Use plastic, save the planet. Wait, what? The Mogo Visa Platinum Prepaid Card is Canada’s very first environmentally-friendly form of payment. I didn’t know payments needed to be environmentally friendly, but I do now. Mogo will plant one tree every time you use their Visa Platinum Prepaid Card to make a purchase. But why would they do that? And what other crazy things can this card do? Let’s take a look at the Mogo Visa Platinum Prepaid Card and what it has to offer, besides saving the world.
What is the Mogo Visa Platinum Prepaid Card?
The Mogo Platinum Visa Prepaid Card is not a credit card. It’s a prepaid card you load with your own money, usually from your bank account. You can use the card everywhere Visa is accepted, just like a real credit card. But since you’re not borrowing money, you’ll never owe a balance when you use your Mogo card.
Prepaid cards are the real hero for those who are unable to obtain a traditional credit card. If you have a below-average credit score, no credit history, or you’re too young to qualify for a credit card on your own, a prepaid card allows you to access all the same goods, services, and rewards you would get with a traditional credit card. And you get all those perks without a credit check, racking up debt, or paying interest.
Why is the Mogo Visa Platinum Prepaid Card Code Red feature important?
The UN Secretary-General just called a global state of emergency when he labelled climate change as a “code red for humanity.” On the heels of that sobering news, Mogo has partnered with Veritree, a Canadian company out of Vancouver, to plant one tree for every Mogo Visa Platinum Prepaid Card transaction. Order pizza, help the environment. It doesn’t get much easier than that.
Unless you’ve been living under a rock, you’ve probably noticed some pretty wild changes in your local weather. No, it’s not in your head. Climate change is impacting all of us. From wildfires in BC and Ontario to record-breaking summer heatwaves and unprecedented winter cold snaps. From floods on the coast to droughts on the prairies, things are getting intense. And it’s all our fault; human activity. We can point fingers and try to blame capitalism, but the buck stops with us.
According to the Government of Canada, we produced 730 megatonnes of CO2 in 2019. Mogo has some pretty lofty goals when it comes to reducing Canada’s ginormous carbon footprint, but you know what they say, “go big or go home.” According to their blog, Mogo’s goal is to capture 17% of all cashless transactions in Canada. If they can do that, they’d end up planting 3 billion trees. That would make Canada a carbon-neutral country. Can one company really do that? They sure can, with your help!
By switching to the Mogo Platinum Visa Prepaid Card, you’ll be actively participating in positive change, even if it doesn’t feel very active. I can’t think of a better way to help the planet than to make green living easy and accessible to everyone. If you’ve ever felt guilty about using plastic bags or throwing your milk cartons into the trash instead of the recycling bin, now's the time to redeem yourself. With pretty much zero effort, you can make a huge impact.
What are the other features of the Mogo Visa Platinum Prepaid Card?
Green Satoshi Rewards
Originally, its flagship feature was Bitcoin cash back rewards, the first prepaid card on the market to offer digital currency as a product perk. It still has this feature, but with a twist. Every time you make a purchase with your Mogo Visa Platinum prepaid card, Mogo will plant a tree and you'll get 50 Green Satoshi Rewards. What are Green Satoshi Rewards, you ask? A Satoshi is the smallest unit of Bitcoin, but Bitcoin mining has a bad rap for emitting too much CO2. So Mogo launched Green Bitcoin; for every Bitcoin on the platform, they'll plant enough trees to offset 500,000 lbs of CO2. Your Green Satoshi's are fractional pieces of cleaner crypto. You can hold on to them as Bitcoin, or cash them in for real money. It’s the easiest way to grab your piece of the crypto pie without risking your hard-earned bacon, guilt-free.
It's a low-cost rewards card
If you love credit card rewards, you know the best credit card perks come with higher annual card fees. While you can get inexpensive credit cards with low or no annual fees, the rewards are usually underwhelming. The more you pay for the card, the more you get. The Mogo Platinum Visa Prepaid Card has no annual fee and offers rewards like Bitcoin. Bitcoin has been the best performing asset class in the last 10 years. That means the rewards you’ve earned have the potential to dramatically increase in value without having to accumulate more.
You get more financial stability
Mogo has integrated budgeting features to help you save more. With a prepaid card, you have to load money you already have onto the card before you can use it. That means you cannot overspend the money in your personal bank account since the card is not directly linked to it like a traditional debit card. Mogo takes money management several steps further by suggesting a daily budget, allowing you to set spending limits, and providing push notifications that keep you on track to achieve your financial goals.
Free credit score monitoring and identity fraud protection
As financial technology evolves and becomes more sophisticated, so do the bad guys. With an active Mogo card, you’ll get free credit score monitoring and identity fraud protection. You can keep track of changes on your credit file to make sure new credit isn’t being opened in your name. Mogo will send you monthly updates about your credit file so you always know exactly where you stand.
Drawbacks to consider
The risks of Bitcoin
If you’re new to crypto, you might not realize how volatile Bitcoin can be. It's highly speculative and has yet to reach mainstream adoption. Its value changes considerably from day to day. One moment your Bitcoin rewards may be worth a lot, and the next day they could lose half their value or more. If you prefer stable cash back rewards that maintain their worth, this is not the rewards card for you.
It doesn't help build your credit score
One of the easiest ways to increase your credit score is to use a credit card and pay off the balance each month. You won’t get that with a prepaid card. That’s because the card is loaded with money you already have. You are not borrowing money when you make a purchase. Prepaid cards are not credit products, so they don’t report to the credit bureaus. Using a prepaid card for your day-to-day spending does nothing for your credit score. If you’re looking to repair your credit, a prepaid card will not help you.
There is no consumer protection
While prepaid cards are starting to offer competitive rewards programs similar to their credit card counterparts, you’re still missing out on other key features. Almost every single credit card on the market offers some sort of purchase protection or extended warranty on goods you purchase with the card. But you won’t get that same protection with a prepaid card. You’ll also miss out on travel and medical insurance that many credit cards offer when you book a trip with their card.
Conclusion
Of course, there is no such thing as a perfect card. Every financial product has some sort of downside. But as a banking industry insider, the Mogo Platinum Visa Prepaid Card gets my seal of approval. As a crypto enthusiast, I'm partial to the Bitcoin cash back rewards. But the new Code Red feature is a total game-changer. I care about the environment, but living sustainably usually takes a back seat to my personal comfort. Mogo has created a foolproof way for every Canadian to do their part. I like the idea of planting trees more than I actually like planting trees. If you’ve ever done it, you know it’s back-breaking work. But if all I have to do is swipe a card, sign me up. So do it, treat yo’self. Buy the shoes and save the world. Capitalism never felt so good.
Alternatives to the Mogo Platinum Visa Prepaid Card
If you think the Mogo Platinum Visa Prepaid Card is not for you, here are some alternatives that may be better for you.
STACK Prepaid Mastercard
The STACK Mastercard is a prepaid credit card with no fees and can be used to make purchases and withdraw cash from ATMs. It is perfect for those who want to control their spending but don't want to sacrifice the convenience of having a credit card.
Canada Post Cash Passport Mastercard
The Canada Post Cash Passport Mastercard is a prepaid credit card that you can use to withdraw cash, pay bills or make purchases at any business that accepts Mastercard.
The card is available to Canadians over the age of 18 who have a Canadian address and a valid social insurance number. You can apply for the card online, in person at a Canada Post outlet or by phone.
KOHO Mastercard® Prepaid Card (formerly KOHO prepaid Visa)
This reloadable card has many of the same benefits as traditional credit cards and more. It allows you to pay your bills and make purchases online and in-store everywhere that accepts Mastercard. In addition to its many options, there is a premium version with even more benefits such as price matching, no foreign conversion fees, and better cashback offers than other cards of the same type.
Compare the different prepaid credit cards and choose the one that suits your needs!
Frequently Asked Questions
What are the advantages of a reloadable prepaid card?
A reloadable prepaid card is often a more convenient way to spend money. It's like a debit card but without the associated bank account. You can combine the benefits of today's most popular payment options – credit cards, debit cards and cash – into one easy-to-use card that lets you reload as often as you like.
Where can I buy prepaid credit cards?
There are a variety of places to buy prepaid credit cards. The best place to get the right card is online. Check out our list of the best prepaid credit cards.
How do Visa Prepaid cards work?
Visa Prepaid cards are an easy, convenient and affordable way to pay. You can use them anywhere credit cards are accepted, without needing a bank account or credit card.
Can I withdraw money from a Visa Prepaid card?
Prepaid cards can be used to withdraw money from certain ATMs. They are subject to a network fee.
How does a prepaid travel card work?
Prepaid travel cards are a great way to save money on airline tickets and other travel expenses. They are accepted worldwide depending on the network used, for example Visa, Mastercard or Amex.
Can I use a prepaid card on Amazon?
Yes, you can use a prepaid card on Amazon and most merchants accept Visa or Mastercard.
Does Uber accept prepaid credit cards?
Yes, Uber accepts prepaid credit/debit cards.
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About The Author: Heidi Unrau
Heidi Unrau is the senior Finance Journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she got her first bank job as an entry-level teller. She moved up the ranks to Credit Analyst, Loans Officer, and now a Personal Finance Writer. In her spare time, you'll find her hiding in the car listening to Freakonomics podcasts, or binge-watching financial crime documentaries with a pint of Häagen-Dazs. When she's not chasing after her two little boys, she's in the hot tub or arguing with her husband over which cash back card to use for date night. She’s addicted to coffee, crypto, and obsessively checking her credit score on Borrowell.
Fun Fact: Heidi has lived in five different provinces across Canada, loves her free Tangerine bank account, and will never cut back on Starbucks. Like ever.
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