Using STACK (debit) MasterCard | Credit card reward programs | Discussion forum

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are displayed) or what exchange rate was used, which is not the end of the world, but would be nice to have as a handy historical reference.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.