Early in 2023, EQ Bank announced the launch of EQ Bank Card, an innovative new way for customers to withdraw cash for free at any ATM in Canada, all while earning cash back on their spending and high interest on their balance. The CPPO interviewed EQ Bank’s Kartik Kamat about the significance of this card launch.
CPPO: Why is the launch of the EQ Bank Card so important for today’s market?
Kartik: The EQ Bank Card addresses a growing demand for alternative banking solutions that offer convenience and premium customer service. With the EQ Bank Card, customers can withdraw cash for free at any ATM in Canada while earning cash back on their spending and high interest on their card balance, with no EQ Bank foreign currency conversion fees. This rich combination of features makes the EQ Bank Card the only card in Canada to offer all these benefits.
CPPO: How does it play into EQ Bank’s mission of providing more value than traditional banks?
Kartik: Our objective when creating the EQ Bank Card was to convert our Savings Plus Account into an everyday bank account and a chequing account alternative. As Canada’s Challenger Bank™, we knew we could also deepen the value proposition of the EQ Bank Card, so we did.
The EQ Bank Card is a prepaid Mastercard that complements what is already a distinctive banking product in the market – EQ Bank’s Savings Plus Account. The Savings Plus Account combines the benefits of a chequing and savings account—with no everyday banking fees, high interest on every dollar, an unlimited number of free bill payments and free Interac e-Transfers®, and seamless international money transfers powered by Wise.
CPPO: How does this card tie into your mission of helping your customers reach their financial goals?
Kartik: Our purpose is to drive change in Canadian banking to enrich people’s lives. As our CEO Andrew Moor will tell you, “Challenging the status quo is in our DNA. We believe that Canadians deserve better, no-nonsense ways to manage their money and keep more of it in their pocket.”
The EQ Bank Card helps customers get closer to their financial goals by doing just that—keeping more of their money. Customers can transfer money from their linked Savings Plus Account to the EQ Bank Card instantly and earn 0.5% cash back* on every purchase, which will be deposited into their linked account each month, while still earning the same high interest on their balance that they earn in their Savings Plus account. Any charges that customers incur while withdrawing money at any ATM in Canada will be reimbursed within 10 business days. The card is also an attractive option when traveling outside Canada, as it does not incur EQ Bank foreign currency conversion fees.
CPPO: What else is worth sharing with the CPPO audience about this launch?
Kartick: We think that it is exciting that our customers are the first in Canada to receive all the benefits of this industry-first card, and our customers must agree, because the sign-ups from the launch of the EQ Bank Card have far exceeded our expectations, proving that it is the innovative solution that customers were waiting for.
EQ Bank was also named the best bank in Canada on the Forbes 2023 list of the World’s Best Banks. This is the third year in a row that EQ Bank has been awarded best bank in Canada. This recognition is extremely meaningful because it comes directly from our customers, who inspire us every day to deliver outstanding service and innovative banking solutions like this EQ Bank Card that provide them with great value.
Launching this card also allows us to leverage the payments infrastructure we have built to help other entities in Canada issue cards by acting as a BIN Sponsor for them. We are excited about the potential this presents to drive innovation and greater choice in financial products for Canadians.
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* Cash back will be paid monthly. See the EQ Bank Card Agreement for details on earning cash back and other terms and conditions that apply to the EQ Bank Card.