Mogo Visa Platinum Prepaid Card Review

The Mogo Visa* Platinum Prepaid Card (aka MogoCard) offsets your carbon footprint with every purchase while also earning Bitcoin cash back.

Like other cards on my list of the best prepaid cards in Canada, it has no annual fees.

The MogoCard is one of several innovative financial products offered by Mogo Inc. Others are free Equifax credit scores, identity fraud protection, personal loans, and mortgages.

This Mogo Visa* Platinum Prepaid Card review covers its benefits, fees, limitations and more.

Mogo Visa* Platinum Prepaid Card

Rewards: Earn 2% bitcoin cash back on all purchases.

Interest rates: N/A.

Annual fee: $0

Mogo Visa* Platinum Prepaid Card Benefits

1. Bitcoin Cash Back: You earn 2% bitcoin cash back on all purchases (in Canada and abroad). The cash back you can earn is unlimited and is added to your account on a monthly basis.

2. Carbon Offset: This card helps you to offset CO2 with every purchase at a rate of 1 pound of CO2 per dollar spent. Mogo’s Amazon Rainforest project helps to save trees in the world’s largest natural carbon sink on land.

3. No Annual Fee: There is no monthly or annual fee for the MogoCard. Reloading your card is also free.

4. Budgeting Tool: Cardholders can use the Mogo app to create spending budgets and keep their finances under control.

5. Visa Zero Liability: You are protected from unauthorized use of your card and can instantly freeze your card if it goes missing.

MogoCard Fees and Spending Limits

You can easily reload your prepaid card using Visa Direct Transfer or Interac e-Transfer.

This service is free and takes as little as 30 minutes and up to 1 day.

The following spending and withdrawal limits apply:

MogoCard Spending Limits
Source: Mogo.ca

Also, service fees may apply as follows:

  • Domestic ATM: $1.50
  • International ATM: $3.00
  • Account inactivity fee: $1.99 (after 1 year of dormancy)
  • Foreign currency transaction fee: 2.50%
GET THE MOGOCARD

Downsides

If you are not interested in cryptocurrency, the bitcoin cash back may not be as attractive. That said, you can always withdraw your BTC as cash to your bank account.

MogoCard is a prepaid card (not a credit card) and you can’t use it to build your credit score.

It does not offer basic insurance coverage such as purchase protection or extended warranty.

Also, the funds in your Mogo Visa* Platinum Card are not eligible for CDIC protection.

MogoCard vs. KOHO Prepaid Card

The KOHO Prepaid Visa Card is free and offers 0.50% cash back on all purchases.

KOHO also has a premium card that costs $9/month or $84/year and it offers up to 2% cash back and other perks.

Learn more about KOHO cards in this review.

Prepaid CardsMogoCardKOHO Visa
Monthly fee$0$0 ($9 for KOHO premium)
Cash back rewards2% bitcoin cash back0.50% to 2% cash back
Mobile appiOS and AndroidiOS and Android
Budgeting toolYesYes
FX transaction fee2.50%0% to 1.50%
Card typePrepaid VisaPrepaid Visa
ReloadableYesYes
Referral bonus$10 bonus when you refer others1% extra cash back for 90 days when you sign-up and use our promo code CASHBACK
Other perks and featuresCarbon offset; free credit scores; identity fraud protection; bitcoin trading; loans and mortgagesHigh interest savings account; joint accounts; Early payroll; credit building service
Learn moreVisit MogoVisit KOHO
Mogo Visa* Platinum Prepaid Card Review
4.5

Summary

The Mogo Visa* Platinum Prepaid Card (MogoCard) is free, offers bitcoin cash back, and offsets your carbon footprint. This review covers its benefits, downsides, and fees.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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