Prepaid cash back cards: A new way to manage your spending

What’s a pay as you go card?

In contrast to a credit score or debit card, a pay as you go card is loaded, by you, with cash you’ve put aside to spend.

Let’s say, for instance, you’ve earmarked $1,000 to spend on a brand new sofa. With the EQ Bank Card, a pay as you go reloadable Mastercard (issued by Equitable Financial institution with a license from Mastercard Worldwide Inc.), you possibly can merely load that cash out of your financial savings account to your pay as you go money again card utilizing the EQ Financial institution app. You’d then use your pay as you go card very like a credit score or debit card, however with some notable advantages.

1. Pay as you go playing cards are a simple method to persist with a finances and stop overspending

If you use EQ Financial institution’s pay as you go money again card, you possibly can load it with no matter quantity you’ve budgeted to your purchases. This may be an efficient software to keep away from impulse buys and monitor your spending, or to provide another person a buying finances (a child going off to school, for instance).  

2. The comfort of a credit score or debit card—with out the curiosity or overdraft charges

In the event you’re like most Canadians, you’ve grow to be comfy utilizing a card to pay for purchases. The issue is, it’s simple to blow your finances if you cost bills to a bank card—and as soon as the account carries any debt, the curiosity accumulates rapidly. Utilizing a debit card will allow you to bypass the curiosity, however if you happen to overspend out of your checking account, you’ll be hit with an overdraft cost.

With the EQ Financial institution pay as you go money again card, you’re charged neither curiosity nor overdraft charges, and also you merely can’t overspend. Plus, as a result of this isn’t a bank card, it’s not linked to your credit score rating, making it a promising choice for brand spanking new Canadians or these with low or no credit standing.

3. You possibly can earn money again

Incomes money again in your purchases is like getting an computerized low cost all over the place you store. If you use EQ Financial institution’s pay as you go money again card, you’ll obtain money again on each buy. See the EQ Bank Card Agreement for full particulars plus phrases and situations.)

4. Use it nearly wherever

EQ Financial institution’s pay as you go money again card is broadly accepted at retailers, together with on-line. You can too use the cardboard at each ATM throughout the nation, and EQ Financial institution will reimburse the charges. You learn that proper—each ATM, even these from different banks and third events, so that you might be certain you’ll have entry to funds the place and if you need them.

5. You’ll save on international alternate charges

Most bank cards and debit playing cards add a surcharge, typically 2.5%, to foreign-currency transactions—on high of the each day alternate charge.