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:
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By sending an Interac e-Transfer from your bank account
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Through the Visa Debit transfer (available for Scotiabank, TD Bank, and CIBC debit accounts)
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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:
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No interest charged
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No fees to open a card
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No monthly fees
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No minimum income requirements
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No credit checks involved
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Spending analytics available
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Credit score monitoring available
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An option to lock and unlock your card as needed
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Protection from unauthorized use with the Visa Zero Liability Policy
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Free identity fraud protection
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Making a social impact while spending
At the same time, the MogoCard has certain drawbacks:
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Maximum card balance limit
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Transaction limits
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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.