Don't use credit cards: separate to save

In the name of not spending credit as if it’s the same as cold hard cash, many of us (particularly our clever MogoMembers) are starting to make sudden, brash, and life-altering realizations—starting with this: credit and cash are not synonymous.

So, in order to save cash, don't use credit cards. Separate your credit instead.

What we mean by this is really quite simple: sometimes, ultra-convenience can bring down walls where walls must exist.

What we really mean to say is this: having access to borrowed funds any time of day or night through a CONVENIENT little piece of plastic is not only risky, but also often detrimental to our financial lives as adults. We just can’t draw the line. We just can’t stop ourselves.

We want it, but we can’t afford it, so we charge it. It’s just wrong. So wrong.

Instinctively, we may feel the backwardness of this spending habit as we swipe the first few forbidden transactions, but over time, spending our credit frivolously becomes a way of life. This is where the real danger of convenient credit will begin to nibble away at what’s left of your credit score.

3 Ways to Step up your Financial Game

It doesn't belong in your wallet, so leave it home and make it inconvenient. Yes, a little inconvenience can be a good thing.
Get a loan only if you really need it, and make sure it has set monthly payments and set recurring payments (so that you don't forget). For example: borrow 5k on a personal loan and pay it back in 2 years versus borrowing on a credit card, paying some back, then borrowing (and repeating) again.
Use a prepaid card like our Mogo Prepaid Visa Card (coming soon), which keeps you from racking up debt and paying a ton of fees.


At Mogo, we don't use credit cards. We want you to take the credit out of the card, and the card out of the credit, knowing that credit cards have made it dangerously easy for anyone (and everyone) to spend money they don’t have.

So we’ve separated the two concepts of card and credit, which have morphed into conjoined twins but should only be distant and estranged half-cousins at best.

Go with Mogo instead. In three minutes, you can check your rate, get a pre-approval, see your credit score for free, and be first in line for a free MogoCard. Get started to get on the list for the new MogoCard, coming soon.

Separate to save (your bank account’s a$$).


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