STACK Prepaid Mastercard | Credit card reward programs | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
STACK Prepaid Mastercard
October 4, 2018
10:09 am
frugal lady
Member
Members
Forum Posts: 40
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

I have recently come across this new no fee STACK Prepaid Mastercard (not a credit card) issued by Peoples Trust that has appealed to me for travelling instead of travelling with foreign cash. No monthly fees, no ATM withdrawal fees or foreign exchange fees. Some other small cash back perks.
Upon applying there is a "Soft" credit check.

You load your card with your Canadian dollars. 4 ways to load funds using the STACK app.
Maximum amount per single ATM transaction is $500 and Allowed 2 ATM transactions per day and a max of $2000 per month. The foreign ATM itself might charge a fee for using it.
"STACK is totally fee-free. While we don't charge you any fees, transactions with a third-party, like an ATM, might have fees that we can't control.
"Mastercard foreign exchange rates
We don't charge any extra foreign exchange fees. You would have to pay the base foreign exchange rate set by Mastercard. "

I have just received my card and setting up and activating was a little confusing.

I am going to give this card a try in February when in Mexico and will report back how it goes.

They also have for now a referral program.

October 4, 2018
5:59 pm
Top It Up
Member
Members
Forum Posts: 986
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

This is why I have NO interest in a STACK credit card - from their Cardholder Agreement -

2. Personal Information: Collection, Retention and Use

STACK will only use your Personal Information for the purposes set out in this Policy.

STACK collects Personal Information when you provide it to sign up to receive information from STACK, join the waiting list for the beta launch, create an account, complete your profile, access and use the Site, and when you communicate with STACK. Personal Information is collected when provided by you, and includes at least your name, address, telephone number, email address, and credit card information, and through the Account.

Personal information is used by STACK to register you to receive information about the beta launch of the STACK platform, create your account, populate and maintain your profile, and provide information to you or otherwise communicate with you for each of these purposes.

Personal Information is also used by STACK for customer service and marketing purposes, including to let you know of new products and services, and notify you of special merchant offers. You may opt-out of email-based marketing communications at any time by sending an email with “Unsubscribe” to the email address provided in the marketing communication or by clicking on the unsubscribe link at the bottom of the marketing communication. You may opt-out of receiving special merchant offers in the STACK mobile app by disabling “Receive merchant offers” in the account profile menu of the STACK mobile app. If you decide that you no longer want STACK to store your personal information for the purposes of optimizing its merchant offer distribution system, you may close your STACK account and your STACK Prepaid Mastercard card in the account profile menu of the STACK mobile app.

October 4, 2018
6:24 pm
Save2Retire@55
Member
Members
Forum Posts: 478
Member Since:
January 3, 2013
sp_UserOfflineSmall Offline

Thanks for the update. It sounds really interesting and safer than normal credit/debit cards. Also, the no foreign ATM withdraw is super appealing. Saving those couple dollars makes me happier.

Also some people reported it works just fine in Mexico (Redflagdeals).

October 5, 2018
8:47 am
Rick
Member
Members
Forum Posts: 694
Member Since:
February 17, 2013
sp_UserOfflineSmall Offline
October 9, 2018
5:25 pm
Loonie
Member
Members
Forum Posts: 4083
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

II don't understand the attraction of this card. Why wouldn't you just go with the Rogers card or whichever one is not charging forex? With Rogers, you get some cashback and higher spending limits. $500 per transaction would not cover hotel bills if you stayed several days. Why would you see the Stack card as safer than regular CC or debit?
Please explain. I must be missing something.

October 11, 2018
1:34 am
Peseta
Member
Members
Forum Posts: 48
Member Since:
May 3, 2015
sp_UserOfflineSmall Offline

Loonie said
II don't understand the attraction of this card. Why wouldn't you just go with the Rogers card or whichever one is not charging forex? With Rogers, you get some cashback and higher spending limits. $500 per transaction would not cover hotel bills if you stayed several days. Why would you see the Stack card as safer than regular CC or debit?
Please explain. I must be missing something.  

The way I see it, STACK is not a replacement of a "regular" credit card (i.e. Rogers), but rather a compliment to it. One of STACK's features is unique to it, and it is access to foreign cash at no cost.

Presently there are no debit cards in Canada that allow you fee-free foreign ATM withdrawals(*). Some banking plans do waive the foreign ATM withdrawal fee (i.e. if you have RBC VIP banking plan, Scotia's ATM Alliance, etc.), but they still charge forex of at least 2.5%. STACK, on the other hand, allows you to withdraw cash from any foreign ATM without the fee or forex.

Now, its true that local ATM operators might charge you a fee on their end, but in my experience there are a lot of ATMs worldwide that operate fee-free. Its the matter of trying various banks and seeing which one operates fee-free (you're always given a warming before proceeding with the transaction). One thing that you have to look out for is Dynamic Currency Conversion (DCC): some ATMs will ask you if you want the ATM owner to convert the currency or let your bank do the conversion. You always want your own bank to do it.

I plan to use my Fido MasterCard along with STACK. The former for larger transactions (hotels, etc.) and the latter for cash withdrawals and smaller day-to-day purchases while I am abroad.

________________
(*) This will all change when Revolut launches its debit card in Canada. It essentially offers the same thing as STACK MasterCard with a few added multiple currency features, in-app currency conversion, travel insurance, etc.

October 11, 2018
2:04 am
Loonie
Member
Members
Forum Posts: 4083
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Thanks for the explanation, peseta. It's helpful.

October 11, 2018
4:36 am
Top It Up
Member
Members
Forum Posts: 986
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Peseta said

Now, its true that local ATM operators might charge you a fee on their end, but in my experience there are a lot of ATMs worldwide that operate fee-free. Its the matter of trying various banks and seeing which one operates fee-free (you're always given a warming before proceeding with the transaction). One thing that you have to look out for is Dynamic Currency Conversion (DCC): some ATMs will ask you if you want the ATM owner to convert the currency or let your bank do the conversion.

I have to say, out of all my travels to Europe, I have yet to have a bank-affiliated ATM (I ONLY use bank operated ATMs) show me their ATM fees or DCC options before dispensing the money - never. I do, however, get an after-the-fact $5.00 network transaction fee charged to my account for every foreign currency withdrawal - a fee of which I have ZERO control over.

October 14, 2018
1:06 pm
Peseta
Member
Members
Forum Posts: 48
Member Since:
May 3, 2015
sp_UserOfflineSmall Offline

Top It Up said

Peseta said

Now, its true that local ATM operators might charge you a fee on their end, but in my experience there are a lot of ATMs worldwide that operate fee-free. Its the matter of trying various banks and seeing which one operates fee-free (you're always given a warming before proceeding with the transaction). One thing that you have to look out for is Dynamic Currency Conversion (DCC): some ATMs will ask you if you want the ATM owner to convert the currency or let your bank do the conversion.

I have to say, out of all my travels to Europe, I have yet to have a bank-affiliated ATM (I ONLY use bank operated ATMs) show me their ATM fees or DCC options before dispensing the money - never. I do, however, get an after-the-fact $5.00 network transaction fee charged to my account for every foreign currency withdrawal - a fee of which I have ZERO control over.  

What you refer to, I believe, is the foreign withdrawal fee that your bank charges you here at home. Thats pretty normal if you don't have a banking plan that waives foreign transaction fees (RBC VIP Banking, TD All-Inclusive Plan, or using Scotia's ATM Alliance Partner ATMs, etc.)

Normally overseas ATM-operator fees do not show up on your account statement. They are usually displayed on the ATM screen and/or printed on the receipt, and on your bank statement they are part of the total withdrawn amount. For example, if you withdrew an equivalent of CAD50 and the ATM fee was equivalent of CAD5, on your bank statement it will show as a withdrawal of CAD55.

As for DCC, local DCC-enabled ATMs (and merchant terminals) in Europe always warn you how you want to proceed with the transaction: 1. have your own bank do the conversion or 2. have the ATM owner do it.

If you get no warning it means that the ATM is not DCC-enabled and the conversation is be done by your own bank at their own rate. Normally its 2.5+% above the interbank rate (often followed by the $5 fee that you mentioned). A total rip off IMO.

October 14, 2018
1:29 pm
Top It Up
Member
Members
Forum Posts: 986
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Peseta said

Normally overseas ATM-operator fees do not show up on your account statement. They are usually displayed on the ATM screen and/or printed on the receipt, and on your bank statement they are part of the total withdrawn amount. 

Again, from my own experience, I have never been charged local ATM fees from bank operated ATMs in Europe. It is not displayed on screen NOR is it printed on the receipt NOR is it hidden in the subsequent bank statement. The Canadian equivalent amount + the banks 2.5% administration fee is ALL that is charged i.e. that amount mirrors the daily posted VISA exchange rates ... again, there are NO displayed or hidden ATM fees at the bank operated ATMs I have dealt with.

October 14, 2018
4:08 pm
Peseta
Member
Members
Forum Posts: 48
Member Since:
May 3, 2015
sp_UserOfflineSmall Offline

Again, from my own experience, I have never been charged local ATM fees from bank operated ATMs in Europe. It is not displayed on screen NOR is it printed on the receipt NOR is it hidden in the subsequent bank statement. The Canadian equivalent amount + the banks 2.5% administration fee is ALL that is charged i.e. that amount mirrors the daily posted VISA exchange rates ... again, there are NO displayed or hidden ATM fees at the bank operated ATMs I have dealt with.

Fair enough. But just because you haven't come across a European ATM that charges a fee doesn't mean they don't exist. Also, there is more to the world than Europe and my initial post wasn't about a specific geographic area.

True, there are lots of fee-free ATM operators and I mentioned so in my post (for example: BNP and HSBC in France, virtually all banks I've used in Germany, the UK, and Switzerland). But there are also plenty of banks in Europe that do charge a fee (BBVA in Spain, SEB in Estonia, Danske Bank in Sweden, etc.) and operate DCC-enabled ATMs (i.e. Santander bank).

Just because you haven't come across such fees in your travels, doesn't mean that others haven't, or that these fees don't exist - there are plenty of disclaimers about them in banking fine prints, including that of STACK's. Nor does it mean that readers of this forum should not be informed about them. That's the whole point of this site - to help each other save money, not to leash out at each other. To be very clear, I was saying what was to watch out for as a possible fee using a foreign ATM. I wasn't making factual statements about anyone's personal banking experiences in any particular country or continent.

I do, however, get an after-the-fact $5.00 network transaction fee charged to my account for every foreign currency withdrawal - a fee of which I have ZERO control over.

At least two banks in Canada offer banking plans that waive that $5 fee: TD for $29.95 a month (waived if balance is $5000+) and RBC for $30 a month. So consumers do have ability to control whether or not they get charged that $5 fee, especially if one is a very frequent traveler. The option is there. Whether one uses it or not is a matter of a personal choice (and budget, I suppose).

I have nothing else to say and I will not engage in a useless back and forth with you, but I do want to ask you to be respectful on the forum and act like an adult. Its not that hard.

October 14, 2018
8:06 pm
Top It Up
Member
Members
Forum Posts: 986
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Seems nonsensical to spend $360 per year in bank plan fees to save $40 - $50 per year in network transaction fees.

October 16, 2018
9:29 am
frugal lady
Member
Members
Forum Posts: 40
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

Top It Up said
"Again, from my own experience, I have never been charged local ATM fees from bank operated ATMs in Europe."

It is very common in Mexico for bank operated ATM's to charge a fee that is displayed in pesos.

Top It Up said:
"The Canadian equivalent amount + the banks 2.5% administration fee is ALL that is charged.
I do, however, get an after-the-fact $5.00 network transaction fee charged to my account for every foreign currency withdrawal - a fee of which I have ZERO control over."

Seems non-sensible to me to pay the 2.5% admin fee plus $5.00 network fee from your bank that can both be avoided with the STACK card and my primary reason for getting the STACK card to withdraw cash to pay for purchases at local markets, etc.

October 16, 2018
9:53 am
Top It Up
Member
Members
Forum Posts: 986
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

I'd rather pay the 2.5% foreign transaction fee than surrender my privacy to STACK and People's Trust.

Please write your comments in the forum.