EQ Bank Card

Jan 11th, 2023 10:13 am

#1

1s22s22p4 [OP]: Member; Jul 26, 2022; 255 posts; 394 upvotes; Toronto

Jan 11th, 2023 10:13 am

Details of EQ Bank’s new prepaid Mastercard:

0.5% cash back
0% FX fee
$0 ATM fee
ATM operator fees reimbursed in Canada
2.5% interest on card balance (as of Jan 11, 2023)

Not available in QC. Max $500/day ATM withdrawal. Looks like a solid alternative to WS Cash for ATM withdrawals, if you already have another card for FX purchases like Scotia Passport VI.

Source: Webpage and Fees and Cardholder Agreement

Last edited by 1s22s22p4 on Jan 12th, 2023 3:43 pm, edited 1 time in total.

RFD lurker since 2017

Jan 11th, 2023 10:16 am

#2

flaming homer: Deal Addict; Jul 3, 2002; 3555 posts; 2914 upvotes; GTA

Jan 11th, 2023 10:16 am

Hummm...

Free withdrawals from any ATM in Canada
Cash back on every purchase
Earn 2.50% interest right up until you spend
No FX fees, monthly fees, or other hidden fees

Ordered (it's a Debit MasterCard), figure out intricacies later

Edit: Domestic ATM fees are reimbursed !!

Free (We will reimburse you for ATM fees you are charged for using your EQ Bank Card at an ATM in Canada.

Last edited by flaming homer on Jan 11th, 2023 10:20 am, edited 1 time in total.

+87

Jan 11th, 2023 10:19 am

#3

SoundlessWalker: Sr. Member; Jun 21, 2016; 526 posts; 962 upvotes; Toronto/Barcelona

Jan 11th, 2023 10:19 am

Finally lol...

+3

Jan 11th, 2023 10:20 am

#4

pauliaK: Sr. Member; Aug 27, 2012; 591 posts; 616 upvotes; Calgary

Jan 11th, 2023 10:20 am

No FX for overseas ATM withdrawals is great! Will give it a go!

+4

Jan 11th, 2023 10:20 am

#5

holygrace: Newbie; Sep 30, 2022; 93 posts; 201 upvotes

Jan 11th, 2023 10:20 am

Is this good? So like a debit that acts like a credit card? I only have an rbc ion credit card and was looking for another card.

Jan 11th, 2023 10:21 am

#6

JCCRFD: Deal Guru; Jul 15, 2008; 10021 posts; 3159 upvotes; Toronto

Jan 11th, 2023 10:21 am

pauliaK wrote: ↑ No FX for overseas ATM withdrawals is great! Will give it a go!

Where does it say that? Thought it just says Canada.

+4

Jan 11th, 2023 10:22 am

#7

hvc: Deal Fanatic; Aug 31, 2010; 6898 posts; 5811 upvotes

Jan 11th, 2023 10:22 am

JCCRFD wrote: ↑ Where does it say that? Thought it just says Canada.

No EQ Bank fees (ATM providers outside of Canada may charge you fees for using an ATM and we will not reimburse you for these fees. See the EQ Bank Card Agreement for more details.)

https://www.eqbank.ca/personal-banking/ ... s-features - looks like they won't refund the other sides fees, only in Canada.

$5k transaction/daily limit, for those wondering.

Last edited by hvc on Jan 11th, 2023 10:23 am, edited 1 time in total.

+14

Jan 11th, 2023 10:23 am

#8

flaming homer: Deal Addict; Jul 3, 2002; 3555 posts; 2914 upvotes; GTA

Jan 11th, 2023 10:23 am

JCCRFD wrote: ↑ Where does it say that? Thought it just says Canada.

There is FX fees and then there is ATM fees

No FX - on either ATM or "charges" on your MasterCard debit
ATM fees charged by foreign bank - you're SOL unless you find a bank that does not charge ATM fees (found one in Doha airport that dispenses US$)

+5

Jan 11th, 2023 10:24 am

#9

weihui: Jr. Member; Feb 24, 2016; 118 posts; 1124 upvotes

Jan 11th, 2023 10:24 am

You can order the card directly from your EQBank mobile app too

Make room for spending (and earning), because your EQ Bank Card is set to arrive in 5-10 business days.

Once you receive your card, you’ll need to sign into online banking to activate it, set your PIN, and load your funds.

Your card comes with:

•
No monthly fees
or other nonsense
•
Cash back on all purchases
in Canada and abroad
•
Free ATM access across Canada
we’ll reimburse any fees charged
•
High interest earned
on loaded funds
•
CDIC eligibility†

For more EQ Bank Card details, visit our handy FAQ.

Happy banking,

EQ Bank

[removed for signature violation]

+2

Jan 11th, 2023 10:29 am

#10

Takita: Member; Jun 5, 2021; 445 posts; 370 upvotes

Jan 11th, 2023 10:29 am

how does it compare to Brim WE master card?

Jan 11th, 2023 10:32 am

#11

Kurtz7834: Deal Expert; Oct 27, 2003; 16787 posts; 7466 upvotes; Toronto

Jan 11th, 2023 10:32 am

No FX fees makes this hot. Glad I have an EQ Bank account, I got $150 for opening it last year. Always wanted card access to link my account to. Thanks OP, ordered, took 3 min as an existing EQ bank client.

+3

Jan 11th, 2023 10:32 am

#12

supremekai: Deal Addict; Dec 18, 2007; 2287 posts; 936 upvotes; Scarborough

Jan 11th, 2023 10:32 am

Takita wrote: ↑ how does it compare to Brim WE master card?

- not a credit card
- only 0.5% cashback.

Tangerine
Simplii
Freedom Mobile

+6

Jan 11th, 2023 10:35 am

#13

Kurtz7834: Deal Expert; Oct 27, 2003; 16787 posts; 7466 upvotes; Toronto

Jan 11th, 2023 10:35 am

Takita wrote: ↑ how does it compare to Brim WE master card?

This is a prepaid debit Mastercard. It is not a full credit card that reports to the Bureaus. It is similar to PC Money, Wealthsimple Cash, and what STACK used to be before it was ruined.

+12

Jan 11th, 2023 10:35 am

#14

JCCRFD: Deal Guru; Jul 15, 2008; 10021 posts; 3159 upvotes; Toronto

Jan 11th, 2023 10:35 am

flaming homer wrote: ↑ There is FX fees and then there is ATM fees

No FX - on either ATM or "charges" on your MasterCard debit
ATM fees charged by foreign bank - you're SOL unless you find a bank that does not charge ATM fees (found one in Doha airport that dispenses US$)

ATM vendor charges are unavoidable usually. If the verbiage here is that EQ doesn't charge any fees AND they reimburse feeds for ATM usage in Canada then this is superior to Wise/WealthSimple right? The latter 2 I believe advertises there are no cash withdrawl/advance fees (from Wise/WealthSimple) for using an ATM globally but if an ATM charges you then you are on the hook for the fees charged by the ATM.

+3

Jan 11th, 2023 10:36 am

#15

pauliaK: Sr. Member; Aug 27, 2012; 591 posts; 616 upvotes; Calgary

Jan 11th, 2023 10:36 am

So have successfully ordered this card, it now shows up as a separate account. It looks like you transfer funds from you main account to card account for spending, which - if true, also an interesting feature which can come in handy.

+9

Jan 11th, 2023 10:36 am

#16

acidcaribou: Sr. Member; Feb 19, 2009; 607 posts; 873 upvotes; Greater Toronto Area

Jan 11th, 2023 10:36 am

I just wish the website was a bit more.... stable.
I constantly get kicked out, have login issues, and yesterday it was sending me two 2FA emails at once, at the same time and I had to try 5 times to guess which one was correct.

Edit: I give up trying to order this. Logged on 3 times only to get "stepped away for a bit" 5 seconds later, and now:
Technical difficulties. We don't like them either, but they happen.
Rest assured we've got our best teams working hard to find a fix. For updates, visit www.eqbankstatus.ca.

Last edited by acidcaribou on Jan 11th, 2023 10:38 am, edited 1 time in total.

+2

Jan 11th, 2023 10:37 am

#17

Kurtz7834: Deal Expert; Oct 27, 2003; 16787 posts; 7466 upvotes; Toronto

Jan 11th, 2023 10:37 am

supremekai wrote: ↑ - not a credit card
- only 0.5% cashback.

The no FX makes this hot. No FX cards are so rare in Canada. I used Wise and Wealthsimple Cash a ton when I went to the USA recently.

I will add this EQ Bank card to the mix for the next trip or when I order online and pay in USD - Ebay, Aliexpress etc.

+6

Jan 11th, 2023 10:38 am

#18

fizz1234: Deal Addict; Sep 23, 2010; 1700 posts; 886 upvotes

Jan 11th, 2023 10:38 am

Kurtz7834 wrote: ↑ No FX fees makes this hot. Glad I have an EQ Bank account, I got $150 for opening it last year. Always wanted card access to link my account to. Thanks OP, ordered, took 3 min as an existing EQ bank client.

I am assuming no way for a signup bonus at the moment ?

Buy now

+1

Jan 11th, 2023 10:38 am

#19

martydxb: Deal Addict; Apr 2, 2010; 3136 posts; 3013 upvotes; GTA

Jan 11th, 2023 10:38 am

We don’t charge you any of the annoying fees you’re used to at other banks, but we can’t stop them from charging you at their ATMs. What we can do, though, is pay you back when they do. Banks and other ATM service providers charge you, EQ Bank refunds you within 10 business days.

Wow, that is pretty impressive! That's some VIP level banking stuff from good ol EQ.
Part of me wants to wait and see it, to believe it...

Time will tell.

+1

Jan 11th, 2023 10:39 am

#20

Kurtz7834: Deal Expert; Oct 27, 2003; 16787 posts; 7466 upvotes; Toronto

Jan 11th, 2023 10:39 am

JCCRFD wrote: ↑ ATM vendor charges are unavoidable usually. If the verbiage here is that EQ doesn't charge any fees AND they reimburse feeds for ATM usage in Canada then this is superior to Wise/WealthSimple right? The latter 2 I believe advertises there are no cash withdrawl/advance fees (from Wise/WealthSimple) for using an ATM globally but if an ATM charges you then you are on the hook for the fees charged by the ATM.

So EQ is claiming to pay for the service charges of the other banks too? That would get costly very quickly if someone is a heavy user of ATMs... sounds too good to be true to me, I wouldn't expect that to last.

I don't need another prepaid credit card but I signed up due to the waived FX charges, saves 2.5% on FX transactions vs a normal credit card.

+1