EQ Bank Prepaid: A Digital Credit Card Alternative with Cash Back and No Annual Fees

EQ Bank Prepaid offers a no-fee digital credit card alternative with 0.5% cash back

EQ Bank Prepaid

Looking beyond a traditional credit card? EQ Bank Prepaid combines 0.5% cash back, no annual fees and no added foreign exchange markup.

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What you need to know about this credit card alternative:

  • Card type: Prepaid reloadable Mastercard issued by Equitable Bank, so you spend money loaded onto the card.
  • Annual and monthly fees: $0, making it a straightforward option for everyday spending.
  • Foreign exchange fees: EQ Bank adds no FX fee or markup, although Mastercard’s currency conversion rate applies.
  • Cash back: Earn 0.5% cash back on purchases, paid monthly according to the EQ Bank Card Agreement.

Pros

  • 0.5% cash back: Earn cash back on everyday purchases, including groceries, shopping and restaurant spending.
  • No added FX fee: EQ Bank does not add a foreign exchange fee or markup to foreign currency transactions.
  • No annual fee: There are no monthly or annual card fees.
  • ATM benefits: EQ Bank charges no ATM fee and reimburses eligible Canadian ATM fees under its stated monthly limits.
  • International acceptance: Use the prepaid Mastercard almost anywhere Mastercard is accepted, including internationally.

Cons

  • Not a traditional credit card: Because you spend loaded funds, the card does not provide a revolving credit line.
  • Does not build credit: Using EQ Bank Prepaid does not affect your credit score or establish credit history.

Why Choose EQ Bank for your credit card alternative?

Compared to an RBC credit card, EQ Bank Prepaid uses your loaded money instead of borrowed credit, so purchases do not generate credit card interest.

While TD offers major credit cards with varying fees and interest rates, EQ Bank Prepaid focuses on prepaid spending without monthly or annual card fees.

CIBC offers credit card choices for rewards, travel and cash back, while EQ Bank Prepaid provides 0.5% cash back through a prepaid model.

BMO offers credit card options with rewards and different annual fees, whereas EQ Bank Prepaid keeps its fee structure simple with no annual card fee.

Compared to a Scotiabank credit card, EQ Bank Prepaid provides no added FX markup without requiring a traditional revolving credit account.

How to apply for your EQ Bank Prepaid

Want a digital credit card alternative for travel and everyday spending? Discover how EQ Bank Prepaid works, its benefits and how to get started.

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