Question 1

What’s the difference between a prepaid card and a credit card?

Accepted Answer

One of the main differences between prepaid cards and credit cards is that when you spend on a prepaid card you are not borrowing money like you would be with a credit card. When you use a prepaid card, you are spending money that you loaded onto the card, typically from your bank account. Since you’re not borrowing money, you don’t pay interest on prepaid cards like you do with credit cards.

Question 2

Is a prepaid card the same as a debit card?

Accepted Answer

There are some similarities between prepaid cards and debit cards, but there are also some key differences. Debit cards are typically linked to a bank account, like a chequing account or a savings account. So, when you spend using  a debit card, the debit card will take that money from the  bank account the debit card is connected to. Prepaid cards will only allow you to spend the money that you have loaded onto the card.

Question 3

Why use a prepaid card over a debit card?

Accepted Answer

One downside of debit cards is that they can allow you to spend more than the amount of money that you have in your bank account.  That means that your bank account could go into overdraft, and your bank might charge you hefty overdraft fees.  The difference with a prepaid card is that it helps you control your spending by only allowing you to spend the amount of money that you loaded onto the card.

Question 4

Can a prepaid card help me budget?

Accepted Answer

Yes! Prepaid cards are great for helping people budget more effectively. Since you have to decide how much money you want to load or transfer onto a prepaid card, it’s a great way to be more mindful with your spending and create an automated spending budget.

Question 5

What are the benefits of a prepaid card?

Accepted Answer

Prepaid cards can help you control your spending by only allowing you to spend the amount that you loaded onto the card. They’re also easy to use and they are a viable alternative to credit cards if you don’t want to borrow money or if you’re concerned you won’t be able to pay off a credit card balance in full. Prepaid cards are also often free to apply for and can have less approval criteria than some credit cards, making them more accessible to Canadians.

Question 6

Do prepaid cards improve your credit score?

Accepted Answer

When you use a prepaid card it doesn’t get reported to the credit bureaus(the big ones in Canada are TransUnion and Equifax). So,using a prepaid card won’t impact your credit score positively or negatively.

Question 7

What is a carbon offset?

Accepted Answer

A carbon offset is a reduction in emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere.

Question 8

How does the MogoCard offset my carbon footprint?

Accepted Answer

Mogo purchases credits for emission reductions achieved by projects such as wind farms, solar installations, or energy efficiency to reduce your net climate impact.

We've partnered with Offsetters, one of Canada’s leading providers of sustainability and carbon-management solutions, to offset carbon emissions. Our current carbon offset project is the REDD+ Amazon Forestry Project. The Amazon Rainforest is the world’s largest natural carbon sink on land and home to 30% of the planet’s known biodiversity. This project protects 130,000 hectares of land in a region with one of the highest deforestation rates in the Amazon. You can read more about how you can offset your carbon footprint with Mogo on our blog.

MogoCard means the Mogo Visa* Platinum Prepaid Card. *Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC).

Question 9

Why does the MogoCard have a carbon offset feature?

Accepted Answer

Overspending is the number one reason why Canadians are struggling financially and overconsumption is directly linked to climate change. In other words, financial health and the health of the planet are closely linked. We wanted to make it easier for Canadians to make a positive impact while improving their financial health by offering a carbon offset program on the MogoCard.

MogoCard means the Mogo Visa* Platinum Prepaid Card. *Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC).

Question 10

Why does the MogoCard offer bitcoin cashback?

Accepted Answer

We believe that every single Canadian should consider Bitcoin. However,  we don’t think you should sink your life savings into the bitcoin market - the price of bitcoin changes quickly, so you shouldn’t ever invest more in bitcoin than you can afford to lose.

We think the bitcoin market is only going to continue to grow and by offering bitcoin cashback rewards on the MogoCard you don’t have to risk your own money to get into the bitcoin game. The bitcoin cashback program gives you 1% or 2% cashback that is deposited directly into your account monthly for every eligible purchase you make with the MogoCard. For more information on these rewards, check out the MogoAccount Terms and Conditions

MogoCard means the Mogo Visa* Platinum Prepaid Card. *Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC).

Question 11

How much bitcoin can I earn?

Accepted Answer

Good news - you can earn unlimited bitcoin cashback with the MogoCard! If you continue to spend on the MogoCard, you’ll continue to earn 1%-2% bitcoin cashback on your eligible MogoCard purchases. For more information on these rewards, check out the MogoAccount Terms and Conditions

MogoCard means the Mogo Visa* Platinum Prepaid Card. *Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC).

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