Mogo Card

Q: How do I get a MogoCard?

Easy! Just sign up for a MogoAccount . If you already have a MogoAccount, just download the Mogo app and visit the Card dashboard! Once you have ordered the card, you can expect to receive it in about 10 business days.

Mogo Card Overview

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The Mogo Visa Platinum Prepaid Card, also known as the Mogo Card, is an excellent alternative to regular or traditional credit cards from your local bank or financial institution. This Mogo card review shows that one of the main features of this card is collecting rewards for Bitcoin cashback to start your cryptocurrency investment.

Mogo is a highly reputable company, which offers a variety of services and innovative financial products for everyone, whether you’re looking to earn generous cashback rewards or signing up for your first card. Secured or prepaid credit cards are growing more popular, and there are no annual fees. This Mogo card review is a good option for anyone looking to avoid these types of fees.

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*You could save $201 per month. Based on an online survey of active MogoCard users by Mogo Inc. conducted between July 13, 2021 and July 16, 2021, with 1,446 respondents to a combination of multiple choice and fillable text box questions. 91% of respondents agreed that the MogoCard can help them better control their spending.

66.5% of respondents reported that they were spending less on discretionary spending now that they were using the MogoCard, with respondents reporting that they believed to have an average savings of $201 per month (based on 902 respondents who specified an amount and excluding 60 respondents who did not specify any amount).

The MogoCard is a pioneer of prepaid cards in Canada. With no annual fees and generous rewards, this is a top-tier card.

Its main distinguishing feature is the effort it takes to mitigate the effects of climate change. For every tap of your card, Mogo will plant a tree.

This is to offset the carbon footprint caused by the mining of the Bitcoin housed on the platform. Which makes the MogoCard both environmentally friendly and sustainable.

Besides making a good impact on the planet, you can earn up to $50 in cashback benefits. Compared to the other cards in the market, this is a slightly higher reward.

The MogoCard is not a credit card, so you won’t rack up debt while using it. It’s a prepaid card, which allows you to add up to $10,000.

Its simple approval requirements make it ideal for anyone to get. You won’t need to meet a certain income or credit score requirement to qualify for the MogoCard.

What’s more, the MogoCard comes with free identity fraud protection. You’ll save the $240/year you’d pay another provider to safeguard your identity with the MogoCard. Other security features include the option to freeze your card directly from the Mogo app if it is lost or stolen.

You can also use the Mogo app to receive notifications when your credit score changes without paying an additional fee. Few prepaid cards provide such widespread credit score monitoring benefits.

According to Mogo, users have saved an average of $201 per month. This is likely because of the low fees on the card. The money you save can be put towards building a savings account or investing.

Essential Information

Network

Visa

Provider

Mogo

Card Type

Prepaid

Rewards

With the MogoCard, you can earn satoshi rewards. These are bits of bitcoin, which make investing in the cryptocurrency more sustainable. You will earn 50 satoshi rewards with every tap of your MogoCard.

Other Perks

The MogoCard comes with the following additional benefits.

It allows you to control your spending since you only use what you have. Therefore, you can use your extra money for investing or saving.
Every tap of your MogoCard results in a tree planted to fight climate change.
Ability to avoid building debt or overspending, considering it’s not a credit card.
No minimum income is required and impacts your credit score.
Free monthly credit score monitoring and identity fraud protection.
Access to budgeting and financial management tools. This makes it easier to budget and keep track of your expenditures.
Ability to set automated weekly, bi-weekly, or monthly transfers to top up your card balance.
Visa Zero Liability to protect your card from unauthorized use. You can also freeze your card in the Mogo app if it’s stolen or misplaced.

Costs and Fees

Monthly fee: $0
Online money transfers to your account: $0
Initial card purchase and purchase transactions: $0
Local ATM withdrawal fee: $1.50
International ATM withdrawal fee: $3
Account inactivity fee: $1.99 (Only charged after a year of non-card use)
Foreign transaction fee: 2.5%

FAQs about the MogoCard

What is a MogoCard?

The Mogo Visa Platinum Prepaid Card, otherwise known as the ‘MogoCard’, is a reloadable, prepaid Visa card offered by Mogo.

How do I get a MogoCard?

Easy! Just sign up for a MogoAccount. If you already have a MogoAccount, just download the Mogo app and visit the Card dashboard! Once you have ordered the card, you can expect to receive it in about 10 business days.

Do prepaid cards improve your credit score?

When you use a prepaid card it doesn't get reported to the credit bureaus (the big ones in Canada are TransUnion and Equifax). So, using a prepaid card won't impact your credit score positively or negatively.

What does Mogo work with to plant trees?

Mogo has partnered with BC based veritree. Veritree was started by the founders of the popular eco-clothing brand tentree. Veritree has built the world's best on-the-ground monitoring and management tool for nature-based solution projects. Veritree uses advanced blockchain technology which adds additional layers of trust and transparency to nature based solution projects to ensure there is no double counting of trees. Veritree works exclusively with verified planting partners. Veritree's goal is to use technology to rapidly accelerate nature based solutions to combat climate change.

What's the Difference Between the MogoCard and Other Prepaid Cards?

The MogoCard is a simple prepaid card that offers cryptocurrency investment options with no annual fees. The card also comes with environmental benefits, such as its tree-planting initiative.

Who Is the MogoCard For?

If you have a low credit score or wish to invest in cryptocurrency, this card is an excellent choice. The card has no annual fees, making it less expensive than other cards on the market. Furthermore, if you wish to support more environmental efforts, a card like the MogoCard is ideal.

What Are the Requirements to Get a MogoCard?

To be eligible for the MogoCard, you’ll need to meet the age requirement for your city. Visit the Mogo website to see the age requirement for the approved cities.

What Is the Benefit of a MogoCard?

Unlike most prepaid cards, the MogoCard does not require a minimum income or credit score. In addition, the opening deposit you make is refundable.

How Much Money Can I Add to My MogoCard?

You can add up to $10,000 to your MogoCard.

How Do I Add Money to My MogoCard?

How Does the MogoCard Work?

You can use the MogoCard to spend money you have placed into your account to control your spending.

Who Plants the Trees?

The trees are planted by Veritree, which has partnered with Mogo. Veritree uses the newest technology to monitor and manage nature-based initiatives. With Veritree as a partner, Mogo can accelerate the planting process and monitor every stage.