Is it a Smart Prepaid Mastercard for Everyday Use?
If you’re considering a low-fee alternative to traditional credit or debit cards in Canada, the EQ Bank Card might be exactly what you’re looking for. In this EQ Bank Card review, we’ll break down its features, benefits, drawbacks, and how it compares to other cards in Canada. We’ll also include real user experiences to help you decide if this prepaid Mastercard suits your needs.
What is the EQ Bank Card?
The EQ Bank Card is a reloadable prepaid Mastercard issued by EQ Bank, a digital bank based in Canada. Unlike traditional debit cards that operate on the Interac network, the EQ Card runs on the Mastercard network, meaning it functions more like a credit card in-store. However, it’s not a credit card — you can only spend what you’ve preloaded into the account.
Key Features of the EQ Bank Card
Here are some standout features that make this prepaid Mastercard appealing:
✅ 0.5% Cashback on All Purchases
You get 0.5% cashback on every transaction — a rare benefit among prepaid cards in Canada. It’s not as high as some premium credit cards, but it’s still a decent perk for a no-fee prepaid option.
✅ No Foreign Exchange (FX) Fees
This is one of the most attractive features for travellers. Unlike most credit cards that charge 2.5% FX fees, the EQ Card has zero FX fees, making it ideal for cross-border or online international purchases.
✅ Free ATM Withdrawals (Plus Rebates)
The EQ Bank Card offers free ATM withdrawals and even rebates domestic ATM fees within Canada. This can save users a decent amount over time, especially in areas with limited free ATMs.
✅ Zero Liability Fraud Protection
Your card is protected under Mastercard’s Zero Liability policy, meaning you won’t be held responsible for unauthorized transactions, as long as you follow standard security practices.
Limitations of the EQ Bank Card
Despite its advantages, the card comes with a few downsides:
❌ Not Accepted at Debit-Only Merchants
Because it’s a Mastercard-branded card, some merchants that only accept Interac Debit (or cash) will not accept the EQ Bank Card. This can be a problem for local stores, small vendors, or certain utility payments.
❌ No Credit Building
Since it’s not a credit card, using it won’t help build your credit score. If you’re trying to improve your credit, a secured credit card would be a better option.
❌ Limited Purchase Protections
The EQ Card does not come with Purchase Assurance, Extended Warranty, or Travel Insurance — benefits typically found on premium credit cards. This makes it less ideal for large or high-risk purchases.
Is It Smarter to Use the EQ Bank Card Than a Regular Mastercard?
That depends on your priorities.
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If you want zero FX fees and a cashback card without annual fees, then yes, the EQ Bank Card is a smart option — especially for small everyday purchases or international transactions.
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But if you’re buying expensive items (e.g. electronics), a regular Mastercard with extended warranty and buyer protection might be more appropriate.
Personal Experience: What Real Users Are Saying
One Reddit user shared:
“I’ve used EQ Bank for about 3 years. It has been useful for online transactions. The interest rates are sometimes competitive, sometimes not so much. Errors and glitches have happened, but eventually got resolved.”
Others praise the card for:
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Reliable cashback rewards
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No fees and good digital experience
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Solid customer support (though occasional tech issues do occur)
A common theme is that users love using the EQ Card for travel, groceries, and online shopping, but recognize its limitations for larger purchases or merchant restrictions.
FAQs About the EQ Bank Card
Q: Is the EQ Bank Card a credit card?
A: No, it’s a prepaid Mastercard, not a credit card. You can only spend the amount you preload.
Q: Does it help build credit?
A: No, it doesn’t impact your credit score in any way.
Q: Are there monthly fees?
A: No, EQ Bank does not charge monthly or annual fees for the card.
Q: Can I use it internationally?
A: Yes! It charges no FX fees, which is great for international use.
Q: Does it work with Google Pay or Apple Pay?
A: Yes, the EQ Bank Card supports mobile payments with both platforms.
Final Verdict: Is the EQ Bank Card Worth It?
If you’re looking for a no-fee, low-risk prepaid Mastercard with cashback and no FX fees, the EQ Bank Card is a great choice. While it doesn’t offer credit-building potential or premium insurance features, it shines in areas like travel spending, ATM access, and everyday use.
For digital-first Canadians who want convenience without overspending or dealing with interest charges, this card ticks many boxes.
