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EQ Bank Card vs. Wealthsimple Cash Card: Comparison for 2023

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If you’re in the market for a prepaid card that offers the full benefits of a credit card without any monthly or hidden fees, our EQ Bank Card vs. Wealthsimple Cash Card review highlights two of the best options on the market.

Each card is a no-fee prepaid card, meaning you add funds and then use the card the same way you would a credit card. This ensures you never have to worry about the high-interest rate fees that come tied to credit cards or paying off your balance in time.

Read on for our deep dive to help you determine which prepaid card is best for you.

How prepaid credit cards work

Prepaid credit cards are self-funded; you simply add funds to your prepaid card (generally, from your bank account) and then use the card the way you would use a credit card. Your funds are deducted as you spend, and you can add more funds to your card balance at any time.

Prepaid card benefits

A prepaid card offers users the convenience of a credit card without the hassle of credit checks or the possibility of high-interest charges. Prepaid cards are great for students or those who want to manage their spending and steer clear of high-interest rates. They allow you to shop online or in person the way you would with a traditional credit card, but offer none of the downsides. You’re funding the card with money you already have, which eliminates the need to borrow funds (and to pay back the loan with considerable interest).

EQ Bank Card

EQ Bank Card

Rated 3/5 stars.

Our Review
Rewards
  • 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 card combines the best aspects of a credit card and high-interest savings account into one convenient card. In other words, it acts like a combination of a debit card and a credit card. You preload funds from your EQ Savings Plus Account onto your card, and then you can use those funds in-store or online, the way you would with a credit card.

Best of all, there are no monthly or hidden fees. You’ll earn a competitive rate of 2.50% interest* on your card balance until you spend it, and earn 0.5%** cash back on all purchases. Plus, earn 0.50% bonus interest on monthly direct deposits or debits to your account of $500 or more for 12 months.

Wealthsimple Cash Card

Wealthsimple Cash Card

Rated 3.6/5 stars.

Our Review

  • Welcome Offer N/A
  • Annual Fee $0
  • Interest Rates 4% to 5%
  • Recommended Credit 300+

Wealthsimple Cash Card: an overview

The Wealthsimple Cash Card is a prepaid Mastercard that offers users the advantages of a traditional credit card without the worry of high-interest charges. Users fund their Wealthsimple Cash Card through their Wealthsimple Cash Account, which also allows users to transfer funds instantaneously. The Wealthsimple Cash Card has no monthly or annual fees, no foreign transaction fees when you shop aboard, and Wealthsimple doesn’t charge additional fees when you take out cash from an ATM.

Users earn 1% cash back on all purchases with the Wealthsimple Cash Card, and can even invest their cash back into cryptocurrency all through the Wealthsimple app.

Features comparison

EQ Bank Card features

  • No monthly fees: Unlike debit cards or credit cards that may charge a monthly or annual fee, there are no fees tacked onto the prepaid EQ Bank Card. There are no fees to withdraw cash from an ATM, or transfer funds, and no foreign transaction fees when you purchase something in a foreign currency or while traveling abroad.
  • High-interest return: Earn the same interest rate of your EQ Bank Savings account — 2.50%* on the balance carried on the card plus an additional 0.50% on recurring direct deposits and debits of $500 or more for 12 months. This is an easy way to earn more from your money without having to lock it in a savings account.
  • Cash back: With the EQ Bank Card, you’ll even earn money as you spend with the card’s 0.5%** cash back on all purchases.
  • Free cash withdrawal from any ATM in Canada: EQ Bank will reimburse any ATM fee for a cash withdrawal from any ATM across Canada.

Wealthsimple Cash Card features

  • No monthly fees: Similar to the EQ Bank Card, the Wealthsimple Cash Card is a no-fee prepaid card. There are no monthly or hidden fees, and you can add and send funds with no additional fees.
  • Cash back: Earn 1% cash back on all purchases, double the rate offered by the EQ Bank Card. The cash can then be utilized in a number of customizable ways, including the option to invest it into cryptocurrency or stocks.
  • Earn interest on your card balance: Earn 1% cash back on the balance held on the card (much less than the 2.5% users earn on their balance with the EQ Bank Card).

EQ Bank Card vs. Wealthsimple Cash Card: at-a-glance comparison

EQ Bank Card Wealthsimple Cash Card
Cash Back 0.5% on purchases 1% on purchases
Interest on Balance 2.5% on balance + additional 0.50% on recurring debits 1% on balance
Monthly Fees None None
Domestic ATM Fees None None**
International ATM Fees None* None**
FX Fees None None
Transfer Fees None None
Mobile App Yes Yes
Mobile Payment Yes Yes

Monthly fees comparison

In terms of fees, there is little difference between the EQ Bank Card vs. Wealthsimple Cash Card. Both are no-fee cards without any monthly, annual, or hidden fees, allowing users to save more of their money.

Both cards offer free ATM withdrawals, although using the Wealthsimple card may incur fees from the ATM provider (usually around $3 per transaction). EQ Bank users will be refunded any domestic ATM charges to their account within 10 business days of the transaction, which gives it a leg up for those who often need cash on the go. That said, it won’t reimburse you for international ATM fees.

Ease of use comparison

Both the EQ Bank Card and the Wealthsimple Cash Card include a handy physical card for ATM withdrawals and in-person purchases, along with an easy-to-use app and website interface.

Setting up preferences and adding funds via either interface is a quick and easy process, allowing users to add funds to their accounts instantaneously from their accounts.

EQ Bank Card pros and cons

Pros

  • No ATM fees for withdrawals made at any machine in Canada

  • No monthly or hidden fees, and no foreign exchange fees

  • No minimum balance required

  • Earn 2.50% interest* on your balance on the card and 0.5% cash back** on purchases

  • Deposits are backed by the Canada Deposit Insurance Corporation (CDIC)

  • Compatible with Apple Pay and Google Pay

Cons

  • The EQ Bank card is not currently available in Quebec

  • Use limited to vendors that accept Mastercard

Wealthsimple Cash Card pros and cons

Pros

  • No monthly or annual fees, no foreign exchange fees

  • No ATM fees

  • No minimum balance required

  • Earn 1% cash back on all purchases and balance, and invest your cash back in cryptocurrency or stocks if you choose

  • Compatible with Apple Pay and Google Pay for instantaneous payments. (You can request a physical card, which you should receive in 10-14 business days. In the meantime, you can add your virtual Wealthsimple Cash Card to your digital wallet and use it right away.)

  • Deposits are backed by the Canada Deposit Insurance Corporation (CDIC)

Cons

  • Unlike a credit card, there’s no to build one’s credit score by using the card

  • Use limited to vendors that accept Mastercard

How to choose between the EQ Bank Card and Wealthsimple Cash Card

Both cards are great options for those looking for no-fee prepaid cards. Below we’ve highlighted two areas in which one card excels to help you determine which prepaid card is right for you.

Our final verdict

Best interest rate return: EQ Bank Card

Our Wealthsimple Cash Card vs. EQ Bank Card review finds that the EQ Bank Card is best for those looking to earn the highest interest rate on their card balance. The EQ Bank Card’s 2.5% interest on your balance far exceeds the 1% offered by the Wealthsimple Cash Card and is a great way to grow your money while still being able to access it immediately if need be.

Best cash back rewards: Wealthsimple Cash Card

On the other hand, the Wealthsimple Cash Card is best for those looking to maximize their spending rewards. The Wealthsimple Cash Card offers 1% cash back on all purposes, double the 0.5% offered by the EQ Bank Card. The Wealthsimple Cash Card also allows users a number of options to use their cash back rewards, including the ability to invest it in cryptocurrency directly through the Wealthsimple app or website.

*EQ cash back will be paid monthly.
**EQ cash back will be paid monthly.

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