Mogo Visa Platinum Prepaid Card Review 2022

The Mogo Visa* Platinum Prepaid Card (aka MogoCard) offsets your carbon footprint with every purchase.

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, stock trading platform, and mortgages.

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

Mogo Visa* Platinum Prepaid Card

Rewards: Offsets your carbon emissions when you spend with the card; free credit scores

Welcome offer: N/A

Interest rates: 0%

Annual fee: $0

Mogo Visa* Platinum Prepaid Card Benefits

1. 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.

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

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

4. 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

It does not offer a cash bonus when you sign up.

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 coverage.

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

MogoCard vs. KOHO Prepaid Card

The KOHO Prepaid Mastercard 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 Mastercard
Monthly fee$0$0 ($9 for KOHO premium)
Cash back rewardsN/A0.50% to 2% cash back
Mobile appiOS and AndroidiOS and Android
Budgeting toolYesYes
FX transaction fee2.50%0% to 1.50%
Card typePrepaid VisaPrepaid Mastercard
ReloadableYesYes
Referral bonusA tree is planted on your behalf per referralGet a $20 cash bonus after you make your first purchase (use CASHBACK referral code when signing up)
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. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, 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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