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A couple of Fintech companies in Canada have revolutionized banking for several individuals. One of these companies is Mogo. Besides offering loans, mortgages, and a bitcoin exchange, Mogo offers a unique prepaid card.

Types of Mogo Cards

Mogo offers one card aptly named the MogoCard. This card isn't a credit card. Instead, it's a prepaid Visa card. So if you don't want to rack up credit card debt, it's worth the bet. You can load up to $10,000 on the MogoCard.

Unlike other prepaid cards, the MogoCard comes with environmental benefits, making it eco-friendly and sustainable. With every tap of your card, Mogo will plant one tree through its tree-planting partnership with Veritree.

This initiative offsets the negative effect of mining bitcoin, a cryptocurrency housed on Mogo’s crypto exchange platform.

MogoCard Perks

The MogoCard runs on the Visa payment processing network. Therefore, you won’t have to worry about card acceptance. You can use your card anywhere you see a Visa logo, which appears at millions of locations.

Besides seamless payments, you’ll also benefit from free monthly credit score monitoring, identity fraud protection, and Visa Zero Liability.

Mogo Reward Program

The MogoCard earns you 50 satoshi rewards every time you use your card. Satoshi is essentially bits of bitcoin that make investing in the cryptocurrency more sustainable.

Besides earning satoshi rewards, the MogoCard gives back to the planet. With this card, you can reduce your carbon footprint by participating in Mogo's tree planting initiative.

Mogo Partnerships

Mogo has one partner: Veritree. This organization is responsible for planting trees. Veritree monitors and manages nature-based initiatives using the latest technology.

Pros and Cons of the MogoCard

The MogoCard comes with great rewards, advantages, and disadvantages. Check out the pros and cons below to decide if this card is a good fit for you.

The Pros of the Mogo Card

• Helps reduce your carbon footprint. Every time you use your MogoCard, Mogo plants one tree. This can make a significant impact on the plant. According to Mogo, using your card 7 times per month every year makes you carbon neutral.
• No annual fee or minimum income is required. MogoCards have no annual fee. You also won't need a minimum income to qualify for this card.
• Zero credit score impact. Since it's a prepaid Visa card, Mogo won't need to do a credit check. This will save you the drop in your credit score when you apply for a credit card.
• Free credit score monitoring. You will get free monthly credit score monitoring through Equifax.

The Cons of the Mogo Card

• No credit score improvement. Prepaid cards won’t improve your credit score. You’re essentially spending your own money instead of credit. So there won’t be any entries made on your credit report. A secured credit card would work better for you in this case.
• Few rewards. Besides earning satoshi rewards, there isn't much else this card brings to the table. However, this makes sense because you don't pay an annual fee. It'll be best to make small purchases, allowing you to help the environment.