The prepaid card market in Canada is undergoing a little upheaval at the moment.
Sadly, the MogoCard recently left the market. And another card is joining them – the Stack Mastercard. If you have one, you should have received an email from Stack about it. The card will be discontinued starting on September 11, 2023. Here's what we know.
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Stack Mastercard being discontinued
When the Stack Mastercard came to the market, it was a no fee, no fx fee prepaid card. It was perfect for those who wanted an easy card to pay no fees on foreign currency purchases. And it also had plenty of unique offers to earn bonus cash back at various retailers.
But last year, they made a pair of changes to the card. First, they started charging the standard 2.5% foreign transaction fee on purchases. However, if you spent between CA$350 to CA$1,000 in foreign transactions, they added 2.5% cash back to your account.
Later in 2022, they started charging members a $7.99 monthly fee, which would be waived if you spent $350 per month on the Stack card.
Put those together and it's really not surprising that we're here today talking about the end of the road for the Stack Mastercard.
If you have it, your last day to load it will be on August 18. You can request to unload it at any time through the app. After September 11, if you still have funds on your card, they'll automatically be e-transferred back to you within 45 days.
Alternatives to the Stack Mastercard
If you're suddenly in the market for a new prepaid card thanks to today's news, here are 2 no fee prepaid cards you can take a look at.
| Prepaid Card | Earn Rates | Special Features | Learn More |
|---|---|---|---|
| EQ Bank Card | * 0.5% cash back on all purchases | * No foreign exchange fees * Earn 3.3% interest on your balance | Learn More |
| Neo Everyday Account | * 0.5% cash back on all purchases | * Earn 0.1% interest on your balance | Learn More |
1. EQ Bank card
If you want a prepaid card that charges no annual or foreign exchange fees, the EQ Bank Card is the only one that we list.
For starters, you'll earn 0.5% cash back on all purchases. You can also earn interest on your prepaid balance – 3.3%.
And as the title states, it also charges no foreign exchange fees, saving you the typical 2.5% fee credit and prepaid cards charge.
2. Neo Money
The Neo Everyday Account offers a different take on rewards. Instead of earning rewards on a couple of set categories, Neo has thousands of retail partners where you can earn cash back, covering a wide spectrum of different retailers.
The cash back earned varies by retailer, but you can expect an average of 5% back. However, you won't earn cash back outside of Neo's partners.
It too earns interest on your prepaid balance – 0.1%.
Your thoughts on the Stack Mastercard
For those of you who have the Stack card – what are you going to do?
What's your replacement going to be?
Let us know in the comments below.
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