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Email this7:15 pm
December 18, 2008
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Mogo will be launching a cash back feature soon.
3% cashback on foreign transactions (-2.5% conversion fee)
1.5% cashback on all other purchases
From the website
https://www.mogo.ca/mogo-card
The MogoCard Cashback feature is currently in development and not yet available to existing or new MogoCard holders. The final product, including the cashback rates displayed here, may differ from the description and images contained on this site.
The MogoCard Cashback feature will be offered to MogoMembers by invitation.
Mogo will charge a 2.5% foreign exchange transaction fee when you use your MogoCard with Cashback feature for transactions in a currency other than Canadian dollars. If you use your MogoCard with Cashback feature for a transaction that is submitted to the Visa networks in a currency other than Canadian dollars, Visa will convert the transaction amount into Canadian dollars using its currency conversion procedure. If a transaction that is initially in a foreign currency is converted before it is entered into the Visa network, the conversion rates and fees of the company or companies that did the conversion(s) will apply. It is possible that multiple currency conversions will be completed before your transaction instruction is received and processed. The transaction amount received in Canadian dollars and charged to your MogoCard with Cashback feature may include fees charged by others involved in processing the transaction.
7:37 pm
January 3, 2013
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Never heard of Mogo but thanks for sharing.
5:23 am
December 17, 2016
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Mogo Cards are owned and issued by People's Trust Company. People's also own and issue the STACK and KOHO branded cards.
2:07 pm
December 12, 2009
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Top It Up said
Mogo Cards are owned and issued by People's Trust Company. People's also own and issue the STACK and KOHO branded cards.
Noticed this thread in a forum post search, and thought I should correct a slight inaccuracy.
Peoples Trust Company does indeed issue the Mogo, Stack, and Koho prepaid credit cards, but they're more of a back-end service provider. You can all in to their telephone number to get your balance, but the customer service is provided by each of Mogo, Stack, and Koho as they're the ones that own your account. They can switch to another bank, credit union, or trust company that issues prepaid credit cards at any time and take their accounts with them.
It's somewhat like Collabria, although Collabria jointly owns the credit card accounts with their partner banks and credit unions.
Presumably, they each pay contractual fees to Peoples Trust Company, perhaps as an annual fee based on call volumes, transaction volumes or dollars, or some other metric.
The one exception is Stack. Since Peoples has issues several press releases related to Stack's features, I do wonder if Peoples Trust or Peoples Group has a very small, minority equity investment in Stack. 
It's really like, say, a robo-advisor and a custodian. Your robo-advisor is your portfolio manager of record, manages your accounts, and is your primary contact. The back-end broker-dealer that executes your trades and does statement and tax reporting is the custodian/carrying broker. For example, Justwealth is a robo-advisor that manages your accounts, but they use Virtual Brokers' parent company, BBS Securities Inc., as their back-end carrying broker. They can, at any time and at their expense, change carrying brokers to, say, National Bank Correspondent Network, Fidelity Clearing, Pershing Canada, or some other firm.
Cheers,
Doug
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