STACK Prepaid Mastercard Review

STACK Prepaid Mastercard Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated May 4, 2021

Stack provides Canadians with a smart and streamlined way to spend and save their money thanks to its prepaid credit card and app. The card allows consumers to keep tabs on what they’re spending so they can better manage their money and budget according to their personal finances. 

Let’s take a closer look at the Stack Prepaid Mastercard to fill you in on everything there is to know about how the card works, as well as its perks, and drawbacks.

What Kind of Prepaid Card Does Stack Offer? 

Stack offers a prepaid Mastercard. This card allows you to load funds onto your account and then use the card to purchase items the same way that you would use a typical credit card or debit card. Like other prepaid cards, you’re only able to spend up to the amount that you load onto the card. 

In this way, the Stack Prepaid Mastercard acts more like a debit card than a credit card. Unlike a debit card, however, the prepaid credit card allows you to get discounts on purchases at specific merchants across Canada.

Pros and Cons of Using the Stack Prepaid Mastercard

There are plenty of perks to using the Stack Prepaid Mastercard:

  • No monthly or annual fees. Compare that to fees charged for bank accounts and credit cards, such as for ATM machine withdrawals.
  • No foreign exchange fees. Unlike with banks that tend to charge for foreign currency transactions, you can avoid these conversion fees when you use a prepaid credit card like Stack. That can translate into a lot of savings, considering the going rate at banks for foreign exchange fees is anywhere from 2.5% to 3.5%.
  • Automate your savings. You can have your purchases automatically rounded up to the next $1, $2, $5, or $10, and the difference will be saved. 
  • Track your spending using the connected app. The Stack app has a financial IQ feature that looks at your spending on a weekly and monthly basis and offers some insight into the ways you are spending your money. 
  • Make purchases using only your mobile device like a digital wallet.
  • Receive discounts on items from partner brands.
  • Receive offers that can be redeemed at any time. Offers include things like discounts on gas and groceries and free membership to Amazon Prime.
  • Get real-time notifications whenever a purchase is made on your account.
  • Earn a bonus when you refer a friend/family member: $5 for the first 5, $10 for the next 5, and $15 for all other referrals after that.
  • Send money to friends and family for free.
  • Zero Liability Protection. This is offered on all purchases and ATM withdrawals. That means you won’t be held accountable for any unauthorized transactions that are made with your card.
  • Comes with robust security features that are typical with a credit card.

Cons of the Stack Prepaid Mastercard:

  • You can’t use the card to build your credit score, which is one of the major benefits of using a traditional credit card responsibly.
  • There’s a $500 limit for each ATM transaction and a daily limit of $1,000, as well as a monthly ATM withdrawal limit of $2,000.

How Much Does it Cost To Open an Account With Stack?

One of the biggest perks about Stack is that you don’t need any money to get started – other than the funds you’ll have to load onto the card to use it. There aren’t any monthly or annual fees like there are with bank accounts and conventional credit cards. There’s a $0 annual fee, $0 withdrawal fee, and no extra fees to make purchases in a foreign currency. 

How Do You Open an Account With Stack?

Before you can get your Stack Prepaid Mastercard and start using it, you’ll need to open an account with Stack, which should take you no more than five minutes thanks to its simplicity. To do this, you’ll have to first download the Stack app on your mobile device and provide some basic information that can verify your identity and your financial information. 

No credit check is required to get approved for a Stack card since it’s not a credit card, and no SIN is necessary.

Once your account is open, you can add money to your account through online payment, an e-transfer, or directly from your paycheck via direct deposit. You don’t even have to wait for your card to get to your home to use it; simply use your virtual card from the mobile pay app linked on your device.

Card Product Details Overview

Product FeatureStack Prepaid Mastercard
Monthly Account Fee$0
Foreign Transaction Fees0%
Cost Per Transaction$0
NSF Fee$0
E-transfer Fees$0
RewardsRewards and discounts at certain participating partners
Budgeting and TrackingPush notifications are sent whenever a purchase is made
Special OffersEarn $20 bonus upon signing, then earn bonuses for referrals
Automatic Savings Yes
AccessibilitySmartphone app

Is the Stack Prepaid Mastercard Right For You?

The Stack Stack Prepaid Mastercard is a great financial tool for many Canadians to use, especially those who:

  • Need some help saving their money
  • Like the idea of having a way to track their expenditures
  • Want a convenient way to spend their money without getting into credit card debt
  • Want a card without all the typical fees of credit cards and bank accounts
  • Appreciate the discounts available with certain purchases
  • Like the convenience of being able to use their mobile device to make payments

Frequently Asked Questions

Can I build credit with the Stack Prepaid Mastercard?

No, unfortunately not. Stack does not report your activity to the credit bureaus, so your credit will not be affected.

Why would someone need a prepaid card? 

Prepaid cards are easy to get and can provide a convenient way to make purchases, especially since there’s no need to carry cash around, or even the card itself. They’re also a great way to help you budget and save, especially with cards like Stack that allow you to round up your purchase amounts and set aside the difference. Prepaid cards are also free of the pesky fees that are typical with credit cards.

Can the Stack Prepaid Mastercard be used for online purchases?

Yes, you can use your Stack Prepaid Mastercard to make online purchases much like you would with a traditional credit card.

Final Thoughts

It’s tough to argue against the use of the Stack Prepaid Mastercard. After all, it’s free to use and can earn you some rewards that you can redeem in the future. Plus, you can use the card to help automate your savings. At the end of the day, Stack’s goal is to help consumers become better at managing their finances and expenditures while helping them save with every purchase.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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