The MogoCard is one of the first crypto credit cards in Canada and it offers unlimited 2% cashback in Bitcoin on every purchase you make.
I've been using the card since June 2021 so in this review I'll go into detail on the fees, if it's worth it and everything you need to know. Let's jump right in.
2% Bitcoin cashback on all categories
$1.99/mo after 365 days of inactivity
Debt Interest Rate
E-transfer, connect bank account
Free credit score monitoring, free fraud protection, carbon offset program and more
Pros & Cons
Who Is Mogo?
Mogo is a very popular and publicly traded fintech company in Canada with over 1.6 million people using their products. Their website says they are passionate about using technology and design to help Canadians improve their finances.
They were founded in 2003 and are publicly traded on the TSX and NASDAQ since 2015. Their products range from the MogoCard, to free credit score monitoring, to buying and selling Bitcoin, to personal loans, and more.
What Is The MogoCard?
The MogoCard, which is officially called the Mogo Visa Platinum Prepaid Card, is a free Bitcoin rewards card for Canadians. It works like a debit card but still gives you the rewards of a credit card.
You will earn unlimited 2% Bitcoin cashback on all purchases. And since it's a Prepaid Visa Card, it doesn't impact your credit score, let you go into debt, or pay high interest rates.
How Does It Work?
To use your MogoCard, you need to first deposit money into your account via e-transfer or by connecting your bank account. Then, to earn free Bitcoin, just use the MogoCard on purchases you were going to make anyways (in-store or online) and you will get 2% cashback. For example, if you spend $2500 per month, you will get $50 back just for using this free card. That's $600 per year back into your pocket.
The application process takes about 3 minutes. Users need to sign up for a Mogo account and apply for a MogoCard. Once you fill out the legal stuff, verify personal details and confirm your address, you can order your card for free.
Who Is Eligible?
- Canadian citizens or permanent residents
- People who are 18+ years old (19 in some provinces)
- *There is no minimum income or credit check required
Sign Up Requirements
- Email address
- Name, address, contact info, birthday
- Social insurance number
10 days after ordering, my MogoCard came in the mail
Funding and Withdrawals
Deposits and Withdrawals
Connect Bank Account
Deposits and Withdrawals
Crypto Deposits / Withdrawals
Adding funds to your MogoCard is easy, fast and free. The only downside is you can not deposit or withdraw your Bitcoin.
When Do You Get Paid in Bitcoin?
Your Bitcoin cashback gets paid out on the first of the month. It's deposited into your Bitcoin balance in the app and you can hold it or sell it for Canadian dollars. Unfortunately, you can not withdraw your Bitcoin to a different wallet at this time.
In general, the MogoCard has tap and pay, zero annual fees, and easy top-ups via e-transfer. Let's look at all of the other features in detail:
2% Unlimited Cashback
The main feature is the high 2% cashback. Best of all, it has no limits like some other cards out there. You can shop at any store and get rewarded. In the app, transactions are displayed in real-time and your Bitcoin is credited on a monthly basis.
Carbon Offset Program
For every $1 you spend, Mogo will offset one pound of CO2 via their Amazon Rainforest Project. The company stated their goal is to "make it easy for Canadians to make a positive impact." Although it's hard to track these types of promises it's great they're doing this and it's free.
Visa Zero Liability Policy
The Mogo Platinum Prepaid Visa comes with Visa Zero Liability protection which means "you're protected from unauthorized use of your card or account information."
iOS, Android and Web
Mogo builds its products as a mobile-first experience. The app is sleek, easy to use and a refreshing experience from the boring banking apps that you're used to. Some features include rainforest mode, apple wallet compatibility, purchases display in real-time and more.
With the auto-transfer feature, you can better manage your spending and keep things simple. Toggle it on to automatically transfer money from your bank account weekly, biweekly, monthly or whatever settings you like.
The "Spending Analysis" tab shows you an overview of your spending habits. You will see your average daily spend, your monthly average, and other useful numbers.
Other Financial Services
Mogo is a leading fintech company in Canada and offers much more than their Prepaid Visa Card. Inside the app, you will conveniently find many financial products such as:
- Free monthly credit score monitoring (provided by Equifax)
- Money Class (free financial education)
- MogoCrypto (easily buy and sell Bitcoin)
- Borrowing (personal loans and mortgages)
- Free identity fraud protection
$1.99/mo after 365 days
Source: Mogo.ca - Screenshot taken Jul 5, 2021
Mogo claims they take various security precautions. Their website states they store at least 95% of crypto assets in cold storage. If your card is lost or stolen, you can instantly freeze it in the app. Mogo also lets you activate free identity fraud protection in the app.
Is Mogo Legit?
Mogo is legit. They are a publicly traded company on the Toronto Stock Exchange, FINTRAC regulated and have a good reputation with over 1.6 million Canadians using their products.
Is The MogoCard Insured?
Your MogoCard balance is not CDIC insured like most bank account balance are. However, there is Visa Zero Liability policy which can protect against unauthorized use of your card.
Where It Shines
High Rewards - 2% back on every purchase, in every caegory is incredible. This competes or outperforms just about every credit card in Canada in terms of cashback.
Better Than Typical Credit Card Points - Bitcoin is the best performing asset in the last decade and has potential to keep increasing in value over the years. Your traditional credit card points will not go up in value and they take tons of points to actually buy something with it.
It's Superior to Debit Cards - A debit card gives you no rewards whereas the MogoCard will give you 2% back on every purchase you make for absolutely free. MogoCard also outperforms many credit cards as well.
Where It Falls Short
Not Many Perks - 2% unlimited cashback is amazing but that's as far as the perks go. Other cards might offer less cashback but can give you travel insurance, rental insurance, mobile device protection, access to airport lounges, etc.
No Bitcoin Withdrawals - Unfortunately, you can only deposit and withdraw Canadian dollars. So if you want to move your Bitcoin, you have to sell it. I think this really defeats the purpose of it and if Mogo stands for Bitcoin, I think they should add withdrawals.
Small Welcome Bonus - Mogo offers $10 free for signing up which isn't bad, but other credit cards can have significantly higher sign up bonuses.
Can't Build Your Credit - Not a downside for everyone, but the MogoCard does not impact your credit score so you can not build your credit score using this.
There are not many crypto credit cards out there, however there are some alternatives and other alternatives on the way. Check out these MogoCard alternatives in Canada:
- 1% cashback in CRO tokens
- No monthly or annual fees
- 2% cashback in CRO tokens
- Must stake $500 for 6 months
- Free Spotify subscription
- $25 bonus for signing up
- Not released yet
- You can join the waiting list
- Get $10 free when you trade $100
The MogoCard is currently the best crypto credit card in Canada for its price and a great rewards card in general. 2% cashback on all purchases is very high in the industry and there are no annual fees. Additionally, you get a great mobile app experience and lots of other features. I love this card, my only complaints are I wish it could build my credit score and offer Bitcoin withdrawals.
Who Should Use The MogoCard?
- Anyone using a debit card or that isn't earning rewards for spending
- If you want to earn free Bitcoin or squeeze money back into your pocket
- If you don't trust yourself with a normal credit card but still want the rewards
Who Shouldn't Use The MogoCard?
- If you'd rather use a credit card to build your credit score
- If you want different perks other than high cashback
- If you don't care for Bitcoin
- Unlimited 2% Bitcoin cashback
- No annual fees or credit impact
- Get a $10 bonus for signing up