Great news in the world of prepaid credit cards – Mogo will be increasing the cash back rate for their Mogo Visa* Platinum Prepaid Card to a flat 2% as of June 1. Currently the card earns 1% Bitcoin cashback on purchases in Canada and 2% for foreign transactions. For anyone who has this card or if you are planning on getting it, all of your purchases will now earn an extra 1%.
The timing of this may be ideal with Bitcoin prices having dropped significantly over the past few weeks. If the trends continue with bitcoin that we have seen over the past few years it may continue to drop for a little while but then could jump right back up again and your 2% return quickly becomes more. Granted if it doesn’t jump back up then your return does drop as well.
On top of 2% unlimited bitcoin cashback, the MogoCard also provides free carbon offsetting, free credit score monitoring, and identity fraud protection. Plus, there’s no annual fee and since it’s a prepaid card and not a credit card, there is no impact to your credit when you apply.
TIP: You don’t have to wait until June 1st to apply – you can get the card now be eligible for the new earn rate.
Here are the latest details for this card: