Loading article…
EQ Bank arrived in Quebec in early 2023, and launched its payment card for the rest of Canada in mid-January 2023. From now on, Quebec residents will also be able to enjoy the benefits of the card.
“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.
Free ATM withdrawals in Canada
EQ Bank customers with the EQ Bank Card will be able to make cash withdrawals at any ATM, bank or even grocery and convenience store, free of charge. EQ Bank agrees to refund all ATM fees charged to the card within 10 business days of the transaction.
This applies to banks and ATM service providers in Canada only.
Cash Back
This new reloadable payment card offers 0.5% cash back on all online and in-store spending. Where it stands out is with its advantageous interest rate of 4%, the same as on the Personal Account, which is applied to the card balance until it is spent.
No Foreign Transaction Fee
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.
Other benefits
The new EQ Bank card comes with no monthly fees or any other hidden charges, such as:
- credit card surcharges
- ATM fees
- transaction fees
- foreign transaction fees
- monthly fees
- inactivity fees
The EQ Bank Card is also advantageous for those wishing to save and avoid debt, since it is only possible to spend money that the customer already has.
Bottom Line
The EQ Bank Card is an excellent card to use for EQ Bank customers, if only to avoid foreign conversion charges. And now that it’s available to Quebec residents too, all Canadians can enjoy its perks!
