Mogo Review

  • 5 min read

Mogo is a money management plan that encourages a sustainable lifestyle while helping the planet. Far too often, the work of budgeting and creating better financial health feels like an impossible chore. With Mogo, it no longer feels like another game you need to play. The goal is to help each Canadian find ways to have zero debt and eliminate carbon from their lifestyle. Mogo is the app that lets you spend wisely, understand budgeting, and earn money for referrals.

How Does Mogo Work?

When you work with Mogo to manage your money, each dollar spent offsets a pound of carbon dioxide.

If you pay for purchases with MogoSpend, it might be possible to offset your entire carbon footprint!

Here is how the system works.

  1. You sign up for free at Mogo’s website to join the program.
  2. You will download the companion app for your new account through Google Play or the iOS store.
  3. When you receive your Visa® Platinum card, you spend the funds added to the account as you would using any banking debit card.

Most of the everyday activities you would use a debit card for are free when you choose Mogo. You can add money online instantly, have no-fee transactions, and escape the clutches of a monthly charge.

Some transaction limits apply to the MogoCard, including maximum transfer, spending, and cash withdrawal amounts. Please review the limits to see if those stipulations work with your financial requirements.

What Are the Benefits of Becoming a MogoMember?

Outside of the no-fee account and carbon offsetting advantages you receive when signing up for your MogoCard, several additional benefits come your way with membership.

Over one million people have taken advantage of this opportunity to prove it works. Here is the good stuff you can expect to have coming your way.

1. Your budgeting work is simplified.

When you start using Mogo and its companion app, you can automate your budget quickly without needing to switch banks. It is a free-spending account based on whatever amount you transfer to it.

2. You are always in control of the account.

Mogo sends instant notifications after installing the app to your device to let you see every spending decision. The information includes trends and metrics that allow you to correct any financial issues discovered after examining your habits.

3. Free credit score monitoring is included.

You get to monitor your current credit score from the convenience of your mobile device. The information tracks updates to this data monthly so that you have an idea of how financially healthy you are from a long-term perspective.

Most Canadians are in the 660 score range, leaving them about 40 points short of qualifying for a prime mortgage. You will receive tips with this benefit to help push this rating to where you want it to be.

4. It comes with free identity theft protection.

Mogo helps you find problems with identity theft faster with potential threat alerts. With three-quarters of Canadians impacted by data breaches or information loss, you can be in more control of your information. Emails and mobile notifications occur whenever a possible issue gets discovered.

You can access this feature without signing up for an account. Mogo will even take you through the steps to prevent identity fraud if something happens.

Mogo Free Protect

5. You can use MoneyClass with Mogo.

This Mogo feature helps users learn the tricks and tips needed to make the best money moves. Instead of settling for a spending lifestyle, the tools offered with this benefit can encourage wealth growth.

6. Mogo provides Bitcoin management options.

If you don’t like the idea of using Bitcoin through a standard digital wallet, MogoCrypto makes that process more comfortable to embrace. You can sign up for free with your account, get $5 for trying it out, and start investing right away with a minimal fee. If you need to make a withdrawal, it only takes a few days to complete the transaction.

95% of the Bitcoin through Mogo sits in the company’s exchange partner’s cold storage. You will receive immediate access to free funding and withdrawal selections with this addition, and more bonuses are available with referrals.

Mogo Verdict: Is It a Useful Money Management Tool?

Mogo provides several financial tools that let you take charge of your money. Whether you prefer the spending account, identity protection, or wealth management tools, you always control the funds.

You have straightforward access to lending products when needed while offsetting your carbon footprint with each Visa Platinum purchase.

It takes about three minutes to sign up for your new Mogo account. If you are ready to help the planet, improve your budgeting habits, and spend smartly, this spending option is worth taking a closer look at to see if it could meet your needs.

View more information about Mogo Free Credit Score.

Mogo Credit Check
nv-author-image

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.