In Canada, the financial landscape is undergoing a major upheaval as traditional banks are displaced by internet companies. Mogo Card is a new competitor that tries to change the game by focusing on green alternatives.
These platforms provide several benefits to Canadian investors, including very cheap administration costs, complimentary essential services (such as Interac, withdrawal, and money transfers), and financial goods (such as credit and debit cards, among others) with reasonable yearly fees.
Additionally, some of these financial institutions charge competitive pricing for even more cutting-edge services. In fact, we’re talking about mortgages and personal loans, methods for raising credit scores, and wide access to cryptocurrency exchanges with affordable fees.
By providing Canadians with a variety of financial products, Mogo Financial Institution participates in this trend.
In the following few lines, we’ll discuss the company and outline its key objectives. The main financial products that Mogo Finance offers will next be thoroughly examined. Finally, we will evaluate this platform, taking care to highlight its key benefits and drawbacks.
What is MOGO Finance?
Located in Vancouver, Mogo Finance is a Canadian financial institution that specializes in lending money and providing personal financial assistance. Over 1.6 million people in Canada are members of this organization. Mogo Finance does not, however, currently conduct business in Quebec, thus that should be acknowledged.
Mogo Finance provides a wide range of financial services. Here is a brief description of the financial instruments available:
- Credit score checker
- Fraud Protection through Mogo Protect
- Mogo Visa* Platinum Prepaid Card
- Personal loan
- Mortgage loan
- The Moka savings application
- Buying bitcoin through a specialized platform
- Friend recommendation reward (use this link to help the blog)
MOGO Prepaid Visa Card
The Mogo Visa* Platinum Prepaid Card is a member of the Visa network of credit cards. It functions differently from a typical credit card in that the user must load money onto the card before the provider will credit it.
The MogoCard, a Visa* Platinum Prepaid Card from Mogo, is its most well-known item. The card offers customers a variety of advantages, enabling them to budget their expenditure, earn worthwhile rewards, and save money. Some noteworthy characteristics are:
- 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
Mogo Visa Prepaid Card Best Features
To help you get the most out of your money, the MogoCard has a tonne of features.
Bitcoin Cashback
You should look at the MogoCard if you’re a fervent cryptocurrency investor just for this feature. Due to this special feature, you can get a monthly deposit of 1 percent cashback in bitcoin into your Mogo Bitcoin & Rewards account. An easy way to expand your bitcoin holdings, and a great introduction to cryptocurrencies for people who are unfamiliar with them.
Environmentally Friendly
The MogoCard is environmentally friendly, which will please individuals who are dedicated to lowering their carbon impact. By working with the REDD+ Amazon Forestry Project, Mogo helps offset one pound of CO2 for every dollar you spend using the card.
Free Fraud and Credit Protection
You may monitor your Equifax credit score and get free protection from unauthorized use of your card as a Mogo member.
Free Budgeting Tool
The Mogocard offers a convenient budgeting tool that lets you make a unique spending plan and keep track of your purchases. Additionally, you can programme recurring transfers to top up your balance at various times.
Security
Each Mogocard has an encrypted microchip and technologies like Visa payWave to guarantee the security of your online transactions. You can easily open the app to freeze your card if you misplace it.
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:
- Withdraw money from an ATM using your card – $1.50 and $3.00 fee for domestic and international withdrawals, respectively.
- Add money to your card through Canada Post.
- Conduct a transaction in a foreign currency – 2.50% fee.
- Leave your account dormant for at least one year – $1.99 fee
Pros & Cons Of Mogo Visa Prepaid Card
Pros
No top-up fees mean that you can reload your card as frequently as you’d like with new spending money.
Since the MogoCard is not a credit card, there are no interest fees to worry about.
No negative influence on your credit score — Unlike some prepaid debit cards, Mogo won’t do a hard credit check on you before approving your application for a card.
No yearly fees, and using the MogoCard for most of your purchases will save you money on banking expenses.
Free credit monitoring & fraud protection – You might have to pay more for these features from other prepaid debit card issuers, or they might not be available at all.
Bitcoin Cashback – The Mogocard’s bitcoin payback programme may be its most distinctive feature. Every time you use your MogoCard to make a purchase, you can freely accumulate bitcoin as a cardholder. Earning bitcoin cashback is advantageous due to:
If the businesses you do business with are prepared to accept it, bitcoin can be used as a cash alternative as another means to store your purchasing power.
You might profit from price growth because Bitcoin serves as an asset class in addition to a cash alternative.
It helps you diversify your portfolio of investments.
Your Bitcoin & Rewards account receives a monthly deposit of bitcoin cashback, allowing you to grow your investment over time on autopilot.
Compared to dealing with cryptocurrency exchanges and peer-to-peer networks, it is a more convenient and affordable option to buy bitcoin.
Cons
No addition protection to Mogo’s customers – Purchase protection insurance or an extended warranty are not provided by the card.
No CDIC protection – The money you maintain in your MogoCard is not covered by CDIC insurance, unlike personal chequing and savings accounts held at conventional financial institutions. If your money vanishes unexpectedly, you’re out of luck.
Cannot be used to build credit history – The MogoCard has no impact on your credit score because it is a prepaid card that does not lend you any money.
Fees – Depending on your spending patterns, the withdrawal and international transaction fees may accumulate over time.
Conclusion
The Mogo Card is an amazing eco-friendly prepaid debit card that comes packed with a fascinating array of features designed to help you save money and control your spending. Although there aren’t many benefits, the costs are fair, and free security is a pleasant touch. Additionally, the bitcoin cashback option would be welcomed by crypto enthusiasts.
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