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The EQ Bank Card is a prepaid reloadable Mastercard® issued by Equitable Bank that functions much like a debit card, but with several built-in features tailored for travellers and digital banking users. The card is designed to eliminate many of the typical fees associated with spending abroad or accessing cash.
No Foreign Exchange Fees
One of the standout features of the EQ Bank Card is the absence of foreign exchange (FX) fees. While most cards in Canada charge a standard 2.5% markup on foreign currency transactions, EQ Bank passes on only Mastercard’s currency conversion rate. EQ adds no additional charges. This feature is invaluable for frequent international travellers who spend in multiple currencies and want to avoid hidden conversion costs.
No ATM Fees from EQ Bank
EQ Bank does not charge ATM withdrawal fees, whether you’re using an ATM locally or abroad. In Canada, the bank goes a step further by reimbursing fees charged by third-party ATM providers. While international ATM providers may still impose their fees, EQ Bank itself does not add to the cost.
Cash Back and Interest
The card also earns 0.5% cash back on all purchases, with no category restrictions. Additionally, any funds loaded onto the EQ Bank Card continue to earn the same high interest rate available in your EQ Bank Personal Account. This combination of cash back and interest makes it a unique product in Canada.
How the EQ Bank Card Works
The Card is designed to be digital-first and straightforward. Here’s how new users can get started:
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Open a Personal Account
Start by signing up for an EQ Bank Personal Account. No branch visits or paperwork are required. -
Fund the Account and Order the Card
Once your account is funded, you can request the EQ Bank Card with a few quick taps from your online dashboard. -
Activate and Load the Card
After the card arrives, activate it and transfer funds from your Personal or Joint Account to the card. These funds are available for immediate expenditure. -
Spend and Earn
Use the card wherever Mastercard is accepted, whether in person or online.
The EQ Bank Card is ideal for customers who prefer a digital-first banking experience and want a prepaid, reloadable card for both domestic and international use. International travellers who prefer a debit-style card with cash back rewards and avoid foreign transaction fees on overseas purchases will find the EQ Bank Card a perfect fit.
For full fee disclosures, terms and conditions, and other card details, users should refer to the EQ Bank Card Fees & Features page.
