![]() ![]() What about Stack’s rewards scheme – is that a pro or a con? Of course, any reward is potentially a pro. If that fits with your plans then great if not then Stack loses a little bit of value as a prepaid travel card. The free foreign transactions deal, ending in February 2022, is great too, but from then on you’ll need to be spending $350 each month on the card if you want to claim that back. Plus, the extra app features could help with saving and budgeting. Free ATM withdrawals in particular is very useful if you do use a lot of cash. The lack of fees is Stack’s main plus point – it could be a good option if you just want to minimize the fees you accrue when spending money. Get the Wise Card, start saving Stack Mastercard pros and cons As it’s a Mastercard, you can use it very widely, including online. You can start off with a virtual card but you’ll get a physical one too. You can sign up online – you’ll need to confirm your identity but you won’t need to do anything that affects your credit score.⁵ It’s easy to get the Stack Mastercard working. If you spend at least $350 on your card monthly, you’ll still get FX fees reimbursed, up to $1,000 monthly.⁵Īvoid How does the Stack Mastercard work? However, from that date on, those fees are 2.5%. Until February 1, 2022, Stack doesn't charge foreign exchange fees. If you’re planning to withdraw a lot of cash using this card the ATM limits might be worth bearing in mind. It’s worth looking through those numbers. Maximum daily spend and withdrawals combined Maximum POS transaction amount per transaction / daily / monthly Maximum ATM withdrawal per transaction / daily / monthly Also, the below is only a selection of the most notable limits – the Stack website has the full list.⁴ Annual fee Before that’s activated, you can use a virtual card with lower limits. Note that these apply to the physical card. Prepaid cards tend to have maximum amounts that you can hold on the card, and spending and withdrawal limits too. There are still some numbers to watch out for, though, as you can see here. Stack says that it is “totally fee-free,” so this could have been kind of a short section.³ The cards are issued by the Peoples Trust Company, which is a CDIC member, so your funds are insured up to $100,000.¹ Stack Mastercard fees and limits There’s also a “Split the Bill” function in the app so you can send requests for transfers to friends easily, making group meals simpler to sort out.You can also get Stack to round up your spending on small purchases and put the extra money into your savings, to help you keep a little more cash in reserve.Stack also has some features in its app that’ll help you track your spending, making it easier to take control of your budget.If you set up your pay cheque to be paid into your Stack account, you can get your money up to 2 days early.Here are a few other features offered by Stack:¹ And if you’re travelling, Stack’s current lack of foreign exchange fees will make all your card purchases cheaper too.¹ Although the ATM provider may still charge you, Stack itself doesn’t charge for cash withdrawal from ATMs all around the world. One benefit of Stack is the lack of both ATM withdrawal fees and foreign exchange fees. It’s a little different with Stack, though: the rewards scheme features a range of offers with specific partner brands.īut you’ll have to be careful to check if the particular offers are still active: at the time of writing, the Stack website lists offers that have already expired.² Stack’s first benefit is that it doesn’t charge an annual fee – in fact, it says that it has “zero fees” at all.¹Īnd the second is that it offers cash back, just like many credit cards do. What are the benefits of the Stack Mastercard? It also has a few extra features that might appeal, as we’ll explore below. Of course, that also means that using a prepaid card doesn’t help you build up a good credit rating.īut the thing about Stack is that it does offer a few features that are a little bit credit card-like: you can earn cash back and some special deals with Stack’s partner brands. Prepaid cards like Stack have to be topped up or reloaded in advance of being used: that means you can only spend your own money on such a card, and you can’t get into debt like you can with a credit card. Most important to note, the Stack card is a prepaid card – it isn’t a credit card. You’ll also learn about Wise and how its card can help you, especially when you want to spend in different currencies - buying online or traveling. ![]() But how does it – wait for it – stack up against its competitors? Is it worth getting Stack? It’s one of several Canadian companies disrupting the bank-dominated world of finance. Stack is a Canadian fintech company that offers a reloadable, prepaid Mastercard you can use alongside its app. ![]()
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