Mogo Visa Platinum Prepaid Card Review

  • 4 min read

Prepaid cards offer the shopping accessibility of a traditional credit card, but clients control the spending. With a Mogo Visa Platinum Prepaid Card, customers choose their limit, and the Mogo app helps to take care of tracking, so clients don’t go over their budget. After a cardholder determines the spending limit on their Mogo Visa Prepaid Platinum, each transaction made is deducted from the balance. This empowers clients with their finances and prevents credit card debt.

That’s because a client can’t spend more than what has been placed on their prepaid Mogo Visa. There’s never a need to worry about interest rates or overdraft charges. In addition, the Mogo app offers instant push notifications to alert customers on transactions, which also keeps them updated on card balances.

Cardholders can use their Mogo Visa Prepaid Platinum card to shop in-store, over the phone, or online, all across the globe wherever Visa is accepted. There’s also a rewards component to the Mogo Card. Clients earn 2% cash back in bitcoin with foreign purchases, and 1% on transactions made in Canada. No need for customers to worry about fraudulent use, as the Mogo Visa is covered by Zero Liability Protection. In addition, clients can withdraw funds from this prepaid Visa from bank machines worldwide.

Another perk with Mogo is that cardholders get peace of mind knowing that they are also helping the environment when using their Prepaid Platinum Visa. Through Mogo’s Amazon Rainforest initiative, every dollar spent with them equals one free pound of CO2 that is offset. The company has collaborated with Offsetters, a leading Canadian provider of  carbon-management and sustainablity solutions, who offset carbon emissions. The app also has an interesting “Rainforest” mode where clients can enjoy the sounds and sights of the Amazon Rainforest while managing their Mogo Visa account.

There are two ways clients can add money to their Mogo Visa Prepaid Platinum Card. If customers have a CIBC, TD Bank, or Scotiabank account, payments can be made online. Clients simply sign in to their MogoAccount, head to the MogoCard dashboard, enter their bank account details, and add their Visa information. After this, they can make online transfers directly from their account. Customers need to wait about 30 minutes for transfers to clear.

Another way is via an Interac e-transfer through their MogoAccount. Once again, clients sign into their MogoAccount and go to the MogoCard dashboard. Click the “Add Money” button and select their bank account (which is set up when they register). It’s important to note that clients can only add Canadian funds to this Visa. The maximum spending limit on the Mogo Prepaid Platinum is $10,000.

There are very minimal fees and costs linked with this prepaid Visa. The first card clients receive is free, and there’s no annual fee. Plus, there are no point-of-sale or transaction fees. Lastly, there’s no need to worry about interest rates, and the Mogo banking app is free.

There’s also no monthly fee linked to the Mogo Visa Prepaid Platinum, as long as customers use it a minimum of once a year. If a client can’t use their Mogo Card within the year, a monthly inactivity fee of $1.99 is charged.

With that said, there are some costs associated with the Mogo Card. The foreign exchange fee is set at 2.5%, with domestic ATM withdrawals at $1.50 each, and International ATM withdrawals at $3.00 per use.

For customers interested in a Mogo Visa Prepaid Platinum Card, getting one is easy! They can simply head over to Mogo’s website and sign up for an account. The sooner a client can sign up, the sooner they get placed on a waiting list for the prepaid Visa. Mogo then emails eligible account holders when their Mogo Cards are ready. Customers must pass identity verification and have an account with a supported Canadian bank. After the email invite arrives at the customers’ inbox, they can order their prepaid Visa. It takes approximately 10 business days for the request to be filled. Some conditions may apply.

The Mogo banking app is currently available through the App Store and Google Play. Clients can learn more about the Mogo Visa Platinum Prepaid Card here.

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.