EQ Bank launched the EQ Bank Business Card, a reloadable prepaid Mastercard linked to its Business Account. It is not a credit card: purchases use funds loaded from the business account, and ordering the card does not require a credit check. The card is not available in Quebec.
There is no monthly or annual card fee. EQ Bank currently advertises 2.25% annual interest on the loaded balance, calculated daily and paid monthly to the linked Business Account, but the rate is variable and can change without notice.
Cash back is conditional. A business must make at least $10,000 in purchases during a month to earn 1% on that month's qualifying purchases. Fees, ATM withdrawals, cash advances and credits do not qualify, while refunds reduce qualifying purchases and cash back. The product page also lists a 2% foreign-currency conversion markup and notes that third-party ATM fees may apply without reimbursement.
The digital card can be added to a mobile wallet, and the current limits are $100,000 per day and $30,000 per transaction. Those limits, rates and fees are current product terms rather than permanent features and should be checked before relying on them.