Stack Mastercard Review 2023

Aaron Broverman
Last updated: January 18, 2023

Why you can trust us

The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.

Man sitting on sofa with laptop and using Stack Mastercard

Canadians dedicated to bettering their personal finance products have weighed the options of debit cards and credit cards as their main method of payment.

Debit cards are convenient, safe, and deduct funds immediately from your account. The downsides are bank fees, transaction limits, and no rewards.

Credit cards are great since they offer a grace period to pay bills, cash back, rewards, and many other additional perks. The disadvantage of credit cards is high-interest rates, annual fees, and late fees. Credit cards aren’t always the most practical choice.

However, as fintech evolves, new banking products become more available each day.

Stack Mastercard

Our Review

Apply Now

Welcome Offer $0
Annual Fee $0
Interest Rates N/A
Recommended Credit 300-559

Details

Enter the Stack Mastercard, one of the few prepaid credit cards available in Canada. It combines the rewards of a credit card with the safety of a debit card so that you can spend, save, and share your money with zero fees, anywhere in the world.

In this review of the Stack Mastercard, WealthRocket looks at the hybrid debit card and credit card.

Stack Mastercard: Overview

First and foremost, Stack Mastercard is not a credit card. It’s more of a debit card that functions as a credit card.

Customers are required to load funds instead of making transactions on credit. That means Stack customers must add funds to the card and use it anywhere that accepts Mastercard credit cards, including online.

Since the Stack Mastercard isn’t a credit card, there are also no bills to pay. It does not affect your credit, positively or negatively.

The Stack Mastercard offers a sleek, matted black card. It’s also compatible with Apple Pay, Samsung Pay, and Fitbit Pay.

The Slack app offers full functionality, allowing customers to manage their Stack account, track their money, and send funds to fellow Stack customers.

How does Stack Mastercard Work?

Customers can sign-up through the Stack Mastercard website or the Stack Mastercard mobile app, available for Apple IOS and Android. New customers can expect to receive a physical card in the mail.

When signing up, the app will ask the user a few questions to verify their identity. There are three options to loading the Stack prepaid Mastercard with funds: via direct deposit from your employer, through Interac e-transfer, or by adding Stack as a payee through your bank.

If you want to load your Stack card with physical cash, you will need to visit a participating Canada Post or verified retailer, including Mobil Gas Stations, Hasty Market, and more. To do this, customers will receive a Stack QR code that identifies the amount they’d like to add to their card.

New customers can use the Stack Mastercard to pay for anything in the same way that you would use a regular debit or credit card anywhere around the world where Mastercard is accepted.

Stack MC Features

By now, anyone familiar with the Stack Mastercard knows that it offers heaps of attractive features. These features include:

No sign-up fees
No monthly fees or annual fees
No foreign transaction fees
No domestic or international ATM withdrawal fees from Stack
Unlimited transactions
Free card replacement
Real-time updates and spending analysis
Automated round-up savings program
Free money transfers between Stack customers
Instant notifications
Zero liability protection
Referral Program

Stack Mastercard: Rewards

Stack Mastercard offers customers rewards with each purchase and exclusive discounts and savings at over 140 retailers and businesses.

Purchases at these retailers offer cash back rewards on everyday purchases, but only at participating retailers.

Participating retailers include Foot Locker, David’s Tea, DoorDash, Netflix, and more.

When you plan your trip using Stack Travel, you can earn 20% cash back at select hotels that have partnered with Stack.

Stack Mastercard Pros & Cons

Pros

No fees: This means zero monthly or annual fees, no foreign exchange rate fees, no ATM withdrawal fees, or overdraft fees. It also means no interest charges or late penalties.
Great for travel: No international ATM withdrawal fees, which means you can withdraw cash from foreign ATMs without getting hit with a fee (on Stacks end). This system is much more convenient, easier, and cheaper than having to search for currency exchange.
Budgeting Features and Financial IQ: This is a Stack feature that will categorize and tally your weekly and monthly spending- to help you visually see where your money is going
Automated savings program: The Stack app lets you automatically round up your purchases by set amounts of $1, $2, $5, or $10 to contribute to a specific savings goal.
No line of credit or borrowing: Since you set how much money is in your account, only you can reload your card with your funds. It's a great way to make sure that your spending habits are within your means.
No credit checks or application: You don't need a good credit score to sign up, and it won't affect your credit in any way. And, unlike credit cards, there are no sign-up requirements.
Zero Liability Protection: Protects you and your money from unauthorized or fraudulent card charges.
Rewards Program: There is a generous rewards program with participating retailers.

Cons

Won't build up or improve your credit score: Since Stack doesn't lend money to its customers, customers cannot build their score.
Minimum and maximum cash reload limits: When reloading the Stack Mastercard with cash, customers must load at least $200 at a time. The maximum varies by retailer. Most will only load a maximum of $500, except for Canada Post, where you can load up to $3,000.
No line of credit: If you're in an emergency and don't have any funds, you will be out of luck until you have money in your bank account to reload it. There is no "buy now, pay later" approach to the Stack card.
Limited reward options:Only with specific retailers does the Stack Mastercard offer cash back.
ATM limits: The Stack Mastercard only allows you to withdraw from an ATM twice per day with a maximum limit of $500 per ATM transaction. There is also a maximum monthly cumulative amount of $2,000, which you can withdraw from an ATM.

Aaron Broverman

Aaron Broverman is the lead editor at Forbes Advisor Canada. He’s been covering personal finance for more than a decade, specializing in credit cards, entrepreneurship, money management, and financial programs for Canadians with disabilities.

Frequently Asked Questions

Is the Stack Mastercard a good option for students?

Is the Stack Mastercard legit?

Who owns the Stack Mastercard?

Is the Stack Mastercard a good option for students?

The Stack Mastercard is a great option for students. It offers the security of a debit card. Additionally, a student cannot extend a line of credit, helping them stay within budget. The card is also flexible and offers some rewards perks of a credit card, accepted everywhere Mastercard is. Stack is ideal for students who want to avoid overspending or going into debt. The biggest selling point of the Stack Mastercard is that there are none of the standard fees incurred by banks or by ATM withdrawals usually associated with using a debit or credit card. Couple a no-fee free rewards account with in-app budgeting tools, and you'll get a great option for students or anyone who wants to get more bang for their buck while avoiding credit card debt in the process.

Is the Stack Mastercard legit?

Yes! The Stack Mastercard is legitimate and safe to use. The Stack Mastercard uses the same security features as a credit card and offers zero liability protection on all purchases and ATM transactions. Customers won't be liable for unauthorized, fraudulent transactions. Should you lose or misplace your Stack Mastercard, you can freeze your account at any time, anywhere in the world using the app.

Who owns the Stack Mastercard?

Stack was founded in 2016 by a Canadian finance technology (fintech) company based in Toronto and co-founded by COO Nicholas Dinh and CEO Miro Pavletic. Since its founding, Stack has partnered with Mastercard to create the Stack Mastercard and Peoples Trust, a federally regulated and CDIC insured bank. In the summer of 2020, Stack announced that Credit Sesame, a United States based credit and loan company, had acquired the company.

Stack Mastercard Review 2023

In This Article

Stack Mastercard

Stack Mastercard: Overview

How does Stack Mastercard Work?

Stack MC Features

Stack Mastercard: Rewards

Stack Mastercard Pros & Cons

Pros

Cons

Aaron Broverman

Frequently Asked Questions

Related Articles

Full Review on the new CIBC Costco Mastercard

Simplii Financial Cash Back Visa Card Review 2023

Wealthsimple Cash Card Review 2023

Rogers World Elite Mastercard Review 2023

Apple Card Review for Canadians

What is a credit card cash advance?

Get the most out of your money