EQ Bank Card Review: Is Feeless Banking Finally Here?

If you’re sick of hands in your pockets, it’s time to break free and get digital with Canada’s favourite online bank. The EQ Bank Card makes it easier to save more with incredible interest on deposits, and spend smarter with cash back on every purchase. Having opened my EQ Bank Savings Plus account, I also ordered my EQ card so I could spend the money in it. Here’s what to know about the EQ Bank Card.?

How to get the EQ Bank Card

As a new customer, I had to register for an EQ Savings Plus Account and order my EQ card. Once this step is completed, you deposit funds into the Savings Plus account and from there, transfer funds to the EQ card. When you receive your card in the mail, log in to your account to activate it and set your personal identification number (PIN). Here’s a summary of the process:

1. Open an EQ account – 2 to 4 business days

2. Order card – 5 to 10 business days

3. Activate card

4. Add funds to the card from your EQ Bank Savings Plus account

You can start using the card once you’ve transferred money from your Plus Savings Account to your bank card. This may seem like an unnecessary extra step, but it’s actually a blessing in disguise. By separating the card from your main account, you don’t risk inadvertently exceeding your budget.

How does it work??

The EQ Bank Card is a prepaid Mastercard that is accepted everywhere that Mastercard is accepted, which is in over 210 countries. You get the functionality of a debit card and the convenience of a credit card, but without the hassle of an application, credit check, or the risk of high-interest debt.?

You simply load your EQ Bank Card with the money you already have by transferring it from your EQ Savings Plus Account to your bank card account. Since the EQ Bank Card is not linked directly to your bank account, you have even more control over your budget.?

What to expect from your EQ Bank Card

Having the right financial tools at your fingertips can make all the difference in managing your money effectively. With the EQ Bank Card, there are no minimum balance requirements which means you never have to worry about fees busting your budget.

Plus, unlike most debit cards and chequing accounts out there, you can actually earn money on every dollar saved and spent. You get a high-interest rate on your deposits and cash back on all card purchases, plus free withdrawals from any ATM in Canada and freedom from surcharges.

Additional Mastercard perks

Since the EQ Bank Card is a prepaid Mastercard, you get access to exclusive Mastercard perks. With Mastercard Priceless Experiences, you can book unique adventures in your city or while travelling. Get discounts, hotel upgrades and more – all you need to do is sign up and register your card on Priceless.com.?

You’re also protected from unauthorized and fraudulent charges under Mastercard’s Zero Liability Protection Policy. Enjoy greater security and stay worry-free knowing you won’t be on the hook for transactions you didn’t authorize.??

This article is the shortened version of an article originally published on Hardbacon.ca by Maude Gauthier under the title "EQ Bank Card Review: Is Feeless Banking Finally Here?".