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  • Jul 4th, 2020 11:01 am
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[OP]
Deal Fanatic
User avatar
Jan 9, 2011
8069 posts
8954 upvotes
Vancouver
aweawea wrote: Just got an email from Mogo about a change to cardholder agreement. Cashback rate is reduced from 1.5% to 1.0% as of June 1.
Boooo! That sucks. Mine's been drained down to $2 and in a drawer for the last month anyway. I don't trust non-CDIC-insured prepaid cards anymore in this economic climate. Looks like in a drawer is where this card might stay.
Gtaphotog wrote: It seems that's exactly what they plan on doing.

∆ does that when you shop at their banners stores with their MCs.
CTFS does that because you give them info on everything you buy at CT banner stores, including how much of your purchase is tax. It's all attached to your triangle rewards number. Mogo has no idea how much tax there is on whatever you might be buying—yet. They're just preparing in advance for L3 data, whenever it arrives here. Some merchants like gas stations and airlines are already using it.
Sr. Member
Feb 10, 2018
800 posts
464 upvotes
aweawea wrote: Just got an email from Mogo about a change to cardholder agreement. Cashback rate is reduced from 1.5% to 1.0% as of June 1.

Not sure what the "on the pre-tax value" bit is about...
No-go Visa just go worse.. before it was a "Go" Face With Tears Of Joy
Sr. Member
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Nov 5, 2006
859 posts
3646 upvotes
OttawaGuy2 wrote: I am sure funding is treated as bill payment BUT can you please confirm if it indeed treated as a bill payment?
Yes
Sr. Member
Oct 11, 2005
561 posts
777 upvotes
Calgary, AB
coolintheshade wrote: They haven’t even launched the card yet, and it’s already a fail Thumbs Down Sign.
I guess all the hoopla in Dec/Jan, and the "coming this spring" on their webpage are for nothing. App keeps telling me I've been "bumped up" on the waiting list, whatever that means.
coolintheshade wrote: It’s more likely due to the Visa interchange rate being reduced this month or next.
Yeah, that would make sense. New interchange rates were supposed to kick in April 18, 2020, but have been delayed 3 months to July 18th, 2020 due to the pandemic (ref: https://www.merchant-accounts.ca/interc ... e-2020.php). Mogo will be making a lot more as a result... interchange fees only dropped by about 0.12-0.17%, so with Mogo dropping CB by 0.5%, they'll effectively make around 0.35% more...
Deal Addict
User avatar
Sep 6, 2018
1257 posts
1331 upvotes
Halifax, Nova Scotia
Another update, CASHBACK IS DEAD!
We want to notify you that we will be removing cashback from MogoSpend. We know that it’s been a very important benefit, so we’re giving you the full picture about this essential change.

On April 30th, we announced some changes to our MogoSpend cashback program that were planned to go into effect on June 1st 2020. Since then, we did further research and decided to end both domestic and international cashback entirely. Starting 30 days from today, on June 15th 2020, your Cardholder Agreement will be updated to reflect this change and you will no longer receive cashback on any purchases made with the Mogo Visa* Platinum Prepaid Card as of that date. Your last cashback payout for any cashback earned prior to June 15th will be completed as usual in the first week of July.

Since the pandemic, financial health has become more important than ever and one of the key things you can do for your finances is to better manage your spending. MogoSpend has always been designed to elevate your spending control while also making you a more sustainable consumer, all with no monthly fees. However, the ongoing product development and cashback do come at a significant cost to us, which has been limiting our ability to offer Mogospend for free to more people who want it.

Our mission is to help Canadians improve their financial health. In these uncertain times, we truly believe MogoSpend would be a very useful financial tool to place into the hands of more Canadians. We know that removing cashback will help put MogoSpend on a more sustainable growth path while we continue to offer it for free, and will allow us to focus more resources on coming up with new benefits and developing even more effective ways to help you achieve your money goals faster. For these very important reasons, we have made the decision to remove cashback from MogoSpend for now. We’ll continue to explore potential ways to include some form of cashback in the future.

Going forward, you’ll still get all of the other great MogoSpend benefits and features for free:
Offset 1lb of CO2 for every $1 you spend
Get instant spending notifications
Track your monthly spending trend and daily average spend
Set your spending goal and stay within your daily budget
Learn MoneyClass and other educational content
Separate your budget from your bank accounts easily
Save up to 50% compared to spending with a credit card
Although a difficult decision, we believe this is the right one for everyone in the long term as expanding MogoSpend invites to more Canadians will help more people achieve better financial health. We thank you for your loyal use of MogoSpend and we remain committed to helping you reach your financial goals faster and master your spending for good.

Stay tuned for more exciting new features and benefits that will be coming your way!
Thanks,
Mogo
Deal Fanatic
Jan 30, 2012
7240 posts
1670 upvotes
multi city dweller
Gtaphotog wrote: Taking NoGo Visa to another level.

Should I just uninstall the app and forget about it? Face Screaming In Fear
Sr. Member
Feb 10, 2018
800 posts
464 upvotes
This just keeps getting better and better. At least Brim fixed most of their inadequacies.
Deal Fanatic
Nov 6, 2018
5510 posts
4533 upvotes
LOL808 wrote:
Should I just uninstall the app and forget about it? Face Screaming In Fear
I mean what's the point of it whether you have a card or not.
Deal Expert
Jan 7, 2002
19652 posts
12753 upvotes
Waterloo, ON
LOL808 wrote: Should I just uninstall the app and forget about it? Face Screaming In Fear
Is there some way to get Mogo to securely purge our accounts? If I just delete the app then my personal info still remains on their servers. It's then vulnerable to anything from the sale of Mogo to whoever, to theft by a hacker, etc.
veni, vidi, Visa
Deal Fanatic
Nov 6, 2018
5510 posts
4533 upvotes
bylo wrote: Is there some way to get Mogo to securely purge our accounts? If I just delete the app then my personal info still remains on their servers. It's then vulnerable to anything from the sale of Mogo to whoever, to theft by a hacker, etc.
Months ago when nothing would update in my account, all I had access to was my credit score I asked them to delete my info and account. How much info they deleted I'm not sure but at least I have a paper trail of asking them to do it.
Deal Fanatic
Jan 30, 2012
7240 posts
1670 upvotes
multi city dweller
Gtaphotog wrote: Months ago when nothing would update in my account, all I had access to was my credit score I asked them to delete my info and account. How much info they deleted I'm not sure but at least I have a paper trail of asking them to do it.
Do we know "who" are the people behind this "nogo" operation?

It looking more and more like a scam ... are they just collecting personal data and making money from it ?
[OP]
Deal Fanatic
User avatar
Jan 9, 2011
8069 posts
8954 upvotes
Vancouver
LOL too funny

April 30: Announced that cash back is going from 1.5% to 1.0% on domestic spend on June 1; 3.0% on FX unchanged
May 15: Announced that all cash back is going to 0%; foreign and domestic spend on June 15

My prediction for Mogo's next move: July 1st—the app and card will stop working; the owners will be in the Cayman Islands with the remainder of our balances.

I have $14.09 balance on my card right now, I'm draining it to zero and that'll be it for me and Mogo.
So long Mogo, it was nice knowing you.
Deal Addict
User avatar
Nov 14, 2003
3891 posts
2140 upvotes
Gotham
Kiraly wrote: LOL too funny

April 30: Announced that cash back is going from 1.5% to 1.0% on domestic spend on June 1; 3.0% on FX unchanged
May 15: Announced that all cash back is going to 0%; foreign and domestic spend on June 15

My prediction for Mogo's next move: July 1st—the app and card will stop working; the owners will be in the Cayman Islands with the remainder of our balances.

I have $14.09 balance on my card right now, I'm draining it to zero and that'll be it for me and Mogo.
So long Mogo, it was nice knowing you.
I was considering hitting this card hard this month but will quit now. I'll just wait for my May cashback in June. That is if they have any money left!

Mogo has been Covid-dead!
Last edited by batcave on May 15th, 2020 3:42 pm, edited 1 time in total.
Deal Fanatic
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Aug 24, 2016
6780 posts
6369 upvotes
The Prairies
coolintheshade wrote: It’s already not worth it dropped to 1%.
They haven’t even launched the card yet, and it’s already a fail Thumbs Down Sign.
Sure there are some people that have it already from last round when they issued them, but certainly no reason to go out of your way to get one now.
Maybe Mogo looked at this post and decided, you know maybe this guy is right, this thing is a fail Face With Tears Of Joy

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