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4.4
/5
EQ Bank
Mastercard
EQ Bank CardCash Back Calculator
Our Take
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.
Card Details
Interest Rates
Purchase: 0%
Cash Advance: 0%
Annual Fees
Main Card: $0
Annual Income
Personal: N/A
Household: N/A
Credit Score Estimate
300⁎Poor
560⁎Fair
660⁎Good
725⁎Very Good
760⁎Excellent
Card Type
Prepaid
Our Rating
4.4/5
Institution
EQ Bank
How You Earn Rewards
- 0.5% cash back on every purchase
Annual Rewards Breakdown
Annual Rewards Summary
Point Redemptions
Redemption Method
Net Value (After Annual Fee)
Insurance & Benefits
No insurance coverage information available for this card.
Benefits
Details
No Foreign Transaction Fees
Pay no extra FX fees when making purchases outside of Canada
Free ATM withdrawal
ATM fee reimbursement for Canada only
Interest on Balance
Base rate of 1.00%*, or 2.75%** bonus rate
Pros & Cons
Pros
- Best prepaid card
- No ATM fees
- Interest earned on balance
- No foreign transaction fee
- Some purchase cashback
Cons
- No insurance
Legal
*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.