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Whether spending at home or while travelling, ATM fees and other hidden costs can be very sneaky in how quickly they add up. Luckily, the EQ Bank Card can help keep these expenses at bay.
In this article, we review the EQ Bank Card to help you decide whether it’s a good card to add to your wallet.
The EQ Bank Card is one of the many financial products offered by EQ Bank.
Unlike traditional banks, EQ doesn’t offer a debit card option for you to access your account funds. Instead, the EQ Bank Card is a prepaid Mastercard that you load with funds from your EQ bank account.
Given that the EQ Bank Card is essentially a credit card and not a debit card, there are few key differences that are important to note:
First, your EQ Bank Card is not attached to your EQ bank accounts, so you’re not able to just spend the available account balance(s). Instead, you need to load funds from your bank account onto your EQ card, and you’re then limited to spending however much you’ve loaded – though, of course, you’re able to add more money whenever you’d like.
Additionally, the EQ Bank Card acts like a credit card, not a debit card. This is convenient in that it lets you make online purchases from retailers that don’t accept debit cards, but it also means that you can’t use this card at smaller retailers that only accept cash and debit.
Pleasantly, unlike traditional debit cards, the EQ Bank Card lets you earn 0.5% cash back on all your purchases, giving you a little something extra back whenever you use it.
Getting an EQ Bank Card is incredibly easy:
As a prepaid Mastercard, the EQ Bank Card comes with a bunch of advantages and a handful of disadvantages, so let’s take a look at both.
In terms of advantages, the EQ Bank Card has more than a few! Some of the perks of having this card include:
When it comes to the downside of the EQ Bank Card, there are only a few disadvantages to choosing this card over a traditional debit or credit card. For example:
The EQ Bank Card is a solid choice for travelling thanks to the wide global acceptance of Mastercard and the fact that the card doesn’t charge the 2.5% foreign transaction fee or ATM fees.
We also love how accessible this card is, with no application, no minimum income requirement, and no annual fees.
Using this card is also a great way to budget and avoid overspending since you have to consciously load a selected amount of money. Plus, instead of costing you money, the EQ Bank Card actually gives you money in the form of its 0.5% cash back on all purchases.
Finally, we like that the EQ Bank Card works in tandem with EQ Bank’s other products, like its popular high-interest-earning Personal Account and its unique Notice Savings Account.
The EQ Bank Card is an accessible credit card option that saves you 2.5% on your foreign transaction purchases, helps you stay on top of your budget, and lets you earn cash back on all your purchases.
If you’re looking for a solid travel credit card that saves you money on fees, it’s definitely worth exploring this option – especially if you’re already banking with EQ.
EQ Bank is a Canadian digital banking platform that offers a range of banking products through its website and mobile app.
EQ Bank is wholly owned by EQB Inc. and is not affiliated with any of Canada’s other big banks.
Yes, EQ Bank is safe. It is a member of the Canada Deposit Insurance Corporation (CDIC), which means your eligible deposits are insured up to $100,000 per insured category.
EQ Bank offers its customers the EQ Bank Card, which is a prepaid Mastercard product. It is a credit card in that you can use it where Mastercards are accepted, but, unlike most credit cards, you don’t need to apply and be approved for this card.
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