EQ Bank Business Card Brings Fee-Free Spending and Balance Interest to Canadian Small Business Owners

EQ Bank has launched the EQ Bank Business Card, a new product built for Canadian small business owners and entrepreneurs. The card is designed to let owners spend without friction while keeping their balances working — a pairing that conventional small-business cards rarely offer in the same product.

What the Card Delivers

The EQ Bank Business Card combines three features the bank positions as central to its value proposition: high interest earned on card balances, unlimited cashback on eligible spending, and no monthly or annual fees. The interest-on-balance feature is the structural differentiator here. Most business cards treat idle funds as inert; this product earns on them, which matters for owners who carry operating reserves or time their payables carefully.

The unlimited cashback applies to accounts that meet a minimum monthly spend of $10,000. That threshold places the card squarely in the hands of businesses with meaningful transaction volume — not a side-hustle card, but a working tool for operators who are already moving money in scale.

The Fee Structure

No monthly fee and no annual fee removes the fixed-cost calculation that often makes small-business cards feel punitive in slow months. For entrepreneurs whose revenue is lumpy or seasonal, a zero-fixed-cost card is a meaningful operational improvement. EQ Bank also highlighted low foreign transaction costs as part of the product's design, which would matter to importers, exporters, or owners who travel or pay international suppliers regularly — though the bank did not specify the foreign transaction fee level in its launch announcement.

Who EQ Bank Is Targeting

The bank framed this card explicitly around small business owners and entrepreneurs — a segment that Canadian banking has historically underserved relative to consumer and large-corporate clients. The product's architecture reflects that focus: the features that matter most to this group (earning on cash balances, recouping spend through cashback, avoiding fixed monthly costs) are present; the features that inflate complexity without adding value are not.

EQ Bank's pitch is essentially that the card should function as an active financial tool, not a passive payment rail. Whether that resonates will depend on how competitive the interest rate on balances proves to be in practice — a figure the bank has not yet published in widely available materials.