Points Purgatory: 89.4% of Canadians Failing to Get Cashback During COVID

20.8% COULD EARN $2,000 A YEAR - FREE ONLINE 'REGRET CALCULATOR' SHOWS CANUCKS WHAT THEY COULD HAVE EARNED IN CASHBACK

VANCOUVER, BC, July 13, 2021 /CNW/ - Fresh research from Mogo, the leading digital payments and financial technology company enabling Canadians to 'do money like you mean it,' has revealed that a strong majority of Canadians are missing out on earning cashback during the pandemic.  When asked if they had made any major purchases in the last year with a cashback card, 58.7% said no, and 30.7% admitted that they don't have a cashback card in the first place. This creates a combined total of 89.4% of Canadians who simply aren't maximizing their cashback potential.

Mogo, which offers the Mogo Visa* Platinum Prepaid Card (a 2% cashback card that delivers the rewards of a credit card and the control of a debit card), surveyed 1000 Canadians on their current strategy on rewards cards, spending during COVID and other critical consumer issues. 

MOGO SURVEY SHOWS 89.4% OF CANADIANS FAILING TO GET CASHBACK DURING COVID

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Key Findings of the survey:

National:

Canadians' two cents on 2% (cashback)
20.8% of Canadians believe that 2% of their total expenses for the year would equal the significant sum of $2,000.
More than half of Canadians (64.1%) report not using cash as much as they did before COVID, speaking to the need for a clear points card strategy.

Canadians want to do the right thing (with cashback)
Asked what they would spend with 2% cashback on all purchases made this year, Canadians were stereotypically responsible, with 27.3% saying they would save it and 25.9% stating they would use it to pay off debt. 14.6% of Canadians would use cashback for monthly expenses. Only 15.6% of Canadians would use it to 'buy more things.'

A flight pattern of 'points purgatory?'
72.9% of Canadians say they would NOT use a travel points card to buy non-travel items knowing the value of points is less when redeemed.

But travel points aren't the only rewards available to consumers. "We created a cashback card that gives you more control than a debit card with more rewards than a credit card, so you can effortlessly avoid debt, overspending, and overdraft while saving more for your future," Dave Feller, Mogo CEO explains. "With the MogoCard, you'll earn an industry-leading 2% unlimited cashback every time you spend--that's unheard of Plus, you can withdraw your rewards as cash or hold them as bitcoin, which has the potential to increase in value over time, unlike traditional travel points. Bitcoin is the best performing asset class of the last 10 years, so that 2% could turn into 5% or 10% or more. What other rewards card can do that?"  

What Canadians want (to buy)
Asked what major purchases they plan to make in the next six months to a year, Canadians reported a cell phone (28.3), a seasonal wardrobe (19.8%)'premium masks' (14.1%),  'serious shoes' (14.4%) and a major appliance (12.6%). 

Canadians would be 'a little happier' with cashback on their partners' card
Asked if they would be happier if their partners' credit cards had cashback, 17.8% of Canadians said they would be 'a little happier', and 22.4% said they WOULD be happier for a combined total of 40.2% of Canadians happier with cashback.

Calculating cashback for Canadians
To show Canadians how much their 2% cashback could conceivably create, Mogo has created the Cashback Regret Calculator on their website at https://hey.mogo.ca/calculator/. With the calculator, Canadians can enter recent and planned purchases such as appliances, computers, cell phones or seasonal wardrobes as well as recurring monthly expenses to instantly calculate how much cashback they can earn or have already missed out on. 

The calculator showcases what 2% cashback could mean for Canadians who are looking to save or may be struggling during the global pandemic. 

"As the country opens up and Canadians get back to life, using Mogo for your spending can have a big impact on your finances" said Dave Feller. "Survey after survey clearly shows that the majority of Canadians want to increase the money they have for saving and investing and that all comes down to how well you control your spending. This card was designed to do just that."

Please credit this as a survey conducted by Mogo in ANY media coverage.

About Mogo
Mogo is empowering its more than one million members with simple digital solutions to help them get in control of their financial health. Through the Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, easily buy and sell bitcoin, and get free monthly credit score monitoring, ID fraud protection, and personal loans. Mogo's wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).

About the survey
The survey described in this press release was conducted by Mogo Inc. This was an online survey of 1,000 random Canadians that took place between May 12, 2021 and June 7, 2021. The survey consisted of 11 questions with multiple choice answers and targeted English speakers between the ages of 18-64.

Disclaimer
*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). Bitcoin Cashback is a component of Mogo's Rewards program. Eligible MogoMembers will earn 2% Bitcoin Cashback on Canadian and foreign currency purchases. Bitcoin Cashback is earned monthly and based on all eligible purchases made in the preceding month. Mogo will determine the eligible 2% in fiat and will convert that fiat to satoshis according to the Satoshi Conversion set out in detail in the MogoAccount Terms and Conditions. All decisions regarding the conversion to satoshis by Mogo are final and binding. Additional eligibility requirements, transaction exclusions, and other terms are set out in full in the MogoAccount Terms and Conditions, which may be changed or terminated at any time without notice, see: https://www.mogo.ca/terms-and-conditions. Mogo cannot guarantee that the value of your Bitcoin Cashback will increase. If the price of bitcoin decreases then you may lose some or all of the value of your Bitcoin Rewards. 

SOURCE Mogo

Patrick McCaully, Pointman News Creation, [email protected]