Want something different than a regular credit card? There are some unique prepaid cards offering things regular credit cards don't.

One of those is the EQ Bank Card. It's a unique hybrid spend-save account – you'll earn high interest on your balance and get rewards on your purchases.

Here's what it offers.

How to get an EQ Bank Prepaid Mastercard

First, how do you get an EQ Bank Card? You actually don't apply for this prepaid card directly.

Instead, you first have to sign up for an EQ Bank Savings Plus account. As part of having the account, you'll get an EQ Bank Card issued in your name.

Once you open your account and get it funded, you can start spending your own money for your daily purchases once your card comes in the mail.

To open an account, you just need to have reached the age of majority in your province or territory, be a Canadian resident, and have a Canadian SIN number.

EQ Bank Prepaid Mastercard Rewards

So what about those rewards you'll earn? You'll get rewards 2 ways.

Earn rewards on your balance

As you're getting a savings account, the one way you'll earn rewards is on your prepaid balance.

And the EQ Bank Savings Plus account has a high interest rate – 2.5%. That's a high rate for a savings account, among the best you can get.

And you'll earn that on every $1 you have on your balance.

Earn rewards on purchases

If you use your EQ Bank Card for any shopping or bills, you'll earn cash back rewards on all your purchases.

You'll get 0.5% cash back on everything.

Once per month, your cash back rewards will be deposited into your savings account, where they'll start gaining interest. From here, you'll be able to use them for future purchases.

4 other benefits to the EQ Bank Card

There's more to this prepaid card than just rewards. Here are 4 other things to look forward to.

1. No foreign exchange fees

Most credit and prepaid cards charge a 2.5% fee on purchases made in foreign currency. It's a fairly exclusive club a card joins if they don't charge them.

And the EQ Bank Card is one of them. Save yourself a little extra cash on vacations or cross-border shopping.

2. No credit checks

Since we're dealing with a prepaid card, there's no credit checks to worry about. There are no hard credit checks on your file, and you don't have to worry about missing payments.

If your credit score is less than stellar, it won't stand in your way of getting an account opened.

3. No ATM charges

Want to get easy access to your money from an ATM? You won't pay any ATM fees at all.

Even if the ATM you use charges you a fee (most of them will), EQ Bank will reimburse the fee to you within 10 business days.

4. No annual fee

EQ Bank is offering quite a bit with this account.

And to make it even better, EQ won't charge you any monthly or annual fees for keeping an account open.

2 things to think about with the EQ Bank Card

The EQ Bank Card is not perfect – here are a couple of things to keep in mind.

1. Not the best rewards when compared to no fee credit cards

If you're interested in earning the most rewards possible, it pales in comparison to the best no annual fee credit cards.

The best no fee cards will earn you 1% or more on your purchases, compared to 0.5% here.

With that said, when compared to prepaid cards, earning 0.5% back everywhere is quite good.

2. No insurance included

This is typical of prepaid cards, but you won't find any insurance included here. If you want a decent insurance package, you'll have to turn to a normal, run-of-the-mill unsecured credit card.

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These are our thoughts on the EQ Bank Card, but what about you?

If you have the card, leave a user review below so others can see what you thought of it.

FAQ

What does the EQ Bank Card offer for rewards?

The EQ Bank Card offers 0.5% cash back on all purchases, and you can earn 2.5% interest on your prepaid balance.

What special features does the EQ Bank Card include?

The EQ Bank Card had a few special features. They include:

• Earning rewards on purchases and interest on your balance,
• Charging no foreign exchange fees, and
• Not charging fees for ATM withdrawals.

Is there an annual fee or any qualifications to meet to get the EQ Bank Card?

The EQ Bank Card has no annual or monthly fees. To open an account, you simply need to be of the age of majority in your province and have a Canadian SIN number.