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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.
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.
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.
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 has one partner: Veritree. This organization is responsible for planting trees. Veritree monitors and manages nature-based initiatives using the latest technology.
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.
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It depends on what you’re looking for in a card. If you want to build a portfolio with cryptocurrency, then this card is great because it earns you bits of bitcoin. Also, if you want to support more sustainability initiatives, the MogoCard allows you to do just that.
That said, the MogoCard is not suitable for anyone looking to build or repair their credit. Your transactions won’t appear on your credit report since it’s a prepaid card and not a credit product.
The MogoCard is neither a debit nor a credit card. It’s a prepaid card, which functions like a debit card, except it’s not linked to a bank account.
At a minimum, you must be a Canadian resident. Also, you’ll need to meet the age of majority in your province, which is 18 or 19 years of age. Besides this, Mogo doesn’t require a minimum credit score or income.
Yes. The MogoCard earns you 50 satoshi rewards (bits of bitcoin) with every use. There are also environmental rewards associated with the card. Mogo will plant one tree for every tap of your card.
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