EQ Bank has released its card product today. | Page 2 | EQ Bank | Discussion forum

canadian.100 said

Isn't EQ one of the FIs that still holds the funds even if you had pushed the funds into EQ from an external linked FI? I believe Hubert also holds funds even if pushed into Hubert from an external linked account.  

I don't think so. Never noticed holds when funds are pushed to my EQ Savings account.

Received my EQ card and activated it. One can freely move funds to/from that card to linked EQ account. That's convenient, as you won't have funds locked in card forever if you decided later not to use it.
It is easy to lock/unlock that card. Limit is $5,000 per transaction, assuming you have funds on card, and $10,000 daily.

Can be fully managed through an EQ app on smartphone.

All in all, a convenient replacement for a debit card to withdraw few dollars from an ATM and a credit card to make infrequent purchases at unfamiliar locations with higher risk of card info theft.

This EQ card is going to replace one of my credit cards and one of my debit cards in my wallet.

Alexandre said
Received my EQ card and activated it. One can freely move funds to/from that card to linked EQ account. That's convenient, as you won't have funds locked in card forever if you decided later not to use it.
It is easy to lock/unlock that card. Limit is $5,000 per transaction, assuming you have funds on card, and $10,000 daily.

Can be fully managed through an EQ app on smartphone.

All in all, a convenient replacement for a debit card to withdraw few dollars from an ATM and a credit card to make infrequent purchases at unfamiliar locations with higher risk of card info theft.

This EQ card is going to replace one of my credit cards and one of my debit cards in my wallet.  

Agree with all of that. May I ask which of your cards it's going to replace?

I'm considering potentially making the EQ Bank Savings Plus Account my day-to-day banking account, with payroll direct deposit, and making my Tangerine account, with overdraft protection, a secondary account, to which I'd transfer funds regularly to cover pre-authorized payments, etc.

I'm aiming to simplify my banking with the following:

1) EQ Bank Savings Plus Account and EQ Bank Card
2) Tangerine Chequing and Savings accounts
3) Hubert Financial Happy Savings Account, for small-ish emergency fund and goal-based savings
4) Scotiabank ISA Series F (DYN6004) paying 4.25% currently, via Scotia iTRADE

I may keep only Coast Capital Savings USD chequing account, closing the rest of the accounts, as well as accounts with Outlook Financial (previously Implicity Financial) and, of course, Wyth Financial.

Cheers,
Doug

Alexandre said
I am not closing any of my accounts yet, just rearranging stuff I carry. I have two wallets: one that I carry with me, another which stays at home with all remaining debit and credit cards.

My wallet that I carry with me has the following credit and debit cards:

TD Visa Infinite, for 3% groceries cashback. An annual groceries bill for my household is $14,000, which makes that card an attractive proposition.

EQ bank card: For all other purchases and cash withdrawal from ATM.

Tangerine debit card - as a backup when Visa/Mastercard system is down. Happened once or twice in 10 years at grocery store where I shop.

---------------
Before, I also carried Tangerine Mastercard and TD debit card in my wallet, but now they are retired to stay at home wallet.
EQ card will replace them both: as a Mastercard for purchases other than at my primary grocery store, and to withdraw cash from any Canadian ATM, with no service fees.  

Ah, that makes sense. I technically have enough space in my wallet for my all current cards, especially once I close the Implicity/Outlook and Coast Capital Savings accounts.

For me, my two primary credit cards will be:
1) American Express SimplyCash credit card (no annual fee); recently improved significantly. Now offers unlimited 2% cash back on gas/fueling station purchases (no spending caps), 2% cash back on grocery purchases (up to $13,000 annually in spending), and 1.25% on all other purchases (no spending caps)
2) Scotiabank SCENE+ Visa credit card (no annual fee); 2% rewards at Sobeys-owned grocery retailers, Cineplex, and Cara Operations eateries; 1% on everything else

As a backup, I'll keep my Tangerine Money-Back Credit Card and just use it for targeted spending category purchases (i.e., recurring bill payments, subscriptions, etc.)

For bank accounts:

1) EQ Bank Card
2) Tangerine Chequing

The Scotiabank ATM network actually provides comparable coverage to The Exchange, having lost two HSBC branches and about to lose the last Kelowna branch once the RBC acquisition closes. (I'd be curious to see if AltaRed agrees or disagrees with my prediction that by 2025, current HSBC locations in Kelowna, Penticton, Vernon, and Kamloops will have all closed, given the extremely close proximity to existing RBC locations.)

Cheers,
Doug

EQ Bank Card Fees & Features

ATM providers outside of Canada may charge you fees for using an ATM and we will not reimburse you for these fees.

BlueSky said

That card most probably offers other perks, with an annual fee. However, BMO Cashback MC, gives 3% back for no annual fee.  

However, the no fee BMO Cashback Mastercard is limited to $500/mo in groceries, then 0.5%. The TD Infinite Visa does have a fee however it maxes out at $15,000 for Groceries and gas at 3% - then 1% after.
I guess it's all about how _you_ use your card for which is best.

Alexandre said
EQ Bank Card Fees & Features

ATM providers outside of Canada may charge you fees for using an ATM and we will not reimburse you for these fees.

  

Thank you, I couldn't find that!

Alexandre said
. . .
My wallet that I carry with me has the following credit and debit cards:

TD Visa Infinite, for 3% groceries cashback. An annual groceries bill for my household is $14,000, which makes that card an attractive proposition.

EQ bank card: For all other purchases and cash withdrawal from ATM.

Tangerine debit card - as a backup when Visa/Mastercard system is down. Happened once or twice in 10 years at grocery store where I shop.
. . .

Meridian VISA Infinite Cash Back gives 4% on gas and groceries, and 2% on pharmacies and utilities, till $25,000 in annual purchases; 1% thereafter. 1% for other categories. Great travel insurance. Annual fee $99.

Laertes said
I applied for this card on January 15. It has been more than 10 business days. Those who have it, how long did it take to arrive?

Applied on January 11, found in mailbox on January 26.

Thanks, Alexandre, for all the helpful info.