Learn more about the EQ Bank Card Prepaid Mastercard, which continues to be an innovative solution for your financial needs in Canada.

Obviously, there are various options on the market, however, the EQ Card stands out with unique features designed to maximize your convenience and savings.

A notable feature of the card is the opportunity to enjoy free withdrawals, and even if an ATM imposes fees, EQ Bank commits to reimbursing you within a period of 10 business days.

This prepaid card is linked to the EQ Bank Savings Plus account, allowing for money reloads from your savings account directly onto the card.

And best of all, the money on your card continues to earn the same interest as the funds in your Savings Plus account.

Continue reading to discover more about what the EQ Bank Card Prepaid Mastercard can offer to facilitate your transactions.

Who is the EQ Bank Card Mastercard for?

Definitely, the EQ Card is aimed at various customer profiles, from teenagers starting their financial life with parental encouragement to travelers wishing to make reloads with foreign currencies.

If a person has difficulties in obtaining credit, has a negative credit history, or wants to have corporate control through a card, the EQ Card is a versatile option and can meet the most varied needs regardless of the purpose.

What is the card limit?

As it is a prepaid card, the limit will always be defined by the customer through the reloads made by themselves.

Transaction Limits

When using the EQ Bank Card Prepaid Mastercard the following limits will be established:

  • Minimum reload amount: No limit;
  • Maximum reload amount: US$10,000;
  • Maximum amount until the card’s lifetime: No limit;
  • Daily limit for transactions with the card: US$5,000;
  • Authorized withdrawal amount: US$500.00;
  • Withdrawal limit: No limit.

Credit Card Benefits

A card without benefits is extremely disappointing, but, with the EQ Card, the customer does not run that risk. Here are some of these advantages:


The EQ Bank Mastercard prepaid offers an option that combines the convenience of being a prepaid card: the advantage of cashback on every purchase.

With a return of 0.5% on all transactions, this card offers consumers an effective way to save money while making their daily or monthly purchases.

Earn interest by making deposits

Enjoy the growth of your money with an attractive interest rate, earn 4.00% per year when you make a direct deposit of US$500 or more per month to your personal EQ account.

The earnings do not stop there, a rate of 2.50% is applied to the account balance, interest is calculated daily based on the ending balances and paid monthly.

Free of fees

Say goodbye to annoying fees! With the EQ Bank Card Prepaid, you won’t have to worry about ATM fees, foreign transaction fees, monthly fees, or inactivity fees.

Moreover, when making purchases in another currency, you will only pay the Mastercard currency conversion rate at the time of the transaction, without the extra surcharge of 2.5-3% that other cards usually charge.

Main details of the card

Here are the most relevant details about the EQ Bank Card Prepaid Mastercard:


The Mastercard brand offers a series of advantages to customers of the EQ Bank Card Prepaid, among them, reward programs, fraud protection, exclusive offers, travel assistance, among other benefits.


The EQ Prepaid card has international enablement for purchases, which means that in addition to use in Canada the consumer can also make purchases in other countries where the card brand is accepted.

Revolving interest

As there is no credit hiring with the bank, revolving interests do not apply to the prepaid card.

Accepts negative credit

Yes! This type of card can be requested by anyone, including those with credit restrictions or difficulties in applying for traditional credit cards.

Initial limit

The card limit is defined by the customer through the reloads made, thus, control over the limit is literally in the holder’s hands.

More bank services

Learn about some of the services available at EQ Bank:

US Dollar Account

With a low exchange rate and no monthly fees, the US dollar account is an excellent option for those wishing to make free transactions in Canada.

Joint Account

In all transactions, the EQ customer is exempt from fees and earns 4% interest on daily operations. Oh, and there’s more! There are no value restrictions and the customer has the advantage of being able to make unlimited transfers.

TFSA Savings Account

Benefit from 3.00% interest with flexible withdrawals, totally tax-exempt and without any fees to be paid, with EQ Bank’s savings your money is much safer through CDIC deposit protection.


The EQ Bank app now supports Android 10 and newer versions. This is because Google is no longer providing security updates for Android 9 and previous versions.

The app is available for download both on the App Store (for iOS devices) and on the Google Play Store (for Android devices).

So, if you have an Android 10 or higher device, you will be able to use the EQ Bank app to manage your money securely.

Frequently Asked Questions

There are quite common doubts related to the use of a prepaid card, being:

Is it a credit or debit card?
The EQ Bank Card Prepaid Mastercard is not defined as debit or credit, and although it has functionalities very similar to these two payment modalities, it is a rechargeable prepaid card.
What happens if the bill is not paid
There are no bills related to the use of this card and any other in the prepaid modality. Thus, there are no payments to be made to the bank regarding the purchases made with it.

Documents required to apply

First, you need to know that to apply for this card no income proof is required, only the following documents will need to be presented:

  • Proof of residence;
  • Photo ID;
  • Some personal data such as CPF (Social Security Number).

How to contact EQ Bank

EQ Bank is exclusively online, which means there are no physical branches to visit. But don’t worry, you can still obtain high-quality customer support.

With customer service hours from 8 am to midnight, Eastern Time (ET), 7 days a week, you can contact a representative through live chat or email.

How to apply for the credit card?

After considering all the information read in this article, if you wish to apply for the EQ Bank Card Prepaid Mastercard it is quite simple, follow the step by step and understand what to do:

  • Create an account in EQ Savings Plus (opening time between 2 to 4 business days);
  • After that, request the card to be sent (waiting time between 5 to 10 business days);
  • Once you receive the card, unlock it to activate use;
  • Now it’s time to deposit values. Transfer the desired amount to your account and start enjoying the advantages of the EQ Bank Card
  • Prepaid Mastercard.

Fees and Charges

To find out if EQ Bank Card Mastercard is the ideal card, it’s necessary to understand the charges that may apply:

  • Card issuance: Free;
  • EQ Card activation: Free;
  • 2nd card issuance: Free;
  • Maintenance: Free;
  • Reload fee: Free;
  • Domestic transactions: Free;
  • International transactions: Subject to currency conversion fee;
  • Domestic withdrawal: Reimbursement for fees charged at ATMs in Canada;
  • International withdrawal: No reimbursement for fees charged outside the national territory;
  • Bank statement: Free with viewing up to 36 months prior;

About the Bank

With a base of more than 578,000 customers across Canada, EQ Bank stands out as a pioneer in the country’s digital banking scene.

Recognized as the leading Schedule I bank in Canada by the renowned Forbes World’s Best Banks for three consecutive years, EQ Bank has revolutionized the way Canadians manage their money.

EQ Bank offers customers a variety of digital banking services, including savings accounts, checking, and even investment products.

All products and services offered by them can be contracted through their online platform and mobile app.

And it doesn’t stop there! EQ Bank always prioritizes customer service attention and does not fall short in support and educational resources to help customers maximize their financial benefits.

Bank curiosity: EQ Bank achieved a significant milestone in the Canadian banking sector by successfully migrating its systems to Microsoft Azure, becoming the country’s first fully cloud-hosted bank.

This strategic move not only boosted the bank’s operational efficiency but also enabled the introduction of innovative and highly secure solutions across all banking areas.

Opinion on the Card

The EQ Bank Card Prepaid Mastercard is an interesting option for consumers looking for flexible payment methods.

As a prepaid card, it allows customers the ease of control over their spending more effectively, since it’s only possible to spend the amount that was loaded onto the card.

This can be especially useful for those who wish to manage their budget more accurately or for people who prefer not to use traditional credit cards.

The fact that it is a Mastercard-branded card broadens its acceptance, being an additional convenience for customers who can use the card to make online purchases, in physical stores, or even to withdraw cash at ATMs with ease.

Also remembering that the absence of issuance, activation, maintenance, reload, and domestic transaction fees makes the EQ Bank Card an even more attractive option for those looking to save.