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EQ Bank Card Review 2024

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The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.

EQ Bank Card is a standout prepaid card that comes with no monthly fees and no minimum balance requirements. Your money earns a high interest rate until you spend it, and when you do spend it, you’ll still get cash back on all your purchases. Cash back rewards are paid monthly into your EQ savings account.

Because it’s strictly an online bank, there are no dedicated EQ Bank ATMs. To make up for that fact, EQ Bank will reimburse you for any ATM fees you are charged when withdrawing money in Canada. The lack of fees and solid rewards on saving and spending offer a flexible hybrid of earnings. In this review, we’ll cover more of the EQ Bank Card’s features so you can choose the right card for you.

EQ Bank Card

EQ Bank Card

Rated 3/5 stars.

  • 0.5% Earn 0.5% cash back on every purchase
  • 3% Earn up to 3% interest on card balance.

  • Welcome offer None (However, you could earn 0.50% bonus interest for 12 months on your card balance.)
  • Annual rewards $120 Learn how we calculate this.
  • Annual fee $0
  • Minimum income required None

EQ Bank Card: an overview

The EQ Bank debit card is a no-fee prepaid card that earns you cash back on all your purchases. You also get free withdrawals from any ATM in Canada (and get reimbursed for any out-of-network fees from other ATM providers in Canada). It’s also one of the few payment cards in Canada that doesn’t charge a foreign conversion fee when you make a purchase in a foreign currency. The card is linked to your EQ Bank Personal Account and you’ll earn interest on your money right up until you spend it.

EQ Bank Card rewards

With the EQ Bank card, you get 0.5% cash back for every single purchase you make on things like groceries, restaurants and gas. Keep in mind, refunds will lower the cash back you earn.

To get set up, you have to first sign up for an EQ Personal Account (or a Joint Personal Account), which you can do in minutes online.

Once you set up your account, you’ll be sent a card that you then need to activate and load with funds by transferring money from your Personal Account to your card. Your cash back is deposited into your account automatically monthly so you don’t have to worry about redeeming your rewards. You also get to enjoy an exceptionally competitive interest rate of up to 3% on your account balance, which remains in effect until you make a purchase.

EQ Bank Card eligibility

To use an EQ Bank Card, you must be a Canadian resident and have a valid address within Canada. You must also be the age of majority in your province or territory.

To begin using the card, you have to also open a Personal Account. Unfortunately, the card is not available to Quebec residents.

EQ Bank Card interest rates and fees


  • Annual fee: $0
  • Foreign transaction fee: $0 (However, if you make a purchase in a different currency, your rate of exchange will be the Mastercard Conversion Rate.)
  • ATM withdrawals:  $0 (You may be subject to third party fees for ATM withdrawals; however, EQ Bank will reimburse you within 10 business days.)
  • Card replacement: $0

Interest rates:

  • Purchases: None
  • Cash advances: None
  • Balance transfers: None

The EQ Bank Card is not technically a credit card, but rather a prepaid Mastercard, so you can only spend money you preload and therefore won’t be subject to unpaid balance interest charges.

EQ Bank Card perks

  • No monthly fees

    EQ Bank’s card is free, and comes with no annual or monthly fees, including no foreign transaction fees (however, a Mastercard Conversion Rate will apply).

  • High interest earnings

    With EQ Bank, you’ll earn a minimum of 2.5% interest on all your funds until you spend them.

  • Mobile wallet compatible

    The EQ Bank card is compatible with Google Pay and Apple Pay so you can easily make transactions with your mobile wallet.

  • Money is protected

    Equitable Bank (EQ Bank’s parent company) is a member of the CDIC. That means that any transfers you make to your EQ Bank Card are protected by the CDIC for up to to $100,000.

Compare EQ Bank Card alternatives

Our Pick
EQ Bank Card

EQ Bank Card

  • Welcome offer None (However you will earn 0.50% bonus interest for 12 months on your bank account funds if you set up direct deposit or recurring debits of $500.)
  • Annual fee $0
  • Minimum income required None
Wealthsimple Cash Card

Wealthsimple Cash Card

  • Welcome Offer N/A
  • Annual Fee $0
  • Interest Rates 4% to 5%
  • Recommended Credit 300+
An image of the KOHO prepaid credit card.

KOHO Prepaid Mastercard

  • Welcome Offer None
  • Annual Rewards $100
  • Annual Fee $0 (Easy); $48 (Essential); $108 (Extra); $228 (Everything)
  • Minimum Income Required None

Our final thoughts

The EQ Bank Card stands out as a premier prepaid card in Canada, offering a compelling combination of no fees, high interest rates, and cash back rewards. With a generous minimum 2.5% interest on your balance until spent, 0.5% cash back on all purchases, and the added perks of no foreign exchange fees and reimbursed ATM fees in Canada, the card is an attractive option for those seeking a convenient payment experience that will also earn them rewards.

Learn more about how we rate and review credit cards by visiting our methodology page.

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