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TL;DR — The free travel card that actually pays you
The EQ Bank Card is, in our analysis, the single highest net-value free card a Canadian can hold in 2026. 0% foreign transaction fee, 0.5% cashback on every purchase, no foreign ATM fee on EQ's side in 210+ countries, no annual fee, and the money sitting on the card earns competitive interest in the linked Notice Savings Account. The only meaningful gap versus Wealthsimple Cash is that EQ does not reimburse the local ATM operator's surcharge — that's the one place Wealthsimple beats it.
The Fees, In One Glance
- Annual fee: $0
- Monthly fee: $0
- Foreign transaction fee: 0% (Mastercard rate, no markup)
- EQ-side ATM fee: $0, domestic and international
- Local ATM operator fee: not reimbursed (varies, typically $2–$5)
- Cashback: 0.5% on every purchase, no cap
- Card replacement: first card free; replacements per fee schedule
- Reload fee: $0
What Makes It Different From Wealthsimple
On 0% FX, both cards are tied. The split is in what they give you back:
- EQ: 0.5% cashback on every purchase (passive, no thinking required) + interest on the parked balance
- Wealthsimple: No cashback (since Oct 2025), but unlimited reimbursement of foreign ATM operator fees
The math: if you spend $20,000/year on the card and pull $1,500/year from ATMs abroad, EQ pays you $100 in cashback minus $30 in unreimbursed ATM operator fees = $70 net. Wealthsimple pays you $0 in cashback plus $30 in reimbursed ATM fees = $30 net. EQ wins for purchase-heavy users; Wealthsimple wins if your trip is ATM-heavy.
The Interest on the Float
This is the part most people overlook. Money loaded onto the EQ card sits in an EQ Bank account (Personal or Notice Savings, depending on setup) that earns interest at competitive rates. For someone holding $5,000 on the card between trips, this can be worth $100–$200/year just for staying there. The other prepaid cards in Canada do not pay interest on the loaded balance.
Three Real Scenarios
The frequent US shopper ($8,000 USD/year on Amazon, Best Buy, eBay): Canadian bank card costs $200 in invisible markup. EQ costs $0 markup and pays back $40 in cashback. Net advantage over the bank card: $240.
The European backpacker (6 weeks, $3,000 EUR spend, 12 ATM withdrawals at €3 each): bank card costs $75 in markup + $36 in EQ fees + ~$36 in operator fees = $147. EQ costs $0 markup + $0 from EQ + ~$36 in operator fees = $36, partly offset by $15 cashback. Net spend $21. Saving versus bank: $126.
The non-traveller using it for daily life: 0.5% on $30,000/year of CAD spending = $150 cashback. Plus interest on whatever you keep loaded. It's not Aeroplan-level, but it's free money for using a card you'd otherwise carry anyway.
What I Like
- Cashback is automatic, no app gymnastics, no caps.
- The savings interest on the loaded balance is a genuinely underused feature.
- Apple Pay and Google Pay both supported; virtual card numbers available.
- Card looks adult — not the toy-store plastic some prepaid cards still ship.
- EQ's customer support is reachable and competent — not a given in fintech.
What I Don't Like
- EQ doesn't reimburse the local ATM operator surcharge. In countries with $5+ operator fees, this adds up.
- Mastercard-only. Always pair with a Visa for full coverage.
- Account opening requires Equitable Bank's standard ID verification — not instant.
- Card delivery to remote postal codes can stretch to 14 business days.
- The Notice Savings Account requires you to give 10 days' notice before withdrawing — fine for the card float, surprising if you weren't paying attention.
EQ Bank Card vs Alternatives
For most travellers and Canadian spenders, EQ wins outright. Wealthsimple Cash wins specifically if your travel is heavy on cash withdrawals from ATMs that charge their own fee. Home Trust Preferred Visa wins if you need a credit card (no prepaid restriction, builds credit, doubles the cashback to 1% — but obviously not at zero risk of carrying balance).
Who It's For
Anyone who spends in foreign currencies at any meaningful volume, snowbirds, online shoppers, people who like the idea of their card float earning interest, and households building an emergency cash buffer that doesn't sit dead.
How to Apply
Open an EQ Bank Personal Account at eqbank.ca (free, ID verification by webcam/upload). Request the card from inside the dashboard. Plastic card arrives in 7–10 business days. Linked savings interest accrues from day one.