EQ Bank Card Review

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The Bottom Line

The EQ bank card is not a credit card; it's a prepaid card, so you will not be able to get the same level of rewards as when using a credit card and it will not build credit. But if getting a prepaid card is your goal, then this card is, without a doubt, the best choice. Voted the best "Prepaid Card" in Canada, this card offers rewards and benefits that are mostly not offered by other prepaid cards. Earning interest on balance, rewards on purchases, no foreign transaction fee, and especially the unique no ATM fee that no other card provides, makes this card the best among prepaid cards.

EQ Bank Card
EQ Bank card
EQ Bank Card

4.4

Finly Rating
APPLY NOW

on EQ Bank's website

Welcome Bonus

N/A

Rewards Rate

0.5%

Cash Back

Annual Fee

$0

Interest Rates

0% / 0%

RECOMMENDED CREDIT SCORE

300⁎
Poor
560⁎
Fair
660⁎
Good
725⁎
Very Good
760⁎
Excellent
⁎Estimates based on Equifax scoring
Get your free credit score

Rewards

  • 0.5% cash back on every purchase

Benefits

Details

  • exchange money

    No Foreign Transaction Fees

    Pay no extra FX fees when making purchases outside of Canada
  • atm

    Free ATM withdrawal

    ATM fee reimbursement for Canada only
  • grwoth

    Interest on Balance

    Base rate of 1.00%*, or 2.75%** bonus rate

Eligibility

  • Credit Score

    N/A

  • Annual Income

    N/A

Welcome Bonus Details

Card Details

Interest Rates

Purchase APR

0%

Cash Advance APR

0%

Fees

Annual Fee

$0

Eligibility

Minimum Individual Income

N/A

Minimum Household Income

N/A

Credit Score Estimate

N/A

Type

Card Type

Prepaid

Reward Type

Cash Back

Pros & Cons

Pros

  • Best prepaid card
  • No ATM fees
  • Interest earned on balance
  • No foreign transaction fee
  • Some purchase cashback

Cons

  • No insurance
EQ Bank Card

EQ Bank Card

4.4

FinlyWealth Rating

APPLY NOW

on EQ Bank's website

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EQ Bank Card Cash Back Calculator

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.


**Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice. For the Personal Account, Joint Account and EQ Bank Card, the current base interest rate is 1.00% (the “Base Rate”). Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 2.75% (the Base Rate plus an additional 1.75%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.


EQ Bank is not responsible for maintaining accuracy of content on this site. Please refer to EQ Bank's site for the latest product details.

EQ Bank Card
APPLY NOW

on EQ Bank's website