EQ Bank Card Review

Updated October 15, 20266 min read

The EQ Bank Card is the prepaid card I'd point a Canadian traveller to when the goal is simple: spend abroad without the 2.50% foreign transaction fee that, in EQ Bank's words, most cards charge, and do it without opening another credit card. It's a reloadable Mastercard that you top up from an EQ Bank Personal Account, and it pays 0.5% cash back on everything plus the Personal Account interest rate on the balance while it sits there.

It is not a credit card, and that cuts both ways. There is no credit line, no interest to pay and no effect on your credit score, which suits budgeting or a newcomer with a SIN, but you also get no insurance, no credit-building and no refund of ATM fees charged outside Canada.

The bonus

Welcome offer

There is no welcome bonus on the EQ Bank Card. EQ Bank's card page and its fees and features page list the cash back, the interest and the fee schedule, but no sign-up offer, as of October 15, 2026.

The card also costs nothing to order, activate or replace, so there is no fee to earn back. EQ Bank runs a refer-a-friend program for its accounts, but nothing on the card page ties a bonus to the card itself.

Insider tip

With no offer to chase, the setup is what pays: if your pay of $2,000 a month or more is direct deposited to EQ Bank, the card balance earns the same 2.75% bonus rate as the Personal Account, per EQ Bank's FAQ.

What it costs

Fees & eligibility

The EQ Bank Card has $0 in monthly or annual fees, and EQ Bank lists card issuance, activation, replacement, loading and automatic reloads as free. There is no foreign transaction fee: purchases in another currency are converted at the Mastercard Currency Conversion Rate with nothing added by EQ Bank.

EQ Bank charges no ATM fee of its own in Canada or abroad. It reimburses fees charged by Canadian ATM operators for 5 withdrawals a month, up to $5 each, within 10 business days, while fees charged by ATM operators outside Canada are not reimbursed. There are no NSF or overdraft charges, but if the card balance ever goes negative, you owe the difference.

There is no income requirement and no interest rate, because there is no credit line. To get the card you need an EQ Bank Personal Account or Joint Account, which requires Canadian residency, the age of majority in your province and a Social Insurance Number; account opening uses a soft credit check that does not affect your score.

Annual fee$0

Monthly fee$0 (no monthly or annual fees)

LoadingFree, from your EQ Personal or Joint Account (instant)

FX fee0% (Mastercard conversion rate)

ATMNo EQ fee; Canadian operator fees refunded 5x a month, up to $5 each

Interest on balancePersonal Account rate: 1.50%, or 2.75% with $2,000/month pay deposit

Funds held byEquitable Bank (EQ Bank), a CDIC member

Deposit protectionCDIC-eligible, up to $100,000 per insured category

Limits$10,000 max balance; $500 a day at ATMs

Credit checkSoft check at account opening; no effect on your score

Points per dollar

Earning rewards

The card earns 0.5% cash back on every purchase, in Canada or abroad, with no categories to track. On top of that, the balance you load earns interest at the EQ Bank Personal Account rate until you spend it.

EverythingDomestic and international purchases, no categories0.5%

Fees, ATM withdrawals, cash advances and credits do not earn cash back, and refunds reduce the cash back earned. Interest on the card balance is separate: 1.50% base, or 2.75% with a pay direct deposit of $2,000 a month or more, at rates effective October 2, 2026.

Getting value out

Redeeming rewards

There is nothing to redeem by hand. Cash back is deposited onto the card monthly, and interest on the card balance is paid monthly into your linked Personal Account, so both simply show up as money.

Cash backDeposited monthly onto the card balance; spend it like any other loaded money.

InterestCalculated daily on the card's closing balance and paid monthly into the linked Personal Account.

Beyond the points

Perks & benefits

The headline perks are about fees: no FX fee and refunds of Canadian ATM fees. The card balance earning the Personal Account rate is unusual for a prepaid card, and you can add the card to your mobile wallet for contactless payments.

Fraud cover is the Mastercard Zero Liability policy, online purchases use 3D Secure with a one-time password, and you can lock the card in the app, in online banking or by phone.

No FX feeMastercard Currency Conversion Rate with no EQ Bank fee on top.

Interest on the balanceSame rate as the Personal Account: 1.50%, or 2.75% with a $2,000/month pay direct deposit (rates effective October 2, 2026).

Canadian ATM refundsUp to 5 withdrawals a month, up to $5 each, refunded within 10 business days.

Mobile walletAdd the card to your mobile wallet to tap and pay.

Card lockLock it in the app, online banking or by phone; Mastercard Zero Liability applies.

Coverage included

Insurance

The EQ Bank Card comes with no insurance. None of EQ Bank's card pages lists travel medical, trip cancellation, rental car, purchase protection or extended warranty cover, so book trips and big purchases on a credit card that carries them.

What you do get is fraud protection under the Mastercard Zero Liability policy, and the money on the card is eligible for CDIC insurance, just like the EQ Bank Personal Account. Coverage is up to $100,000 per insured category per depositor, combined across your EQ Bank and Equitable Bank deposits.

Travel and purchase insuranceNone listed for the card.

FraudMastercard Zero Liability policy; 3D Secure on online purchases.

Deposit insuranceCard balance eligible for CDIC, up to $100,000 per insured category per depositor, combined with your other EQ Bank and Equitable Bank deposits.

Opinion

My take

JasonRated 6.1 / 10

I'd get the EQ Bank Card if you already keep savings at EQ Bank and want a no-fee way to pay abroad; if you need travel insurance or plan to withdraw a lot of cash overseas, I'd look elsewhere.

What I like is that the card never costs you anything: no FX markup, cash back on every purchase, and your loaded balance keeps earning the Personal Account rate, which is 2.75% if your pay lands at EQ Bank. For a trip budget, you load what you plan to spend and the rest of your money stays in savings.

The gaps are real, though. Foreign ATM operator fees are on you, the card holds at most $10,000, and there is no insurance at all, so I'd still book flights and hotels on a credit card with travel cover. Wealthsimple's Visa Platinum Prepaid card refunds ATM fees worldwide with no cap but earns no cash back, so the better pick depends on whether you mostly tap the card or pull cash.

The good

No FX fee and $0 in card fees
0.5% cash back plus Personal Account interest on the balance
Canadian ATM fees refunded, 5 a month up to $5 each

The catch

No insurance of any kind
ATM fees charged outside Canada are not refunded
$10,000 maximum balance and $500 a day at ATMs

— Jason

Questions

Frequently asked

Is the EQ Bank Card a credit card or a debit card?

Neither. EQ Bank calls it a prepaid reloadable Mastercard: you move money onto it from your EQ Bank Personal Account or Joint Account and spend that balance. There is no credit line, no interest charged and no impact on your credit score.

Does the EQ Bank Card charge foreign transaction fees?

No. Purchases in another currency are converted at the Mastercard Currency Conversion Rate, and EQ Bank adds no foreign transaction fee. EQ Bank says the card works in more than 210 countries where Mastercard is accepted, though use in some countries or regions may be restricted.

Are ATM withdrawals free?

EQ Bank charges no ATM fee in Canada or abroad. It reimburses fees charged by Canadian ATM operators for up to 5 withdrawals a month, up to $5 each, within 10 business days, but fees charged by ATM operators outside Canada are not reimbursed. You can withdraw up to $500 a day.

How do I load money onto the card?

Transfer from your linked EQ Bank Personal Account or Joint Account in the app or online banking; the money is available instantly and loading is free. You can also turn on automatic reloads of $50 to $1,000 at a time. You cannot deposit cash.

Does the card balance earn interest?

Yes. The card balance earns the same rate as your EQ Bank Personal Account, calculated daily and paid monthly into the Personal Account. With rates effective October 2, 2026, that is 1.50%, or 2.75% if you direct deposit pay of $2,000 a month or more.

Is the money on the EQ Bank Card covered by CDIC?

Yes. EQ Bank says the money on the card is eligible for CDIC insurance, just like the Personal Account. EQ Bank is a trade name of Equitable Bank, a CDIC member, and deposits under both names are combined for coverage of up to $100,000 per insured category per depositor.

What can't I buy with it?

EQ Bank may block internet gambling and other cash-like transactions, including crypto and securities purchases, government-owned lotteries, money transfers through Mastercard MoneySend, quasi-cash transactions and horse or dog racing. Spending is capped at $10,000 a day and $10,000 per transaction.