i try to avoid this particular control. i generally find it doesn't act as i want it to (of course, i may be misunderstanding how it works!)
you may find this code useful. i use it with ordinary textboxes whose maxlen is set to 8 (dd/mm/yy). it allows a user to only input numeric characters and the "/" appears automatically in the correct place. i don't use placeholders, but that could be coded in. finally, i check that the date is valid (don't rely on IsDate - you may get unexpected results) - but that validation isn't here.
Private Sub DateMask(ctl As Control, KeyAscii As Integer)
'because vb's mask control is not up to the task
Dim strChar As String * 1
strChar = Chr(KeyAscii)
If KeyAscii = 47 Or KeyAscii = 46 Then KeyAscii = 0 'cancel a user-input "/" or "."
If IsNumeric(strChar) Then
If Len(ctl) = 1 Or Len(ctl) = 4 Then
KeyAscii = 0
ctl = ctl & strChar & "/"
ctl.SelStart = Len(ctl)
End If
End If
End Sub