Credit Cards

Mogo Prepaid Card-Why You Need To Get A MogoCard

Mogo Prepaid Card
Written by Jacob Efeni

For you to be here today, I believe you want to know more about the Mogo Prepaid Card and how it works. If you’re here looking to know more about this card then you’re in the right place.

In this article, I’ll be revealing everything you need to know about MogoCard, How Mogo Prepaid Card Works, the Advantages of Mogo Prepaid Card, and many more.

But before I dive straight into Mogo Prepaid Card, let us look at some important things about Mogo as a company and what it stands for.

About Mogo Inc /Company Profile

Mogo Card is a product of Mogo inc. The company is a Vancouver-based company that was founded by David Marshall Feller in 2003. The company is known for its quality services such as digital high-interest loans, identity fraud protection, mortgage, a Visa Prepaid Card, and credit score viewing through Equifax for select customers.

The company had an initial public offering on Toronto Stock Exchange (TSE) around June of 2015.

In January 2016, the company made a deal with Postmedia to exchange a profit percentage for free newspaper ads. This alone created more publicity for the company.

As of January 2017, the company started offering Mortgages and in January 2017, Mogo was able to acquire Carta for a whooping 10 Million Mogo Shares which was valued at an excess of $100 million CAD.

According to Crunch Base. Mogo Inc is a financial company that helps manage and control finances in Canada.

The company which has been serving as a financial technology company has been a major challenger and competitor to most banks in Canada. The company ensures that it helps consumers with simple solutions that will help them in controlling their finances.

Mogo also allows users to sign up for a free account online with just a few clicks under 3 minutes and get access to 6 different products such as the free credit score monitoring service, Identity fraud protection digital spending account with Platinum Prepaid Visa Card, digital mortgage experience, the MogoCrypto account.

The MogoCrypto is another great innovation of Mogo inc under the Mogo wealth. This product is the first among MogoWealth that allows users to buy and sell cryptocurrencies and access smart consumer credit products through MogoMoney.

With Mogo Products, as a user, you can enjoy best-in-class digital products that are tailored to solve your digital finance needs.

The company is having over 800k members at the time of writing this article due to its marketing partnership with Canada’s largest news media company.

The company which has a head office in Vancouver, British Columbia, Canada, is having approximately 101-250 employees.

Mogo Prepaid Card
Mogo Prepaid Card

About The Founder Of Mogo Inc

Mogo Inc was founded by David Feller, the company’s Chief Executive Officer, and a member of the Board of Directors of Mogo in 2003. Mr. David Feller is known as a pioneer in online lending and a passionate advocate of helping all consumers improve their financial health regardless of their financial position.
Mr. David Feller graduated from the University of Western Ontario with a Bachelor of Arts degree. He is known for some achievements such as being a former member of YEO(Young Entrepreneurs Organization) of Canada.

Mr. Feller’s experience leading the business over the past 12 years, along with his responsibilities for the strategic direction, product innovation, and management of Mogo’s day-to-day operations, brings broad industry and specific institutional knowledge and experience to the Board of Directors.

Since we’ve looked into the Mogo Inc company profile and other things you need to know about Mogo, let us look into the MogoCard service and everything relating to Mogo Prepaid Card since it is one of the major reasons why we’re writing this article in the first place.

What Is Mogo Prepaid Card?

The Mogo Prepaid Card is a Visa Platinum Prepaid Card that is reloadable. The card comes with amazing benefits which makes it more advantageous than a credit card. When an individual uses the MogoCard, he/she can save money while at the same time, saving the planet from climate change.

When you want to use the card as a customer, you’ll need to fund the card with the amount you need. Once the card is funded, you can use it to make any transaction. Every time you use your card the amount of each transaction is deducted from your card balance. You can’t spend more than you load onto your MogoCard, which means you’ll never get an overdraft charge or pay interest like you would on a credit card. Instant push notifications for each purchase keep you up-to-date on your card balance.

Mogo Prepaid Visa Card Review

Mogo Prepaid Card Rates

The MogoCard comes with no annual fees and a welcome bonus. The card comes with its own values according to Milesopedia. Below are its value

Annual Fee$0
YOUR MONTHLY SPENDING$2000
Groceries$400
Gas / Transport$300
Bills$300
Dinning$160
Others$700
Travel$140

Why You Need To Get a MogoCard

Having a Mogo Card Comes with amazing benefits that will help you plan your finance properly. With Mogo Card, you can do the following.

Manage Your Spending
Mogocard allows you to control your spending by knowing how much you make and how much you’re spending. The card allows you to be able to save and invest money properly.

Free Credit Score Monitoring and Identity Protection

Mogo allows you to enjoy the benefit of being able to monitor your credit score and protect your identity online all for free. Most companies that offer such service do charge up to $250 per year but Mogo tries to make sure you enjoy this for free as a user or customer.

No debt. No credit impact.
With MogoCard you can never fall victim to debit or spend more than you want. The card is a reloadable card. This means that you only fund it when you need to use it, unlike most credit card that requires you to have a minimum income. By using the card you can rest assured that your credit score will not be impacted.

Invest In Crypto

As a user of Mogocard, you can invest in bitcoin sustainably. You can be earning a minimum of 50 green satoshi rewards (bits of bitcoin) with every tap of your MogoCard and watch it grow over time.

Fight Climate Change

This is one of the amazing reasons why you need to use a MogoCard. As a user of MOgoCard, you’re a fighter against climate change. This is possible because whenever you spend with your card, you’re contributing to the fight against climate change because 1 tree will be planted to absorb C02 from the atmosphere.

What are MogoCard Service Fees?

Below are the service fees for Mogocard


Add money instantly online
 FREE
Monthly fee  FREE
Purchase transactions FREE
Initial card purchaseFREE
Domestic ATM $1.50
International ATM $3.00
Account inactivity fee $1.99 (Only charged after a year of non-card use)
Transaction activities keep the spending account free! Unless the balance is $0
Foreign currency transaction fee  2.5%5
Service fees for Mogo card

How much money can I add to my MogoCard?

Having a Mogocard, it is very important to know that the card comes with its own limit, especially on the amount of money you can add to the card at one time. Below is the breakdown of MogoCard limits.

Maximum Card Balance$10,000
Maximum transfer to the card in any 24-hour period$9,900
The maximum amount of any one transfer other than through Canada Post*$5,000
Maximum number of transfers in any 24-hour period10
The minimum amount transferred in any 24-hour period$10
The maximum amount of purchases in any 24-hour period$5,000
The maximum amount of any one purchase$3,000
The maximum amount of cash withdrawals in any 24-hour period1
The maximum amount of any one cash withdrawal$500
How much money you can add to your Mogocard

Note: As a user of MogoCard, you can only add Canadian dollars to your MogoCard. If you own an original MogoCard with a QR code printed on the back, you can add money to it via Canada Post.

How Download MogoCard App

The MogoCard can be accessed through iOS or Android Smartphones. To download the Mogo App for Android Os, you can do that through Google Playstore or Appstore for iOS users.

Conclusion

I believe I have covered everything you need to know about MogoCard. If you find this article helpful, don’t forget to share. This will encourage us to write more helpful articles like this.

We’ve also written an article on the Best Credit Card That Offer Cashbacks in 2022. We believe this article can also be helpful to you. Thanks for reading.

About the author

Jacob Efeni

Brillaweb is owned by Jacob Efeni, an internet marketer, Seo expert, writer, and affiliate marketer, under Brillaweb Connect. The blog is an information blog that gives you top-notch articles on Banking, Finance, Business, Mortgage, Insurance, Entrepreneurship, and Credit cards.