The MogoCard is one of Canada's first Bitcoin rewards cards and pays you 50 Satoshis and plants 1 tree for every purchase you make.
This review goes in-depth on how the MogoCard works, the fees, if it's worth it and how it compares to the other crypto credit cards eligible in Canada.
Mogocard Overview
Updated: Apr 23, 2022
Cash Back Rate | 50 Satoshis and 1 tree planted for every purchase |
Annual Fee | Free |
Payout Frequency | First of every month |
Card Type | Prepaid Visa |
Foreign Transaction Fee | 1.50% |
Interest Rate | None |
Credit Check | None |
Sign Up Promotion | Get 1000 free Satoshi's and plant 8 trees |
Other Notes | Bitcoin withdrawals are not supported |
Pros & Cons
Where It Shines:
Where It Falls Short:
About Mogo
Mogo is a Canada fintech company that's publicly traded and has over 1 million people using their services.
They were founded in 2003 and became publicly traded on the TSX and NASDAQ in 2015. Their app has a variety of products like the MogoCard, free credit score monitoring, personal loans, mortgages and more.
What Is The MogoCard?
The MogoCard is an environmentally friendly Bitcoin rewards card for Canadians that pays you 50 Satoshis and plants 1 tree for every purchase you make. The card is a prepaid visa so it works like a debit card but rewards you like a credit card.
Card Screenshots
Updated: Apr 23, 2022
Features
Updated: Apr 23, 2022
1. Earn 50 Satoshis & Plant 1 Tree Every Tap
Every time you spend the MogoCard, you earn 50 Satoshis and plant 1 tree. 50 Satoshis is 0.0000005 BTC, or 2.5 cents at the time of this writing. Here is a Satoshi calculator you can play around with.
If you didn't know, a Satoshi is a small denomination of a Bitcoin (like pennies to a dollar). 1 Bitcoin = 100,000,000 Satoshis.
2. Spending Analysis
Get a breakdown of your average daily spend, monthly spend, and other stats to help you track your finances.
3. Visa Zero Liability Policy
The MogoCard comes with Visa Zero Liability protection which says you're protected against loss, theft, or unauthorized use of the card.
4. Carbon Offset Program
Mogo says this card helps you reduce your carbon footprint by planting a tree every time you spend. This page explains it in more detail.
5. Other Finance Features
- Free credit score monitoring
- Free identity fraud protection
- Mortgages
- Personal loans
- Buy and Sell Bitcoin (no withdrawals)
- MogoTrade (separate app for stock trading)
Deposit & Withdrawals
Updated: Apr 23, 2022
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | Nearly Instant | Min $10 - Max $3K |
Wire Transfer | Free | 0-1 business days | Min $10K - Max $1M |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Direct Bank Transfer | Free | Within 5 business days | Max $9.9K |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | NOT SUPPORTED | NOT SUPPORTED |
Fees & LimitsUpdated: Apr 23, 2022 | Cell |
Annual Fee | Free |
CAD Deposit Fees | Free |
Foreign Transaction Fees | 2.50% |
Inactivity Fee | $1.99/mo after 365 days |
Daily Spend Limit | $3,000 |
ATM Withdrawal Fee | $1.50 in Canada $3.00 International |
Max ATM Withdrawal | $500 |
ATM Daily Limit | $500 |
Bitcoin Withdrawal Fee | Bitcoin Withdrawals Not Supported |
Other | $25 fee for dishonoured payments |
Security
Updated: Apr 23, 2022
Is Mogo Trustworthy?
Overall, Mogo is a safe platform with a good track record. They hold 95% of crypto in cold storage, are FINTRAC regulated, publicly traded, and are safe to use.
- 95% of crypto held in cold storage (offline)
- FINTRAC Regulated
- Freeze your card at anytime within the app
- Free identity fraud protection
- Founded in 2003
- Publicly traded company which means financials are public and they are constantly audited
- Trusted by 1.6 million Canadians
Is The MogoCard Insured?
Funds in your Mogo acccount are not CDIC insured. There is a Visa Zero Liability Policy however, which protects against loss, theft, or unauthorized use. The website says, "you will not be liable for any unauthorized use of the card."
According to the Cardholder Agreement, the MogoCard has a Visa Zero Liability Policy which protects against loss, theft, or unauthorized use. The website says, "you will not be liable for any unauthorized use of the card." However, the funds in your Shakepay account are not CDIC insured.
MogoCard Alternatives
Updated: Apr 23, 2022
We found 9 crypto reward cards eligible in Canada that we are tracking. You can compare all of them below:
Name | Cash Back Rate | Cash Back Form | Annual Fee | Payout Frequency | Website |
|---|---|---|---|---|---|
1% | BTC | Free | 24-48hrs | ||
50 Sats | BTC | Free | Once a month | ||
 Netcoins Pay(#1 overall) | 1% | BTC | Free | Once a month | |
5% | CRO | Stake $500k for 6mos | 36 hours | ||
3% | CRO | Stake $50k for 6mos | 36 hours | ||
2% | CRO | Stake $5k for 6mos | 36 hours | ||
1% | CRO | Stake $500 for 6mos | 36 hours | ||
0% | CRO | Free | 36 hours | ||
1% | Crypto, stocks or cash | Free | 7-9 days |
The Bottom Line
Updated: Apr 23, 2022
Overall, there are better Bitcoin rewards cards available. The MogoCard has extremely low rewards of only 0.0000005 BTC per tap and does not let you withdraw Bitcoin from the platform. The only reason to use Mogo would be for its green features like planting trees and the carbon offset program - not for rewards.
Reasons to get the MogoCard:
- Earn green Bitcoin and plant 1 tree every time you spend
- No annual fees or deposit/withdrawal fees
- Very beginner-friendly and best mobile app
Reasons to get something else:
- Mogo doesn't let you own the Bitcoin. There are no Bitcoin withdrawals allowed
- Better rewards are available. Eg: Crypto.com Cards offers up to 5% cash back!
- If you want to build your credit score, find a regular credit card
MogoCard
- 50 Satoshis and 1 tree planted per tap
- Get paid once per month
- Free credit score monitoring
MogoCard
Get 1000 Free Satoshis & Plant 8 Trees When Signing Up
