EQ Bank review

The card carries a monthly fee of CAD 0, and its currency conversion fee is 0%. Together those cover the main card costs, and the free ATM allowance is CAD 0, which is the item that catches people out at a cash machine.

The currency conversion fee is 0%, which places the card at 1 of 237 on this measure. The median currency conversion fee across the cards listed on the site is 1%, so this card sits below the typical figure.

The card pays cashback at a rate of 0.5% on spending, which is a flat reward rather than a points scheme. Travel is the theme the card is built around, so the cashback pairs with purchases made away from home.

The free ATM allowance is CAD 0, so withdrawals at a cash machine are not part of the card. Across the cards compared, EQ Bank sits at 38 of 104 on this point, so it pays to plan around per withdrawal charges.

It is a prepaid card that runs on the mastercard network. A prepaid card is loaded with spending money before use, and the network is what determines where the card is accepted at checkout and at cash machines.

The card suits people in Canada who want simple everyday spending on a CAD 0 monthly fee, and travellers who value a 0% currency conversion fee. Cashback of 0.5% adds a small return on top of the low running cost.

It ranks 1 of 379 on monthly fee and 1 of 237 on currency conversion fee. Monzo Flex, Wise and Bitpanda list monthly fees of £0, £0 and €0, in their own currencies.

Beyond cashback of 0.5%, the card sets out a single spending theme, travel. It is a prepaid card on the mastercard network, so the appeal sits with low cost and simple travel money, and the 0% conversion fee helps when spending happens in another currency.