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Mogo Visa Platinum Prepaid Card Review 2023

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.

2023 Update: Mogo no longer offers this Visa Platinum Card. For the best prepaid card in Canada, read our review of the KOHO Prepaid Mastercard.

mogocard closing-img

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 it 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 one year of dormancy)
  • Foreign currency transaction fee: 2.50%

Downsides of the MogoCard

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 up to 5% cash back on purchases.

KOHO also has a premium card that costs $9/month or $84/year, offering up to 2% unlimited cash back in three categories, up to 5% cash back at partners 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/AUp to 5% 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 KOHO
Mogo Visa* Platinum Prepaid Card Review
Overall
4.1

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.

Pros

  • No annual fee
  • Offsets your carbon emissions
  • Free credit score check

Cons

  • ATM fees
  • No welcome offer
  • Does not build credit score

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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