MogoCard®: interest rates, available limits, cashback and bonuses. Full conditions for obtaining a credit card online. The procedure for registration and receipt online or at a bank branch. Features.

About MogoCard

The MogoCard is a prepaid card issued by Peoples Trust Company that allows you to spend only the amount you've loaded into it previously. This way, you can avoid credit card bills at the end of the month.

MogoCard features

The MogoCard is a reloadable prepaid Visa Card. Unlike credit cards, it doesn’t involve interest charges since you are spending the amount you’ve loaded onto the card yourself. The maximum card balance you can have is $10,000. 

The MogoCard is free to issue, and it doesn’t involve monthly fees either. Still, there are ATM transaction fees, as well as account inactivity and foreign currency transaction fees. Certain transaction limits apply as well.

You can load funds to your MogoCard in the following ways:

  • By sending an Interac e-Transfer from your bank account 

  • Through the Visa Debit transfer (available for Scotiabank, TD Bank, and CIBC debit accounts)

  • Via Canada Post (provided you have an original MogoCard with a QR code printed on the back)

You can only load Canadian funds to your MogoCard, so there is no option to avoid foreign currency transaction fees when making purchases in foreign currencies.

If you’ve misplaced or lost your MogoCard, you can lock it through the mobile app so that no one will access your funds. You can unlock it at any time once you find it or order a replacement card.

With the MogoCard, you can monitor your spending habits. Each month, you will receive an analysis of your spending that can help you anticipate high-spend days and adjust your budgeting accordingly.

In addition, Mogo will send you free monthly updates on your credit score. 

Unlike credit bureaus that usually charge $240/year for identity fraud protection, Mogo provides this service for free.

What makes the MogoCard special is its approach to helping the environment. Each purchase you make with the MogoCard results in a tree planted, which helps with CO2 absorption. This way, you're taking climate action by erasing your carbon footprint.

Pros and cons

The MogoCard provides definite benefits to its cardholders:

  • No interest charged

  • No fees to open a card

  • No monthly fees

  • No minimum income requirements

  • No credit checks involved

  • Spending analytics available

  • Credit score monitoring available

  • An option to lock and unlock your card as needed

  • Protection from unauthorized use with the Visa Zero Liability Policy

  • Free identity fraud protection

  • Making a social impact while spending

At the same time, the MogoCard has certain drawbacks:

  • Maximum card balance limit

  • Transaction limits

  • Only Canadian dollars allowed 

How to apply for a MogoCard

You can order the MogoCard online. Click the “GET YOUR FREE MOGO CARD” button and register an account with Mogo. Then, apply for the MogoCard from your personal area by providing your personal information and verifying your identity. 

If you are a registered Mogo user already, you can order the MogoCard through the Card dashboard in the Mogo app. 

After ordering the card, expect to get it in about 10 business days.

Applying for the MogoCard involves no minimum income requirements or credit checks.

How do I activate my MogoCard?

To activate your MogoCard, sign in to your MogoAccount through the Mogo app after you receive the physical card. Then, enter the last four digits of your card number on the Card dashboard. Once you do, you will see the four-digit PIN for your MogoCard.

How soon will the funds appear in my MogoCard account after loading?

If you load funds to your MogoCard through Interac e-Transfer, you can expect the money to appear in your MogoCard account in about 30 minutes. If you load funds through Visa Debit transfers, you can access your money instantly; you can also access your money instantly. If you load funds via Canada Post. Once you've completed your transaction, you’ll have access to your money instantly!

What ATM transaction fees does the MogoCard involve?

Using the MogoCard involves ATM withdrawal fees. For domestic ATM withdrawals, you will have to pay $1.50 per transaction plus the ATM fee. For international ATM withdrawals, you will pay $3.00 per transaction plus the ATM fee.

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Last update 30.11.2022