If you want an alternative to a credit card, there are prepaid cards out there that offer rewards and benefits like a credit card, but without the hassle of credit checks or worrying about paying credit card interest.
A new prepaid card has just come to the market that you’ll want to know about.
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Meet the new EQ Bank Card
EQ Bank is a popular place for many when it comes to savings accounts. Their interest rates are among the best you can get – currently at 2.5%.*
And now there’s a new feature if you have an EQ Bank Savings Plus account – you’ll also get a free prepaid Mastercard as part of having an account.
The EQ Bank Card takes an EQ Savings account to a whole new level. It’s now easier to access money in your savings account, and you can also earn 0.5% cash back on every purchase. The card essentially creates a hybrid spend-savings account.
* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
How to get an EQ Bank Card
To get your EQ Bank Card, you’ll have to open or have an EQ Bank Savings Plus account (or joint account).
It has to be their regular, unregistered account – you won’t get one with their TFSA or RRSP accounts (since these are registered accounts, they’re not practical to be used for day to day transactions).
Once your account is opened, you’ll be sent your prepaid card.
If you already have a Savings Plus Account, you can go to your dashboard to see an announcement near the top that the EQ Bank Card is now here. If you click “Learn More,” you’ll be redirected to a page where you can order your card.
One point to note: While some EQ Bank products are available for residents of Quebec, at this time the EQ Bank Card is not.
Open your EQ Bank Savings Plus Account here:
What the EQ Bank Card has to offer
Alright, so what exactly does the EQ Bank Card offer? Here are the highlights.
Earn interest on your balance
Every $1 you have on your balance will earn you interest. At the time of initial writing (Jan 11, 2023), it’s 2.5%. Please check EQ Bank’s site for their latest rate.
It’s an easy way to grow your money with one of the best rates out there. Load a prepaid card to pay for your expenses, and your balance makes money while it sits there.
Earn cash back on your purchases
Every time you make a purchase, you’ll be earning cash back that gets added to your balance.
You’ll earn 0.5% cash back everywhere you shop. Once per month, your accumulated cash back will be added to your balance.
While the earn rate is not as good as what the best no fee credit cards offer, it’s an excellent earn rate compared to what other prepaid cards offer.
No foreign exchange fees
Make any kind of purchase in foreign currency? You won’t pay any extra fees with an EQ Bank Card. Most credit and prepaid cards charge a fee of 2.5% on foreign currency purchases.
Not here – you won’t pay this fee with an EQ Bank Card. Only the Mastercard exchange rate will apply.
No withdrawal fees at ATMs
Need access to some cash from your EQ Savings account? EQ Bank won’t charge any ATM fees.
And even if the ATM you use charges you a fee, EQ Bank will reimburse it within 10 business days.
No annual or monthly fees
The best part of all this? There are no monthly or annual fees to worry about. And you also don’t have to worry about carrying a minimum balance either.
Your thoughts on the EQ Bank Card
EQ Bank has created an excellent product with the EQ Bank Card, and it will be among the best prepaid cards you can get in Canada.
What are your thoughts on the EQ Bank Card?
Let us know in the comments below.
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