Koho Review 2022: Best Prepaid Credit Card For Teenager Canada

Best Prepaid Credit Card For Teenager Canada

Koho currently uses the very best pre-paid Mastercard credit card in Canada, with absolutely no costs (including no hidden fees), the ability to make cash back on all purchases, together with a convenient choice of various other cost-free and also paid tools in a convenient online site that aids Canadians take control of their funds with real-time insights about costs, credit rating health and also even more.

What is Koho?

Koho is a bank in Toronto, Ontario that supplies their services both as a physical, reloadable, no-fee mastercard as well as a convenient and well developed app that supplies various other built-in personal money tools along with additional optional economic product or services. Their solutions are created to aid all Canadians better conserve, spend, as well as budget their cash like a pro.

Does Koho Charge Costs?

No. Koho does not charge fees. Utilizing the Koho Prepaid Mastercard is entirely free. Unlike lots of various other prominent rivals, there are no month-to-month costs, and no charges to pack funds onto the card. Keep in mind: Koho does bill foreign transaction charges, if using their card to make acquisitions in international currencies. However, they offer an optional costs solution with a month-to-month cost that can waive these fees for individuals that carry out a great deal of international transactions on their Mastercard. Unlike a lot of pre-paid credit cards, there are likewise no fees for withdrawing cash from an ATM. Furthermore, you can additionally send unlimited Interac Etransfers completely free. Surprisingly there is likewise no NSF charges billed by Koho.

Does Koho Offer Cash-Back?

Yes. Koho uses a base price of 0.5% cashback on all acquisitions made with the Koho Card. Declaring this cash back is simple, as you can squander your earnings in simply a couple of clicks whenever and also any place. Likewise, Koho provides a month-to-month membership solution called Koho Premium which enables you to make 2% money back on all your day-to-day important acquisitions.

Exactly How Can I Include Funds to my Card?

Packing cash onto your Mastercard is incredibly easy. This can be made with Interac Etransfer, to ensure that funds are available to spend on the Mastercard promptly. No awaiting days for repayments to get rid of the bank. In addition, the card can be filled with an existing visa debit card. In addition, you can additionally establish your pay-roll direct down payment to ensure that your pay cheque is transferred directly onto your Koho card. This opens a greater interest rate on financial savings, along with opens other costs attributes within the Koho app.

Are my Funds Safe With Koho?

Funds added to your Koho card are CDIC guaranteed, thanks to Koho partnering with People’s Depend on, a federally regulated Canadian financial institution. Your Koho card is also covered by Mastercard’s Absolutely no Responsibility policy, which protects you in the case of unauthorised card usage.

What Features Are Consisted Of in Koho Premium?

For $9 each month, Koho clients can register for the optional Koho Premium Solution. This permits you to gain 2% cash money back on all grocery stores, transport and consuming and also alcohol consumption, as well as 0.5% base price cashback on everything else. Koho Costs also forgoes foreign deal fees, as well as opens 1 totally free global atm machine withdrawal monthly. Premium individuals additionally receive a special costs physical card, which Koho describes as a snappy new vertical design.

Does Koho Construct my Credit History?

Considering that this is a prepaid Mastercard, there is no credit report check to acquire one. You can just invest what you have actually loaded onto the card. You never ever have a balance because of pay off, so making an application for and utilizing the card does not impact your credit history. For Canadians curious about constructing their credit score, Koho supplies an innovative Credit score Builder item. By paying $7 monthly, Koho will certainly report positive credit history info to Transunion as well as Equifax that can boost your credit report. This product is certainly worth taking a look at, as it even enables you to select the credit report application percent to report monthly.

To conclude, the Koho Prepaid Mastercard is far and away the very best reloadable Mastercard offered in Canada. With their no-fee costs, instantaneous cash-back on daily acquisitions, and also ingenious application and online website, it is a great choice to assist you take control of your financial resources.

Visit this site to get $20 cashback when you enroll in a Koho account as well as make your very first card purchase within thirty day