Are you looking for a way to manage and control your spending? If so, you may want to consider getting a MogoCard.
The Mogo Visa Platinum Prepaid Card (aka MogoCard) has been around for a while and is one of the most competitive prepaid Visa cards on the market. It is a solid alternative for those looking for the convenience of a credit card but without the temptation of going into debt.
In this MogoCard review, I will discuss how the MogoCard works, its benefits and how it differs from other reloadable prepaid Visa cards.
I will also discuss its pros and cons to help you decide if it is the right one for your needs or not.
Update: The MogoCard was discontinued on June 6, 2023.
Who Is Mogo?
Mogo is a financial services company based in Vancouver, Canada that was founded in 2003 by David Marshall Feller.
Mogo’s first product was a personal loan product for Canadians. Since then, the company has grown its product range to include mortgages, identity fraud protection services, reloadable prepaid cards, free credit scores and Bitcoin trading platform.
The goal of Mogo is to help people gain control of their finances by giving them access to easy-to-use technologies and free credit score monitoring services.
Mogo has over 1.6 million loyal customers as it continues to innovate and drive positive change within the Canadian lending industry.
Mogo also made history when it became the first Canadian fintech to launch an IPO on the TSX (Toronto Stock Exchange) under the symbol “MOGO.”
What is the MogoCard? (Discontinued)
The MogoCard (Mogo Visa Platinum Prepaid Card) is a reloadable, prepaid card that offers many of the same perks as a credit card without the risk of going into debt. This is because you can only spend what you load into your MogoCard.
It works just like any other credit card but it is reloadable and prepaid, making it ideal for those who don’t have access to or cannot get a credit card. Or those trying to manage their spending.
According to Mogo, the average user reports savings $201 per month with the card.
You can use your MogoCard everywhere Visa cards are accepted in Canada. You can purchase goods and services online or in-person at retail locations, restaurants or any other place it is accepted.
Also, you get notified every time you use your MogoCard, including when you’re close to reaching your spending limit. You’ll also get notified when there is an activity on your account, so if someone tries to use it fraudulently, you can act quickly.
Whether you’re looking for a safe and secure way to shop online, a way to budget for your vacation, or just a more convenient way to make purchases, the MogoCard is the perfect way to spend money responsibly.
Advantages of MogoCard
The MogoCard has many advantages over traditional debit and credit cards. Here are some of them:
Free Credit Score Monitoring
You can monitor your credit score for free every month with Mogo.
Knowing your credit score can help you better understand your financial health and unlock new financial opportunities.
You can also improve your score by lowering your credit utilization ratio by using a Mogo Visa Platinum Prepaid Card instead of a credit card.
Related Post: Best Credit Score Apps in Canada
No Annual Fee
If you’re looking for a card to make purchases without annual fees, the MogoCard has you covered.
Unlike many other credit or prepaid cards, there is no annual fee for the MogoCard. You can also reload your card at any time, for free.
Budgeting Tool
Budgets help keep you on track and make sure you’re in control of your cash. Mogo makes it easier than ever before to create and stick to spending budgets.
The Mogo Visa Platinum Prepaid Card allows you to set up automated weekly or monthly transfers that are automatically applied to your balance so you can stay on track with your savings and spending goals.
Plus with mobile alerts, you can rest easy knowing that your finances are secure all in one place.
Security
The MogoCard is also equipped with advanced security features. Your identity is safe and secure when you use your MogoCard while making online purchases.
Each card comes with an encrypted microchip to keep you safe from identity theft.
And if your card gets lost or stolen you can freeze it instantly in the app, and even unfreeze it if it turns up again.
Rewards on Purchases
Even though MogoCard doesn’t offer cash back or points on purchases, it gives you green Satoshis when you make purchases.
MogoCard also plants a carbon-sucking tree on your behalf for every one of your purchases to help you offset your carbon emissions (CO2). The tree-planting program is run in partnership with Veritree.
Drawbacks of MogoCard
Although the MogoCard has a lot of great features, it also has a number of drawbacks you need to consider. The following are the major drawbacks of MogoCard:
It Doesn’t Build Credit Score
The Mogo Visa Platinum Prepaid Card is an excellent choice if you’re looking for a prepaid card with low fees. Since it doesn’t report to credit bureaus, the MogoCard can’t directly improve your credit score.
However, this is a common feature of prepaid cards. So if you have bad credit and are looking to rebuild your credit score, you should consider a traditional credit card instead. Or a secured credit card if you’re finding it hard to be approved for a regular credit card.
No Insurance Coverage
The Mogo Visa Platinum Prepaid Card does not offer any insurance coverage.
Some other prepaid cards offer some insurance coverage as perks. If this is important to you, keep it in mind when choosing from MogoCard alternatives.
No Welcome Bonus
Another big drawback of the MogoCard is its lack of a welcome bonus. There are no cash bonuses, high cash back rewards and so on.
So if you are interested in earning a sign-up bonus with a prepaid card, look elsewhere.
No Overdraft
If you have no money on your MogoCard and you try to make a purchase, the transaction will be declined.
You simply can’t overdraw the MogoCard. That’s literally the whole point of a prepaid, so this is not much of a drawback. But it’s something to keep in mind.
MogoCard Fees
The MogoCard is a no-fee card. However, you may be charged a fee in the following situations:
- A $1.99 inactivity fee
- You can use your MogoCard to withdraw cash from any ATM worldwide, but the transaction will be charged a fee. A fee of $1.50 will be charged for domestic ATMs, while $3.00 will be charged for foreign ATMs.
- If you use your MogoCard to make a purchase in a currency other than the Canadian dollar, there is a 2.5% foreign exchange fee and the Mastercard currency conversion rate will apply (which typically varies daily).
MogoCard Spending Limits
The MogoCard is a prepaid debit card. This means that you can only spend or withdraw funds that you have already loaded in your MogoCard.
However, in an effort to protect your card from fraud, there are restrictions on how much you can put into your MogoCard at a time.
MogoCard spending and withdrawal limitations are as follows:
| Description | Maximum Limit |
|---|---|
| Card balance | $10,000 |
| Amount that may be transferred to a card in every 24-hours | $9,900 |
| Amount of any transfer other than through Canada Post | $5,000 |
| Number of transfers in 24 hours | 10 |
| Amount of any cash withdrawal | $500 |
| Maximum amount of purchases in a 24-hour period | $5,000 |
| Amount of any one purchase | $3,000 |
| Number of cash withdrawals in 24 hours | 1 |
| The minimum amount that can be transferred in 24 hours | $10 |
Who is the MogoCard For?
The MogoCard is for Canadians that care about the planet and are environmentally friendly. It is also for those that want a simple way to manage their spending by controlling how much money they have access to on their card.
It is great for people who want the convenience of a credit card combined with the ability to control their spending and protect themselves from overspending and debt.
While there are shortcomings to the card, they aren’t enough to suggest staying away from this card altogether. If you want a unique prepaid card with low fees, the MogoCard may be worth considering.
MogoCard Alternatives
MogoCard is a prepaid credit card that lets you access your money anytime, anywhere, and it’s free to apply.
Like any other product, there are lots of options out there. So in this section of the MogoCard review, we compare the MogoCard with some of its alternatives to help you make an informed decision.
Here’s how the MogoCard compares to other prepaid credit cards:
MogoCard vs KOHO Prepaid Card
MogoCard and KOHO Prepaid Card are both reloadable prepaid cards that don’t offer interest on purchases or charge monthly fees.
They allow users to set aside money directly from their pay cheque or bank account, use their cards and track spending through mobile apps.
They also both have transaction notifications to help you track your spending.
While the Mogo card and KOHO have a lot in common, there are a few key differences between them.
MogoCard operates on the Visa network while the KOHO Prepaid Card recently switched to the Mastercard network.
The MogoCard’s fees are higher than KOHO’s, which charges a $1.00 account inactivity fee, and 1.5% for transactions in foreign currencies, compared to the MogoCard’s $1.99 inactivity fee and 2.5% for transactions in foreign currencies.
You also get 1% cash back on eligible purchases and 0.5% interest on your balance with KOHO Prepaid Card. Plus, KOHO offers a welcome bonus of $20 after your first purchase if you sign up with a referral link like this one.
Also, domestic ATM withdrawals with the KOHO Prepaid Card are free, while the MogoCard has a domestic ATM withdrawal fee of $1.50.
MogoCard vs Stack Prepaid Mastercard
The MogoCard and Stack Prepaid Mastercard have tons of great features.
MogoCard and Stack Prepaid Mastercard both allow you to track your spending in real-time. Both have a mobile app to manage your cards.
Both cards will show your total balance, notifications of transactions and changes in spending habits.
MogoCard and Stack Prepaid Mastercard are the ideal cards for anyone who’s looking to spend in a smart way.
That being said, there is some difference between the two cards. One obvious difference is that MogoCard is a prepaid Visa card while the Stack Prepaid Mastercard is a prepaid Mastercard.
While MogoCard doesn’t charge monthly fees, Stack Prepaid Mastercard charges a $7.99 monthly fee.
However, the MogoCard doesn’t offer cashback on purchases whereas, with the Stack Prepaid Mastercard, everyday expenditures such as food, and petrol are eligible for automatic cashback.
Also, the MogoCard doesn’t offer cashback on purchases whereas, with the Stack Prepaid Mastercard, everyday expenditures such as food, and petrol are eligible for automatic cashback.
FAQs on MogoCard Review
Yes. Mogo is a popular and reputable organization that provides a wide range of financial solutions to Canadians of all ages and backgrounds.
No, the MogoCard is not a credit card. It is a reloadable prepaid visa card. Because the MogoCard is a reloadable visa card, you won’t find yourself in debt or spending more than you intend.
All you have to do is create a Mogo account and order your MogoCard.
The card will be delivered to you in approximately ten working days after you have placed the order.
No. Mogo does not affect credit score. Instead, using a MogoCard can help you avoid credit card debt.
Mogo processes and loads your MogoCard within a few minutes after receiving funds from your financial institution or you. However, your MogoCard may not be loaded for up to one day if there are a large number of transactions.
Final Thoughts on MogoCard Review
The MogoCard comes with all the basic services you’d expect from a modern-day prepaid card.
It’s a great option for people looking for a prepaid card without annual fees and those that care for the environment. Though it doesn’t help you build your credit, it indirectly helps you build a positive credit profile by helping you stay within your budget and not overspend.
Hopefully, this article has shed some light on MogoCard, a powerful reloadable card that you can use to keep track of your spending.
If you found this MogoCard review helpful, check around this blog for other related posts.
MogoCard Review
Summary
The MogoCard (Mogo Visa Platinum Prepaid Card) is a reloadable, prepaid card that offers many of the same perks as a credit card without the risk of going into debt.
