![]() Especially when you consider that many online merchants charge in USD or add in their own fees if you want to convert to CAD. While 2.5% may not sound like a lot, it certainly adds up over time. You may have never noticed this before because the fee is rolled right into the exchange rate that you see posted to your credit card statement. What many people don’t realize is that most credit cards charge a foreign transaction fee of 2.5%. It’s highly unlikely that STACK is going anywhere, but at least you get peace of mind knowing that your money is safe. What that means is in the rare event that STACK fails, CDIC would return any money you had with them back to you directly. Since STACK is a Canada Deposit Insurance Corporation member, your deposits are insured up to $100,000. The 20% cash back on hotels when using STACK Travel is incredible. I also saw a promotion with Foodora where you would get $15 off your first purchase, that could be a 20%, 30%, or even 50% return depending on what you ordered. For example, one of the early rewards was a yearly membership to Amazon Prime which has a value of $79. Instead, they offer curated rewards which are often more valuable. Remember, there’s no annual fee, so you’re not spending any money to save money.Īs for the rewards, the STACK card doesn’t use a cash back system as many other credit cards do. STACK basically wants you to own your weekly spending, so you won’t have any issues mastering your monthly or annual budget. Within the app, you’ll see your weekly spending habits so you’ll know where your money is going. With every purchase, you can round up to the next $1, $2, $5 or $10 and put it towards your savings goals. What’s also interesting about the STACK Mastercard is how it encourages you to save. Why make things more complicated than they need to be? Clearly this change was made so the card would be more profitable, but I suspect many people will stop using the card (including me) as a result. In the past, there were no FX fees for purchases or ATM withdrawals. Let’s be real, this new change is ridiculous. However, if you spend at least CAD $350 in purchases each month, those fees will be reimbursed up to CAD $1,000 in FX spend. STACK recently announced that they’re going to start charging foreign exchange fees as of Feb. If that’s important to you consider some other options. I should note right away that as a prepaid credit card, you don’t build your credit score. This is an ideal solution for people who are worried about their spending. You can only spend what you have loaded to the card. ![]() Since this is a prepaid card, there are never any fears of overspending or worrying about paying interest. ![]() You need to look at the STACK Mastercard for what it is, which is a prepaid option that lets you manage your money better.
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