Today Mogo announced a major change and shift in the rewards being offered on their MogoCard. Currently the card earns 2% Bitcoin cashback as the reward for your everyday spending but that will come to a close on October 1st. From August 25th onward, on Mogo will instead plant one tree for every transaction made on the card.
This is a very interesting move on Mogo’s part and it will be interesting to see how it plays out for them. They are effectively moving out of the rewards card market with this shift that is happening at a time when we are seeing an increase in competition in the prepaid card market and being rewarded for using those prepaid cards. This move will differentiate Mogo from the others since it’s no longer a standard rewards card. They are looking to reward the conscious efforts of people looking to make or bring back our world to a better place.
The estimated carbon absorbing impact of each tree in this initiative is 550lbs and, given the average Canadian has approximately 575 cash, debit or credit transactions per year, Canadians could offset approximately 318,000 lbs of CO2 per year simply by using Mogo for their spending.
The MogoCard isn’t the only product of Mogo’s that will see this tree planting initiative. The company will also plant trees as follows:
1 tree planted ? = For every new MogoAccount
1 tree planted ? = For every Mogo app download
1 tree planted ? = For every MogoCard transaction
1 tree planted ? = For every bitcoin trade with Mogo
10 trees planted ? = For every new MogoLoan
100 trees planted ? = For every new MogoMortgage
We all need to do what we can to help our planet but time and time again we have seen that Canadians love their rewards programs and they make every effort to earn those rewards. Will this conscious effort be enough to shift the mindset in our market? What do you think? Would you get the card knowing you are helping out our future generations? Do you think we’ll see other issuers follow suit? Let us know in the comments below
You can learn more about the revamped MogoCard here.
Images via Mogo