In this EQ Bank Card Review, we take a closer look at various restrictions of the card that I discovered while testing it in the field, & we will discuss if the benefits of the EQ Bank Mastercard outweigh the downsides.
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To start, let's recap what we discussed in my previous video where I went over what the card offers...
I have previously talked about why the EQ Bank High Interest Savings Account is by far the best savings account 2025 Canada. The only drawback that I have mentioned in my EQ Bank review 2025 was that since EQ Bank doesn't offer a chequing account, you didn't have access to a debit card or ATMs through this account. Well, this was the case until just recently EQ Bank announced their new product, the EQ Bank card.
This card is by far the best debit card Canada, and in this video I go through all the features that makes this card the best debit card 2025. These include free ATM usage at all Canada ATMs, Highest interest rates on your funds, and also cash back on your spendings. We will also compare these features with that of other best debit cards in Canada 2025 in order to demonstrate just how much better the EQ Bank debit card truly is.
With this card, you can withdraw from any ATM located anywhere in Canada, for completely free. This isn't just any ATM at a bank or financial institution, but literally every ATM that can be found anywhere within Canada. Although some of these ATMs charge you fees for your withdrawal, EQ Bank refunds any ATM charges that you incur with your card. This features of the EQ Bank Card is absolutely unheard of, and is enough on its own to make this the best debit card in Canada in 2024, but this is only one of the great features that the card offers.
Whereas most debit cards are linked to a chequing account, this card is linked to the EQ Bank Savings Account, which is not only the best savings account Canada 2025, but arguably the best bank account Canada 2025. This account offers one of the highest interest rates across Canada at 2.5%. This means that up until the moment that you spend your funds with this debit card, you are earning the highest interest rate possible on every single one of your dollars. So your money no longer needs to sit in a chequing account without earning you any interest, you can instead have your cake and earn interest on it too.
This card also gives you 0.5% cash back on all your spendings, which is a great and rare feature for a debit card to have. While the 0.5% cash back rate is not as much as you can get with most credit cards (for example the AMEX SimplyCash card gets you 1.25% cash back on all spendings), there are a number of expenses that you can't pay with credit cards. For example, when it comes to paying some utility bills, paying your rent, or even some gym or club memberships, you are required to make some sort of a cash payment like a debit transaction. In these cases, you aren't able to get the cash backs that you can get when purchasing with your credit cards, so getting 0.5% cash back on these spendings as well is much better than not getting anything for them. Also this card is accepted anywhere that Mastercard is accepted, since this is a Mastercard debit card. So this supposed EQ Bank Mastercard can be used almost anywhere in the face of this planet in order to pay for almost anything.
Overall this is the best debit card 2025 Canada, which is also linked to the best savings account Canada 2025. As a result this account and card are must haves for any Canadian out there that has access to these financial products. As of now, the card is not yet available in Quebec, but should be available to residents everywhere else in the country. So feel free to take advantage of the best debit card Canada 2025, and maximize the value of your every dollar.
In this video I followed up with answers to the most frequently asked questions in the comments section of my original EQ Bank Card Review video. Here are the FAQs...
Will you earn 2.5% interest on the balance of your card? Yes, you will earn the same interest as the savings account
What's the max daily use? $500 in ATM withdrawals, and $5,000 in spendings.
Can you deposit through ATMs? Unfortunately you can't.
How do you get ATM Fees refunded? They are automatically deposited in your account within 10 business days
When do you get your cash back? On the first of every month
Can they stop refunding the fees in the future? With a 30 day notice, yes
0:00 Intro
1:21 Interest on Money on the Card?!
2:51 Daily Limit
4:49 Can You Deposit Through an ATM?
5:08 The Refunding Process
5:40 When is the Cash Back Deposited?
6:03 Foreign Transactions
6:28 Longevity of the Features
8:53 Follow Me on Insta & Twitter
Информация по комментариям в разработке