The STACK Mastercard is one of the best prepaid cards in Canada.
In addition to helping you save on banking fees, this reloadable Mastercard offers cash back when you shop at participating retailers.
And you don’t pay foreign exchange fees when you meet the minimum spending requirements.
New STACK users get a $5 sign-up bonus when they sign up using a Stack referral link and load their accounts with $300 or more.
Read on to learn about the current STACK promotions, how the card works, and alternative prepaid credit cards like KOHO ($20 bonus) and Wealthsimple Cash.
Update: STACK is shutting down on September 11, 2023. Its users can transfer their accounts to KOHO or open a new KOHO account to access the same benefits.
STACK Mastercard Promotion ($5 Bonus)
Follow these steps to open a STACK account and get the sign-up bonus:
- Visit STACK
- Provide your email, a secure password, and personal details (name, date of birth, occupation)
- After verifying your new account, load it with at least $300 to qualify for the referral bonus
- Use your free prepaid card when paying online and in person and earn cash back
What is STACK?
STACK is a financial technology company that offers a reloadable prepaid card and a mobile app for budgeting.
Its prepaid Mastercard is issued by Peoples Trust Company (PTC), and your deposits are protected by Canada Deposit Insurance Corporation (CDIC) up to specific limits ($100,000 across your eligible STACK and PTC accounts).
Learn more about the company in this STACK review.
How Does STACK Mastercard Work?
You can use the Stack Mastercard at any location where Mastercard is accepted, i.e. millions of locations worldwide.
Its features include:
Earn cash back: Offers are available at 140+ retailers, including the likes of DoorDash, The Body Shop, Hello Fresh, Indigo, Adidas, and more.
Waive FX Fees: When you spend abroad, the foreign exchange fee (2-3%) is waived if you spend a minimum of $350 CAD each month. FX fees waived are capped at up to $1,000 CAD spent abroad.
Access early payroll: When you set up your payroll to deposit in your STACK account, you can access a portion 2 days early.
Budgeting: Use the STACK app to track your income and expenses. The app also allows you to create savings goals and automatically save some money after every purchase.
Free Transfers: STACK-to-STACK transfers are free, and you can use the app to split bills with friends who are also STACK users.
STACK Referral Program
After joining STACK, you can copy your referral link from the “Invite Friends” section and share it with others.
When someone joins via your referral link, activates their card, and loads $300 or more, they get a $5 bonus.
As the referrer, you get the following:
- $5: For the first five referral (each)
- $10: For your next five referrals (each)
- $15: For every other referral after the first 10
Stack does not use referral codes or promo codes. Sign-ups are done using referral links.
STACK Mastercard Fees
The Stack Mastercard charges a $7.99 monthly fee if you don’t meet minimum spending requirements.
If you do not meet the eligibility requirements when spending abroad, standard FX fees (2.5%) apply.
STACK Mastercard Limits
There are various limits and maximums when using the STACK Prepaid Card, including:
- Maximum card balance: $20,000
- Maximum amount per single POS transaction: $2,500
- Maximum amount per single ATM transaction: $500
- Maximum daily combined spend and cash withdrawals: $5,000
Other limits apply – visit their website for more details.
STACK Mastercard
*Closing down September 11, 2023
Up to $7.99 monthly fee
No FX fees abroad (terms apply)
Unlimited bill payments
Downsides of STACK
You need to spend at least $350 monthly using the card before you can benefit from reimbursement of FX fees.
Also, the cash back offers are only available at select stores, unlike KOHO, which pays you cash back on all purchases.
KOHO vs. STACK
KOHO is the top prepaid card in Canada. It also offers a virtual card you can use for online purchases.
The KOHO Prepaid Visa Card offers up to 5% cash back on purchases, and if you upgrade to KOHO Premium, you pay no FX fees and enjoy other perks.
In addition to cash back, KOHO also offers these benefits:
- Access to a high-interest savings account
- Access to credit building
- Joint accounts
- Budgeting apps
Visit KOHO and get a $20 bonus after using your card for the first time. The KOHO referral code is automatically applied via the link.
KOHO Prepaid Mastercard
$20 welcome bonus after first purchase (use CASHBACK promo code during sign-up)
$0 monthly fee*
Earn up to 5% unlimited cash back
Get 5% savings interest on your balance
Unlimited Interac e-Transfers and debit transactions
Free budgeting app and access to credit building
STACK Referral Bonus FAQ
Yes, STACK is a legitimate company, and it has partnerships with Peoples Trust Company (a major financial institution in Canada).
No, the STACK Mastercard does not build your credit score. If you want access to a credit building program and prepaid card, sign up for KOHO.
Yes, the STACK Mastercard is safe as other credit cards, and it is backed by Mastercard’s zero liability protection.
You can get the Wealthsimple Visa Card by opening a Cash App Account and applying for it. Use referral code “WCEYAP” to get a $10 bonus.
STACK makes money through interchange fees on every transaction you make as well as FX fees when you spend abroad in a foreign currency.
Related:
