Credit card Mogo Visa Platinum

MogoSpend is a spending account that uses a reloadable prepaid Visa card called the Mogo Card or Mogo Visa Platinum Prepaid Card. It is offered by Mogo, a Canadian fintech that packages several financial products into a single app: free Equifax credit scores, optional identity fraud protection, loans, mortgage services, crypto trading, and the new spending account. MogoSpend is neither a traditional checking account nor a credit card. It is a modern prepaid alternative designed for people who want to control spending, avoid credit risk, and make purchases with a lower environmental footprint.

What the Mogo Card Does

• Prepaid Visa functionality: Shop online, in store, or by phone anywhere Visa is accepted. The card supports pre-authorized payments (useful for bills, hotel bookings, and car rentals).
• Visa zero liability protection: Cardholders are not liable for unauthorized transactions.
• Cash withdrawals: ATM withdrawals are possible, though fees apply.
• Carbon offsetting: For every dollar spent with the Mogo Card, Mogo will offset one pound of CO2 on the cardholder’s behalf, aiming to reduce the environmental impact of purchases.
• App controls: Instant spend notifications, cash back tracking, balance updates, spending insights, auto transfers, savings goals, and the ability to freeze the card instantly if lost or stolen.

Pricing and Fees

MogoSpend positions itself as low-cost for basic use. Key fee details include:

• No monthly fee: The spending account itself has no monthly charge.
• No transfer fees: Adding money to the account can be free depending on the funding method.
• ATM fees: Domestic ATM withdrawals cost $1.50. International ATM withdrawals cost $3.00 plus any fee charged by the ATM operator.
• Foreign currency fee: A 2.5% fee applies to purchases made in a foreign currency.
• Cash back on foreign purchases: Mogo advertises 3% cash back on purchases made in a foreign currency, which, after the 2.5% FX fee, results in a net 0.5% cash back on those transactions.

How to Load the Card

There are three ways to add funds to MogoSpend:

1. Visa Direct transfer: Instant transfers from supported Visa debit cards at major Canadian banks (Scotiabank, TD, CIBC, RBC).
2. INTERAC e-Transfer: For users without a supported Visa debit card, e-transfer is an option.
3. In person at Canada Post: Add cash or use a debit card at Canada Post locations (single-transaction limit up to $500; Canada Post charges a $3 fee).

Missing Features and Limitations

MogoSpend intentionally focuses on a simple spending experience, but that means some common banking features are either missing or not yet available:

• No direct deposit: Paycheck direct deposit is not supported, so recurring payroll funding must go to another bank account.
• Limited e-transfer functionality: Users cannot send or receive e-transfers directly from the Mogo card at launch.
• Digital wallet support pending: Apple Pay, Google Pay, and Samsung Pay are not available at launch but may be added later.
• No joint accounts: Shared accounts are not supported initially.
• Regional restriction: The service is not available in Quebec at the time of review.

Pros and Cons

Pros

• Debt-free spending: Prepaid structure prevents carrying credit card debt because spending is limited to loaded funds.
• Environmental impact: Automatic CO2 offsets for each dollar spent provide a tangible way to reduce personal carbon footprint.
• Useful app features: Instant notifications, spending insights, goals, and the ability to freeze the card add real-world utility.
• No monthly fees: Free to use the core spending account with no monthly or transfer fees in many cases.
• Competitive foreign spend cash back: A net 0.5% cash back on foreign currency purchases after FX fees compares favorably to several prepaid alternatives.

Cons

• ATM fees: $1.50 domestic and $3 international plus operator fees make cash withdrawals expensive compared to competitors that offer free ATM access or reimbursements.
• Foreign currency fee: 2.5% FX fee offsets some of the foreign-currency cash back benefit.
• Missing banking features: No direct deposit, limited e-transfer support, no digital wallet integration at launch, and no joint accounts.
• Not available everywhere: Quebec residents cannot access MogoSpend at launch.
• No savings feature: MogoSpend is a spending account; savings should be kept separately for interest-bearing returns.

How to Use MogoSpend Effectively

MogoSpend works best as part of a broader financial setup. A recommended approach:

1. Keep a primary checking account for direct deposit, bill payments, and sending or receiving e-transfers.
2. Use a high-interest savings account for emergency and long-term savings.
3. Reserve credit cards for categories that earn higher cash back or benefits, and use MogoSpend for everyday discretionary spending and merchant types that do not benefit from credit-card rewards.
4. Load the Mogo Card with only the funds intended for short-term spending to stay within budget and avoid ATM fees when possible.

Final Verdict

MogoSpend is a focused prepaid spending account with meaningful differentiators: no monthly fee, an app that provides helpful spending controls, and a carbon-offset benefit that will appeal to environmentally minded users. It does not try to be everything, which is a strength for users seeking a simple, debt-free way to spend.

However, missing banking features and ATM costs mean MogoSpend should complement rather than replace a primary bank account. For anyone who wants to stop paying banking and credit card fees while reducing their carbon footprint, MogoSpend is worth considering — especially as part of a mix that includes a chequing account and a savings vehicle.