Copy of Review 1 - Blank

MogoCard Review

Last Updated: Sep 20, 2022  |  Published: Apr 23, 2022


This page has affiliate links. Learn More.

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.


Mogo Platinum Visa Card

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:

  • Best Mobile App - Mogo has the best user interface and design out of all the other crypto credit card apps. Very easy to use and beginner friendly
  • Stack Bitcoin - Rather than earning traditional reward points, you can earn Bitcoin which has the potential to appreciate in value
  • No Annual Fees - The card is free and so are deposits
  • Other Financial Products - Mogo has free monthly credit score monitoring, identity fraud protection and more
  • Environmentally Friendly - Mogo pays you "green Satoshis," has a carbon offset program, and plants 1 tree every time you use the card

Where It Falls Short:

  • Lowest Rewards - 50 Satoshi's per purchase is about 2-3 cents when this was written. This is the lowest Bitcoin rewards card. The Shakepay Card and Netcoins Pay offer 1% cash back and 2%-3% with promotions included
  • No Bitcoin Withdrawals Supported - Mogo only allows Canadian Dollar withdrawals which defeats the entire purpose of earning Bitcoin and decentralization
  • Payouts Once A Month - The Shakepay Card and Crypto.com Visas pay you out within 24-48 hours
  • Card Doesn't Build or Impact Your Credit Score (not a con for everyone)

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?

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

  • Mobile App


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.

Mogo App

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.

Mogo Carbon Offset

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 & Limits

Updated: 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

Shakepay Card

  • 1% unlimited Bitcoin cash back
  • Virtual card only
  • Payouts in 24-48 hours

Crypto.com Visa

If you want the highest cash back and don't mind earning CRO, Crypto.com Visas are the best crypto credit cards for Canadians.

  • Up to 5% rewards (but you need to stake CRO to get higher rewards)
  • Other perks like free Spotify, Netflix, Airbnb rebates and more
  • Fast payouts

We found 9 crypto credit 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 Visa Card

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
Mogo Platinum Visa Card

MogoCard

  • 50 Satoshis and 1 tree planted per tap
  • Get paid once per month
  • Free credit score monitoring


Mogo Platinum Visa Card

MogoCard

Get 1000 Free Satoshis & Plant 8 Trees When Signing Up

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.