EQ Bank launches its Mastercard payment card

This announcement is great news for EQ Bank customers in the rest of Canada.

The EQ Bank has just recently arrived in Quebec, so it would be possible to see this card arrive later in the province, although no information has been announced about this yet.

“Introducing a payment card for our customers is a game-changer,” said Mahima Poddar, Group Head of Personal Banking. “There is growing demand for an everyday bank that offers the benefits of a chequing account with the high interest of a savings account. We listened to our customers and built in their feedback when we developed the EQ Bank Card, which allows them to earn 2.5%∞ interest right up until they spend, earn cash back when they spend, and avoid ATM fees or other hidden charges. This is the card you want – whether you’re managing your day-to-day or travelling.”

Here are the details that characterize this new card on the Canadian market.

EQ Bank customers with the new card will be able to make cash withdrawals at any ATM, bank or even grocery and convenience stores without charge. EQ Bank agrees to refund all ATM fees charged to the card within 10 business days of the transaction.

This new reloadable payment card offers 0.5% cash back on all online and in-store spending. What makes it stand out is its low interest rate of 2.5%, the same as the Savings Plus Account, which is applied to the balance on the card until it is spent.

Another significant advantage for travelers is that there are no conversion fees on foreign currency expenses. Typically, most cards charge an additional 2.5-3% fee, but this is not the case with the EQ Bank card. Foreign currency expenses are therefore subject to Mastercard’s exchange rate, without any additional surcharge.

The new EQ Bank card comes with no monthly fees or any other hidden fees. This card is also advantageous for those who wish to save and avoid debt, since it is only possible to spend money that the client already has.

To apply for the card, you must first open a Savings Plus Account with EQ Bank. Then it’s easy to add money to your card in seconds from the app.

This is a great card to get for EQ Bank customers, if only to avoid foreign conversion fees. It is not currently available to Quebec residents, but you can still enjoy the benefits of their Savings Plus Account and who knows, maybe the card will come to the Quebec market later!