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[OP]
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Jan 9, 2011
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Mogo prepaid Visa

This just landed in my email inbox today.

Mogo prepaid Visa. Smartphone/tablet is required to order the card (right now only iOS is supported). You can just borrow a friend's iPhone to order the card, there's no need to use the app on an ongoing basis after ordering the card.

Loading the card is done either by:
  • The "pull method"—Use the iOS app to request money be transferred from your linked bank account,
  • The "push method"—add MOGO VISA as a bill payee on your bank's online banking site, and making a "bill payment" to it

Pros:
  • No monthly or up-front fees
  • No purchase transaction fees
  • No loading fees

Advertised Caveats:
  • $1.50 ATM fee (Canada)
  • $3 ATM fee (international)
  • $1.99 monthly account inactivity fee after one year of non-use. No inactivity fee if balance is $0.
  • Cash withdrawal limits are $250 per transaction, and max $250 per 24 hour period

Other gotchas found in the terms & conditions:
  • Unavailable to residents of Yukon, NWT, Nunavut, Saskatchewan, Quebec, and Nova Scotia
  • Supplementary cards: minimum $9.99 each
  • Replace lost or stolen card: minimum $9.99
  • Replace expired card: $9.99
  • Refunds of foreign currency charges will also ding you 2.5%
  • You must use the assigned PIN, no changes allowed
  • Linking your bank account for ordering or loading the card requires entering your bank's online access credentials, including your personal access code, into the Mogo app.


https://www.mogo.ca/mogo-card
Last edited by Kiraly on Oct 4th, 2021 12:56 am, edited 38 times in total.
1238 replies
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Aug 8, 2012
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This came up on another thread recently. Are you actually invited to get a card?
It was something of a wait list last I checked.

For spending it's okay at 0%, but a credit card with 0% FX and earning you rewards would be better.

See: 1% Home Trust Visa, Chase Marriott Visa, grandfathered 1% Chase Amazon Visa, or 4% - 2.5% fee = net 1.5% Rogers or Fido MC.
Threads on RFD CC subforum for all of these. [EDIT: Added links to threads above]

It seems more interesting to me as an ATM card with flat $3 cost (plus local ATM surcharge if any).

In this respect it is better than any of cards above being prepaid to avoid interest but still paying $5 or higher cash advance fees.

If you only want to take out small amounts of cash at a time though, the Tangerine at a Global Alliance ATM is still the cheapest choice for $120 CAD or less for $0 Tangerine fee + $0 Alliance member ATM fee + 2.5% markup on exchange rate = $3.

So even if you took out $100 USD today at 1.26 it would only cost you $3.15.

$400 USD would cost you $12.60 and the Mogo card would could save you a more significant $9.60 [if you find a surcharge-free ATM] ... but perhaps you'd prefer to pay $9.60 in "insurance" anyways by only taking the cash out of the ATM a bit at a time as needed.

All my recent US trips have found me using credit card 99% of the time and never even approaching anywhere near $100 spent in cash ... I suppose it seems like a nice backup option to carry at $0 which you could load up in a pinch.

Oh, and don't forget the local ATM surcharges ... so it's $3 + $2.50-$3.50 surcharge at most locations in US unless you find a surcharge free credit union ATM or likewise.
Last edited by ace604 on Aug 17th, 2017 7:11 am, edited 2 times in total.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
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Nov 3, 2008
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To add to Ace's point...

What is a point to use this for FX transactions if one can be approved for credit card? Especially if FX transactions are one off.

Let's say I have USD$650 fee for CFA exam, I don't know how much final CAD amount will be. Whether with credit card I get the final bill, with no need to guess how much to load (or overload and have idle cash on card). +CC defers payment, allowing one to earns interest on cash before due date.
Sr. Member
Jul 4, 2017
598 posts
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Got the invite as well yesterday and was thinking about it, but ace's analysis is making me think I'll pass for now since I have the Marriott for another year and the Rogers card as well
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Jan 16, 2016
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Kiraly wrote: Me too, I think I'll just get the Fido Mastercard. No annual fee, $25 credit upon first purchase, and 1.5% cashback on foreign currency transactions with no forex fee. It's hard to beat that.
Apply for Rogers for year 1 then convert to Fido for year 2+, unless you preauthorize Rogers services on the Rogers card to waive annual fee. Fido card has additional $25 bonus when you first add a Rogers preauthorize payment as well, so do the math to see what option maximizes rewards for you.
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May 7, 2017
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For Fido mastercard, the rewards can only use towards the fido bill right?
Deal Addict
Jan 16, 2016
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Ginzasix wrote: For Fido mastercard, the rewards can only use towards the fido bill right?
You can use it for same rewards as you can with Rogers card; including an annual statement credit (when you call once per year and have the agent make a designation on your profile to have the CB applied as a credit the following January).
Sr. Member
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Jan 18, 2015
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Cornwall, ON
NCR-Manchester wrote: To add to Ace's point...

What is a point to use this for FX transactions if one can be approved for credit card? Especially if FX transactions are one off.

Let's say I have USD$650 fee for CFA exam, I don't know how much final CAD amount will be. Whether with credit card I get the final bill, with no need to guess how much to load (or overload and have idle cash on card). +CC defers payment, allowing one to earns interest on cash before due date.
This point is excellent, but as a Mogo free credit score user, it's obvious that Mogo specifically targets the subprime market, even though many other people are still using their free credit score service. However, for those that fall into this category, and wouldn't otherwise get approved for another 0% FX card, this is pretty decent. Just put a predictable monthly subscription like Netflix on it to avoid the inactivity fee until you plan to use it.
(pronouns: she/her/they/them/mx)
.
My NoAF CB Combo:
  1. 4% (Restaurants)/1.5% (Various) Simplii
  2. 3% (Grocery) BMO CB MC
  3. 3% (Cell Phone)/1% (OTHER Non-Amex) Chatr
  4. 2% Tang
  5. 1.25% Amex SC
.
Currently churning: Scotia Momentum VI for 10%, FYF
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Aug 22, 2011
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Ginzasix wrote: For Fido mastercard, the rewards can only use towards the fido bill right?
If you have a "Rogers" product, any amount above $20 can be redeemed monthly as a statment credit.
Member
May 7, 2017
379 posts
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vkizzle wrote: If you have a "Rogers" product, any amount above $20 can be redeemed monthly as a statment credit.
Altera wrote: You can use it for same rewards as you can with Rogers card; including an annual statement credit (when you call once per year and have the agent make a designation on your profile to have the CB applied as a credit the following January).
Thank you! Good to know that it can be used as statement credit because I am not with fido or rogers.
And to confirm this card is 0% fx rate?
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Aug 22, 2011
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Ginzasix wrote: Thank you! Good to know that it can be used as statement credit because I am not with fido or rogers.
And to confirm this card is 0% fx rate?
4% cashback - 2.25% FX = Net 1.75%
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Ginzasix wrote: Thank you! Good to know that it can be used as statement credit because I am not with fido or rogers.
And to confirm this card is 0% fx rate?
No, it's extra cashback on foreign spending to make up for the 2.5% FX, like I first posted:
ace604 wrote: See: 1% Home Trust Visa, Chase Marriott Visa, grandfathered 1% Chase Amazon Visa, or 4% - 2.5% fee = net 1.5% Rogers or Fido MC.
Threads on RFD CC subforum for all of these. [EDIT: Added links to threads above]
vkizzle wrote: 4% cashback - 2.25% FX = Net 1.75%
vkizzle is getting his numbers swizzled.

The normal rate is 1.75% for in-Canada spending on Rogers, 1.50% on Fido MC.
The foreign net rate is 1.50%, from 4% cashback - 2.50% FX fee (like almost every other card in Canada).
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
Sep 22, 2005
772 posts
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BC
Each and every card is targeting certain group of people. I think this card is catering to young people or university students who want to travel, they cannot get a premium CREDIT card yet and not every parent has a premium card or wants to add a kid their authorized user. I think it's the only visa debit card which has no FX fees?

It even prompted me to look at Mogo's stock price. But the vulnerability of this card is big 5 can easily attack it by giving up 2.5% fx fees on their certain type of accounts such as student checking accounts etc.
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Sep 15, 2014
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This would be HOT if you could load the card with a CC.. but it looks like the only way you can fund it is with a bank account..
This space for rent.
[OP]
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This card doesn't measure up well if you compare it with other credit cards. But if you compare it with other prepaid cards, I think it's pretty decent. How else can you get a prepaid Visa card with both no up-front fee and no forex fees?
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Aug 22, 2011
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Doesn't take long to get the invite.
I signed up for mogo a few months ago.
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Dec 4, 2008
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Kiraly wrote: This card doesn't measure up well if you compare it with other credit cards. But if you compare it with other prepaid cards, I think it's pretty decent. How else can you get a prepaid Visa card with both no up-front fee and no forex fees?
Very curious why someone would want a pre-paid Visa, unless they had horrible spending habits (e.g. impulse buying). CCs in general already give you great consumer protection (in the event the card is lost), I would assume the Amazon Visa (grandfathered), Chase Marriott (FYF) or Rogers/Fido MCs would offer better forex with no fee (mostly).

Personally I have no use but I guess if you *must* be using pre-paid for whatever reason, this isn't that bad....
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sports1 wrote: Very curious why someone would want a pre-paid Visa, unless they had horrible spending habits (e.g. impulse buying). CCs in general already give you great consumer protection (in the event the card is lost), I would assume the Amazon Visa (grandfathered), Chase Marriott (FYF) or Rogers/Fido MCs would offer better forex with no fee (mostly).

Personally I have no use but I guess if you *must* be using pre-paid for whatever reason, this isn't that bad....
  • People with no real credit card (and don't qualify) who want to pay for things online.
  • People shopping at shady sites that don't want to use their real credit card.
  • People who want a 0% FX solution and don't have / can't get a Chase or Home Trust Visa or Rogers MC.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
[OP]
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Jan 9, 2011
14303 posts
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sports1 wrote: Very curious why someone would want a pre-paid Visa, unless they had horrible spending habits (e.g. impulse buying).
Have you seen all the people who use debit cards to buy stuff? I haven't done that in more than 15 years and have no idea why so many people do that over credit cards, but they must have some reason (i.e. they don't trust themselves with credit cards). It seems that all of these people are the target audience for the Mogo prepaid Visa, and there are literally millions of them.

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