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

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).

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.

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.

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).

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.

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.

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.

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.