EQ Bank prepaid card make? There are many differences to point out.
If you read the above review carefully, you would’ve already noticed the uniqueness of the EQ card.
To have a better understanding of what the EQ card is bringing to the table, it’s essential we compare it with some of the popular prepaid cards out there.
There we go!
EQ Bank Prepaid Card vs KOHO Prepaid Card
| Features | EQ Bank Prepaid Card | KOHO Prepaid Card |
| Maximum limit | $10,000 | $50,000 |
| Minimum balance | None | None |
| Monthly fees | None | None |
| Cash back | 0.5% | Up to 2% |
| Interest on balance | Up to 4.00% | 2% |
| FX fees | None | 1.5% |
| ATM fees | None | None |
The KOHO Prepaid Card is one of the reloadable cards offered by KOHO Financial Inc. The card shares a lot of similarities with the EQ card as the above table shows.
However, KOHO Prepaid Card has a higher maximum balance and cash back than the EQ card.
In addition, the KOHO Prepaid Card roundups up your near-to-dollar purchases to help you earn more cash back. This feature is not available on the EQ card.
While both the EQ Prepaid Mastercard and the KOHO Prepaid Mastercard don’t report to credit bureaus, KOHO Prepaid Mastercard offers access to a credit building program that helps build your credit score at $10 per month.
On the flip side, EQ card offers higher interest on balances and no FX fees compared to the KOHO Prepaid Card. And Unlike EQ Bank, KOHO Prepaid charges a $1 inactivity fee.
The bottom line is that the EQ card will save you more on fees and offer you higher interest than the KOHO Prepaid Card.
EQ Bank Prepaid Mastercard vs Stack Prepaid Mastercard
| Features | EQ Bank Prepaid Mastercard | Stack Prepaid Mastercard (Discontinued) |
| Maximum limit | $10,000 | $20,000 |
| Minimum balance | None | None |
| Monthly fees | None | $7.99 (reimbursable if you spend a minimum of $350 per month) |
| Cash back | 0.5% | Available but not specified |
| Interest on balance | Up to 4.00% | N/A |
| FX fees | None | 2.50% |
| ATM fees | None | $1.99 for domestic ATM withdrawals and $2.99 for international ATM withdrawals |
Update: The Stack Prepaid Mastercard has been discontinued..
The Stack Prepaid Mastercard is another reloadable card that has been around since 2018. Unlike the KOHO Prepaid Card, the Stack Prepaid Card Mastercard shares little in common with the EQ Mastercard.
The only similarities between EQ prepaid Mastercard and Stack Mastercard are that the two cards don’t have a minimum balance and they both offer cash back on purchases.
But unlike the EQ Mastercard, the Stack Mastercard doesn’t specify the amount of cash back you will earn on purchases. However, you will get cash back even on international ATM withdrawals with the Stack Mastercard.
While the Stack Mastercard has a higher maximum limit than the EQ Mastercard, it’s costly to operate.
This is because the Stack Mastercard charges a $7.99 monthly fee, 2.5% FX fees, and a $1.99 fee for ATM withdrawals in Canada and a $2.99 fee for international ATM withdrawals.
Although the Stack’s monthly fees are reimbursable when you spend a minimum of $350 per month. The 2.50% FX fee is also waived when you spend a minimum of $1000 CAD on international purchases.
In addition, the Stack Prepaid Mastercard also roundups purchases like the KOHO Prepaid Card. The Stack Mastercard also allows you to split bill payments with your friends and family members. All these features are not available on the EQ card.
On the other hand, the EQ card offers interest on balances, unlike the Stack Prepaid Mastercard. In addition, you will save more on fees with an EQ card than with the Stack Mastercard.
EQ Bank Card vs Wealthsimple Card
| Features | EQ Bank Card | Wealthsimple Card |
| Maximum limit | $10,000 | $5,000 |
| Minimum balance | None | None |
| Monthly fees | None | None |
| Cash back | 0.5% | 1% |
| Interest on balance | Up to 4.00% | 4-5% |
| FX fees | None | Variable |
| ATM fees | None | $3 |
Another prepaid card that comes close to EQ Bank Card is Wealthsimple Card which also operates on the Mastercard network.
The Wealthsimple Card is linked to a Wealthsimple Cash account and it provides you with similar features as an EQ Card.
As shown in the above table, Wealthsimple Card does not charge monthly fees or transaction fees. It also has an unlimited transaction limit.
However, you will earn a higher cashback of 1% on every purchase with the Wealthsimple Card compared to 0.5% with EQ Bank’s card.
In addition, you will earn up to 5% interest on your Wealthsimple Card account balance compared to 4.00% on an EQ’s Card account.
On the other hand, EQ Bank Card outshines Wealthsimple Card because it has no FX fees or ATM fees and it has a higher maximum limit.
Which to choose? It’s up to you to decide!
Depending on your needs, you may find the Wealthsimple Card more suitable than the EQ Bank Card — vice versa.
READ ALSO: Tangerine Credit Card Promotions
Verdict
The EQ Bank reloadable card came at the right time. It will serve as a worthy alternative to Canadians looking for a no-fee reloadable Mastercard.
With high expectations on it, we can only hope the card sustains its mind-blowing features and expand its competitive edge as it grows.
The bottom line is that you can’t go wrong with the card so long you’re not concerned about its key drawbacks discussed above.
Is the EQ prepaid card for you? Kindly share your thoughts with me in the comment section before leaving.
If you’re impacted by this review, endeavour to share it with as many people that may also benefit from it.
FAQs on EQ Bank Card Review
Is the EQ Bank Card worth it?
The EQ Bank Card is worth it if you’re looking for a no-free prepaid Mastercard with interest on purchases.
Is EQ Bank Card free?
The card is free because it is issued and replaced free and it doesn’t charge monthly fees, transaction fees, or Fx fees.
Can I use EQ Bank Card in Quebec?
Unfortunately, you can’t use an EQ Bank prepaid card while in Quebec at the moment.
Does EQ Bank send you a card?
Yes. EQ Bank will mail your card to the address you provided on your EQ Bank Savings Plus Account. They usually deliver the card within 5 to 10 business days of request.
Where can I use my EQ Bank Card?
You can use your EQ Bank Card to make online and in-store transactions anywhere a Mastercard is accepted.
Is the EQ Bank Card a debit card?
No. The EQ Bank card is a prepaid card that works only with the funds you load on it through your EQ Bank Savings Plus Account. However, you can use the card to make purchases as with a debit card.
How do I load my EQ Bank Card?
You can load funds to your EQ Card through Electronic Funds Transfer, Interac e-Transfer, or mobile cheque deposit on the EQ Bank app.
Can I use EQ Bank Card online?
Absolutely! You can use the card online and in-store everywhere Mastercard is accepted.
Why is my EQ Bank Card not working?
It could be due to technical glitches. You may need to change your card PIN to get authorization. If the problem persists, contact EQ Bank.
Why was my EQ Bank Card declined?
Your EQ Bank card may get declined during a transaction due to a network problem, insufficient funds, or entering the wrong pin.
EQ Bank Card Review
Summary
EQ Bank Card will serve as a worthy alternative to Canadians looking for a no-fee reloadable Mastercard.
