Koho Review 2022: Prepaid Credit Card Canada Fees

Prepaid Credit Card Canada Fees

Koho presently offers the very best pre-paid Mastercard credit card in Canada, with absolutely no charges (including no covert fees), the ability to make cash money back on all acquisitions, in addition to a convenient choice of other totally free and paid tools in a practical online portal that helps Canadians take control of their financial resources with real-time insights regarding spending, credit report health and more.

What is Koho?

Koho is a bank in Toronto, Ontario that uses their services both as a physical, reloadable, no-fee mastercard and a hassle-free and also well developed app that provides various other integrated individual finance tools together with extra optional economic products and services. Their services are created to assist all Canadians much better save, invest, as well as budget plan their money like a pro.

Does Koho Fee Costs?

No. Koho does not charge costs. Making Use Of the Koho Prepaid Mastercard is completely complimentary. Unlike several other preferred rivals, there are no monthly fees, and also no charges to load funds onto the card. Note: Koho does charge foreign deal fees, if utilizing their card to make acquisitions in foreign money. Nevertheless, they supply an optional costs service with a regular monthly fee that can waive these fees for folks that conduct a great deal of international deals on their Mastercard. Unlike many pre-paid credit cards, there are additionally no charges for taking out cash money from an atm machine. In addition, you can also send endless Interac Etransfers completely free. Remarkably there is also no NSF fees billed by Koho.

Does Koho Offer Cash-Back?

Yes. Koho offers a base price of 0.5% cashback on all acquisitions made with the Koho Card. Asserting this cash back is simple, as you can cash out your profits in just a few clicks whenever and anywhere. Additionally, Koho provides a monthly subscription service called Koho Costs which permits you to earn 2% money back on all your daily crucial acquisitions.

How Can I Include Funds to my Card?

Packing money onto your Mastercard is extremely easy. This can be performed with Interac Etransfer, to ensure that funds are available to spend on the Mastercard instantaneously. No waiting for days for payments to get rid of the financial institution. Additionally, the card can be loaded with an existing visa debit card. On top of that, you can additionally set up your pay-roll straight deposit to make sure that your pay cheque is transferred directly onto your Koho card. This unlocks a higher interest rate on savings, along with opens other costs features within the Koho application.

Are my Funds Safe With Koho?

Funds included in your Koho card are CDIC guaranteed, thanks to Koho partnering with People’s Trust, a government managed Canadian bank. Your Koho card is also covered by Mastercard’s Absolutely no Liability plan, which safeguards you when it comes to unauthorised card usage.

What Features Are Included in Koho Premium?

For $9 per month, Koho consumers can register for the optional Koho Costs Service. This permits you to earn 2% money back on all grocery stores, transport and also eating as well as alcohol consumption, and also 0.5% base price cashback on whatever else. Koho Premium also forgoes international deal costs, and also opens 1 totally free global atm machine withdrawal monthly. Premium users additionally receive a special costs physical card, which Koho calls a snappy new vertical design.

Does Koho Build my Credit Report?

Because this is a prepaid Mastercard, there is no credit rating check to get one. You can only invest what you have actually loaded onto the card. You never ever have an equilibrium because of repay, so looking for and using the card does not impact your credit score. For Canadians thinking about building their credit score, Koho offers an ingenious Credit history Building contractor item. By paying $7 each month, Koho will certainly report favorable credit history details to Transunion and Equifax that can boost your credit report. This product is absolutely worth taking a look at, as it even permits you to choose the credit rating application portion to report every month.

In conclusion, the Koho Prepaid Mastercard is far and away the most effective reloadable Mastercard readily available in Canada. With their no-fee investing, instantaneous cash-back on everyday acquisitions, and also cutting-edge application as well as online portal, it is a fantastic alternative to aid you take control of your funds.

Click here to obtain $20 cashback when you register for a Koho account and make your first card purchase within one month