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.
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.
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.
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