Using STACK (debit) 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
Using STACK (debit) MasterCard
November 9, 2018
3:34 am
Peseta
Member
Members
Forum Posts: 58
Member Since:
May 3, 2015
sp_UserOfflineSmall Offline

I used my STACK card for the first time yesterday by withdrawing 300 EUR from a bank-owned ATM (no "ATM operator" fees).

The 300 EUR withdrawal cost me CAD $450.05, which was - as expected - identical to MasterCard's published exchange rate, and substantially lower than a typical foreign ATM withdrawal that would attract a 2.5% forex commission ($461.30) and potentially a $5 withdrawal fee ($466.30). So, the approximate overall savings for this particular transaction was about 3.6%.

The good: Obviously huge savings while accessing foreign cash, and making purchases in foreign currencies. Transactions (just like with most debit cards) are reflected on your app instantaneously, so your remaining balance is always accurate. In case of loss, the card can be frozen/deactivated via the app.

The OK: I used eTransfer, and it took a few hours to process the deposit. It would be nice if it were instantaneous, or near-instantaneous, but it's something that I am happy to live with given the savings that this card will provide in a long run. Customer Service agent said that using Visa debit allows for instantaneous top-ups of the card, for those who have it. Also, they are working to add an option of topping-up the card via bill payment.

The annoying: changing the PIN on STACK card can be done over the phone and it's a rather straightforward process. However, following the PIN change, you might have to use the old PIN one last time before the change kicks in. So, don't get rid of the old PIN until you're certain that your new PIN works. The annoying part is that I had to talk to customer service to find this out. It would be nice if this was part of a standard communication package because, more likely than not, most customers will want to choose their own PINs.

Also, unlike credit cards, the STACK transaction details doesn't tell you what amount you spent in the foreign currency (only CAD amounts are displayed) or what exchange rate was used, which is not the end of the world, but would be nice to have as a handy historical reference.

Customer service is not 24/7 (M-F: 8am - 11pm EST, Sat 8am - 8pm EST). However, its something easy to live with, given that the card can be deactivated from the app.

For anyone who needs to make debit transactions in a foreign currency, this is an awesome card. There is nothing like it on the market at the moment. Europeans have had similar cards for quite some time (i.e Revolut and Transferwise debit cards) and I am thrilled that Canadians have access to something comparable at last. It was about time, and I hope STACK sticks to its fee-free philosophy and doesn't dilute the product, like Tangerine did it with its MasterCard, once they build their customer base.

November 10, 2018
12:58 pm
Peseta
Member
Members
Forum Posts: 58
Member Since:
May 3, 2015
sp_UserOfflineSmall Offline

Looks like I am not the only one who is impressed with STACK. Here is another positive review of this card: https://canadiankilometers.boardingarea.com/2018/10/11/stack-mastercard-review/

November 10, 2018
3:10 pm
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Peseta said
Looks like I am not the only one who is impressed with STACK.  

From the review link provided -

At this moment, it’s unlikely they aren’t making money on this product, but will likely recoup revenues from interchange fees and monetizing your transaction data in the future.

Hmmm ... monetizing YOUR transaction data - yep, that's some impressive card!

November 10, 2018
4:30 pm
Peseta
Member
Members
Forum Posts: 58
Member Since:
May 3, 2015
sp_UserOfflineSmall Offline

Top It Up said

From the review link provided -

At this moment, it’s unlikely they aren’t making money on this product, but will likely recoup revenues from interchange fees and monetizing your transaction data in the future.

Hmmm ... monetizing YOUR transaction data - yep, that's some impressive card!  

Whats good for one person may not be good for another, and so forth. So I am totally respectful of the fact that STACK may be not be the right product for you. Luckily there is a very easy solution: not applying for it! To me, moving on and suggesting comparable alternatives would seem like an adequate reaction (rather than getting one's knickers in a twist over a credit card that one may not like).

Readers on this forum are intelligent enough to make right decisions for themselves and pick products that best suit their needs based on available information. We all share our knowledge and experience with each other, and thats what makes this forum such a great place. That, and respectful conversations.

I said to you in another thread and I'll happily repeat it here: because you lack civility, and ability to act like an adult and be respectful, responding to your posts and engaging in a useless back and forth with you is a moot point and a waste of time.

November 10, 2018
4:39 pm
Top It Up
Member
Members (temp break)
Forum Posts: 1363
Member Since:
December 17, 2016
sp_UserOfflineSmall Offline

Just pointing out that the STACK card comes with a binding condition of use which involves a loss to one's privacy, that's all.

Please write your comments in the forum.