Prepaid debit cards are growing in popularity among Canadians looking for more ingenious ways to spend their money and manage their finances. Unlike a standard debit card, a prepaid debit card only allows you to make purchases using the money you load directly onto the card from your bank account.
Prepaid debit cards offer numerous benefits: they’re easy to use, come with little or no fees, and are an effective way to curb excessive spending habits. Many also offer attractive reward programs.
Today, a wide variety of banks, retailers, and credit card companies offer prepaid debit cards. The emerging fintech industry has also stepped up to the plate, creating unique versions that reflect the growing fusion of finance and technology. One of these fintech firms is Vancouver-based Mogo. Their suite of innovative financial products and services includes a Visa prepaid debit card that allows clients to earn cashback in bitcoins – the first to do so in Canada.
Check out the difference between a prepaid credit card and a secured credit card.
Who Is Mogo?
Mogo is a Canadian company that was founded in 2003 in Vancouver by David Marshall Feller. A pioneer in the online lending sector, the firm issued its first loan in February 2006 and has been expanding its product line ever since. Today, the fintech veteran offers a diverse range of financial products, including personal loans, free Equifax credit scores, identity fraud protection services, mortgages, bitcoin wallets, and a Visa prepaid debit card. The company made its debut on the TSX in June 2015 and currently serves a loyal customer base of over 1.6 million.
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READ ARTICLEMogo Visa* Platinum Prepaid Card
Mogo’s most well-known product is its Visa* Platinum Prepaid Card, known simply as the MogoCard. The card confers many benefits to users, allowing them to save money, earn valuable rewards, and practice wise spending habits. Some notable features include:
- Zero annual fees
- Budgeting tool to help monitor spending
- Mobile app to track transactions
- Cashback on all purchases deposited monthly into your Mogo Bitcoin & Rewards account
- Tap and pay purchase ability
- Zero liability protection against unauthorized purchases
| Annual Fee | $0 |
| Cashback/Rewards | 2% bitcoin cashback on all transactions |
| Budgeting Tool | Yes |
| Mobile App | iOS and Android |
| Foreign Exchange Transactions Fee | 2.50% |
| Card Type | Prepaid Visa |
| Extra Features | Credit score monitoringIdentity fraud protection |
| Referral Bonus | $10 bonus for referring other users |
| Tap & Pay | Yes, available using Apple Pay and Google Pay |
| Top-Ups | Yes, all free |
| Welcome Bonus | No |
| Hard Credit Check Required | No |
Mogo Visa* Platinum Prepaid Card Best Features
The MogoCard offers a wide range of features to help you make the most of your spending.
Bitcoin Cashback
If you’re an avid crypto investor, you’ll want to check out the MogoCard for this feature alone. This unique aspect allows you to earn 1% cashback in bitcoin, deposited monthly into your Mogo Bitcoin & Rewards account. A convenient method to increase your bitcoin holdings and an excellent way for those new to cryptocurrencies to get acquainted with this rapidly growing asset.
Want to invest and grow your assets? Check out our guide on investing for beginners.
Environmentally Friendly
For those committed to reducing their carbon footprint, you’ll be happy to know that the MogoCard is eco-friendly. Every dollar you spend using the card helps offset one pound of CO2 via Mogo’s partnership with the REDD+ Amazon Forestry Project.
Free Credit Score & Identity Fraud Protection
As a Mogo member, you gain access to Equifax credit score monitoring and protection from fraudulent purchases made on your card – all for free.
Budgeting Tool
The Mogocard comes with a handy budgeting feature that enables you to create a personalized spending plan and track your purchases. You can also set up routine transfers at various time intervals to top up your balance.
Security
Each Mogocard comes equipped with encrypted microchips and features like Visa payWave to ensure your online purchases are always safe and secure. Should you lose your card, you can conveniently access the app to freeze it.
Cost Of Mogo Visa* Platinum Prepaid Card
You can enjoy the benefits of the MogoCard without the standard fees that accompany most cards. There are no sign-up fees, annual or monthly fees, or purchase transaction fees. However, Mogo charges a fee in the following scenarios:
- You withdraw money from an ATM using your card – $1.50 and $3.00 fee for domestic and international withdrawals, respectively.
- You add money to your card through Canada Post.
- You conduct a transaction in a foreign currency – 2.50% fee.
- You leave your account dormant for at least one year – $1.99 fee
MogoCard Transaction Limits
| Maximum card balance | $10,000 |
| Maximum transfer to card within 24 hours | $9,900 |
| Maximum amount transferred at one time (other than through Canada Post) | $5,000 |
| Maximum number of transfers in 24 hours | 10 |
| Minimum amount transferred in 24 hours | $10 |
| Maximum amount of purchases in 24 hours | $5,000 |
| Maximum amount spend on one purchase | $3,000 |
| Maximum number of cash withdrawals in 24 hours | 1 |
| Maximum amount for one cash withdrawal | $500 |
Pros And Cons Of Using Mogo Visa* Platinum Prepaid Card
Before applying for the MogoCard, ensure you know the advantages and disadvantages of this prepaid debit card.
Pros
- Free top-ups – with no top-up fees, you can reload your card with fresh spending money as often as you want.
- No interest – the MogoCard isn’t a credit card, so you’ll never have to worry about interest charges.
- No credit impact – Unlike some prepaid debit cards, Mogo won’t subject you to a hard credit check before approving your application for a card.
- No annual fees – you can save money on banking fees by doing the bulk of your spending with the MogoCard.
- Free credit monitoring and fraud protection – other prepaid debit card providers may charge you extra for these features or don’t offer them at all.
- Bitcoin cashback – perhaps the most unique benefit of the Mogocard is its bitcoin cashback program. As a cardholder, you can collect bitcoin every time you spend money using the MogoCard with no restrictions. Earning bitcoin cashback is beneficial because:
- It’s an alternative way to store your spending power, and bitcoin can be used as a substitute for cash, as long as merchants you deal with are willing to accept it.
- Bitcoin functions as an asset class in addition to a cash substitute, so you may benefit from price appreciation.
- It’s a way to diversify your investment portfolio.
- Bitcoin cashback is deposited into your Bitcoin & Rewards account monthly, allowing you to grow your investment over time on autopilot.
- It’s a more accessible and cheaper way to acquire bitcoin than dealing with cryptocurrency exchanges and peer-to-peer networks.
Cons
- No additional consumer protection – the card doesn’t offer purchase protection insurance or an extended warranty.
- No CDIC protection – Unlike personal chequing and savings accounts held at traditional financial institutions, the funds you keep in your MogoCard are ineligible for CDIC protection. You’re out of luck if your funds disappear suddenly.
- You can’t build your credit – because the MogoCard is a prepaid card that doesn’t loan you any funds, it does not affect your credit score.
- Fees – the withdrawal and foreign transaction fees can add up over time, depending on your spending habits.
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READ ARTICLEHow To Apply For A Mogo Visa* Platinum Prepaid Card
So how do you go about acquiring a MogoCard? The process is straightforward and explained below.
Eligibility
To qualify for a MogoCard, you must:
- Be a Canadian citizen or permanent resident
- Be at least 18 years old (19 in certain provinces)
- Have money available in another account to be able to load onto the card
Documents & Information Required
You need to provide the following with your application:
- Name
- Address
- Contact details
- Social Insurance Number (SIN)
- Date of birth
- Email address
- Phone number
Application Steps
1. Visit the Mogo website and click “Card” in the top navigation menu. Then, click the “Get your free Mogocard” button that appears.
2. Enter the required details to complete the sign-up process and accept the Terms and Conditions
3. Confirm your order.
MogoCard FAQs
What’s the difference between a prepaid card and a credit card?
Will the Mogo Visa* Platinum Prepaid Card help me build credit?
Is a prepaid card better than a debit card?
Bottom Line
The MogoCard is an exceptional eco-friendly prepaid debit card that comes packed with a compelling array of features designed to help you save money and manage your spending. It doesn’t offer many perks, but the fees are reasonable, and the complimentary security is a nice touch. And if you’re a crypto enthusiast, you’re sure to appreciate the bitcoin cashback feature.
