Earlier, this week. I ran into the Stack MasterCard, a prepaid card offered by a Toronto-based company. I’m not excited by prepaid cards – I’m civilized and have credit – unless you can earn miles and points through them. However, what caught my eye was their no fees policy.
I’ve written before about avoiding Foreign ATM Fees, but current options available are less than ideal. There are options to withdraw USD with no fees (Charles Schwab/TD Bank), or CAD without fees at select banks (Tangerine).
But as far as I know, the Stack MasterCard might be the option might be the only product to withdraw CAD at foreign ATMs with no fees and no foreign transaction fees. As well, many people think MasterCard has better rates than Visa or other card types.
Stack MasterCard – No ATM Withdrawal Fees, No Foreign Transaction Fees!
They confirm on their website that they don’t have ATM withdrawal fees. This is already more than can be said for essentially all banks in Canada. However, the kicker is that they don’t have foreign transaction fees! This was confirmed twice, once from Member Care via email, and once through social media.
Right now no. We’re relaunching our site June 1 and will be calling out the specific “fee-free” benefits, including no foreign exchange, more clearly.
If this card launches with this feature, it might be the best product to come around this year. I’m not kidding. Who knew a prepaid card not for generating credit points could be so exciting?! Right now, it doesn’t look like they’re in a public launch – so you can join the waitlist for the card, which also enters you to win $5,000. Not bad, right?
However, the best prepaid card out there is still the CIBC AC Conversion card, which is still a good product to get. I earned close to a million points just from that, which was lovely. Nevertheless, I strongly recommend signing up for the Stack MasterCard. It’s free, and you don’t have to provide any personal information until the card launches.