Koho Review 2022: Prepaid Secured Credit Card Canada

Prepaid Secured Credit Card Canada

Koho presently uses the very best pre-paid Mastercard charge card in Canada, with definitely zero fees (including no surprise charges), the capacity to gain money back on all acquisitions, together with a practical option of various other cost-free and paid devices in a convenient online site that assists Canadians take control of their financial resources with real-time understandings concerning investing, debt health and also more.

What is Koho?

Koho is a bank in Toronto, Ontario that uses their solutions both as a physical, reloadable, no-fee mastercard and a convenient as well as well made application that supplies various other integrated individual money devices together with extra optional economic services and products. Their solutions are developed to help all Canadians much better conserve, invest, and also budget plan their cash like a pro.

Does Koho Fee Fees?

No. Koho does not charge costs. Using the Koho Prepaid Mastercard is totally free. Unlike numerous various other popular competitors, there are no month-to-month costs, and no costs to pack funds onto the card. Keep in mind: Koho does charge international transaction costs, if utilizing their card to make purchases in foreign money. Nevertheless, they use an optional premium service with a regular monthly fee that can forgo these charges for individuals that perform a lot of foreign deals on their Mastercard. Unlike the majority of pre-paid charge card, there are also no charges for withdrawing cash money from an atm machine. Furthermore, you can also send out unlimited Interac Etransfers free of cost. Surprisingly there is also no NSF costs charged by Koho.

Does Koho Deal Cash-Back?

Yes. Koho offers a base price of 0.5% cashback on all purchases made with the Koho Card. Claiming this cash back is very easy, as you can squander your earnings in simply a couple of clicks whenever and anywhere. Additionally, Koho supplies a monthly membership service called Koho Costs which enables you to earn 2% money back on all your everyday crucial acquisitions.

Just How Can I Include Funds to my Card?

Filling money onto your Mastercard is unbelievably very easy. This can be done with Interac Etransfer, to ensure that funds are readily available to spend on the Mastercard promptly. No awaiting days for payments to get rid of the bank. Additionally, the card can be loaded through an existing visa debit card. Additionally, you can additionally establish your payroll straight deposit so that your pay cheque is deposited directly onto your Koho card. This unlocks a greater interest rate on savings, along with unlocks various other premium attributes within the Koho app.

Are my Funds Safe With Koho?

Funds contributed to your Koho card are CDIC insured, thanks to Koho partnering with Individuals’s Depend on, a government managed Canadian bank. Your Koho card is likewise covered by Mastercard’s Zero Responsibility policy, which protects you in the case of unsanctioned card usage.

What Functions Are Consisted Of in Koho Premium?

For $9 per month, Koho consumers can enroll in the optional Koho Costs Service. This enables you to earn 2% cash money back on all grocery stores, transportation and consuming and also drinking, as well as 0.5% base rate cashback on every little thing else. Koho Premium also forgoes international deal charges, and also opens 1 cost-free global atm machine withdrawal per month. Premium individuals additionally get a special premium physical card, which Koho describes as a snappy new vertical design.

Does Koho Construct my Credit History?

Since this is a prepaid Mastercard, there is no credit report check to acquire one. You can just invest what you have actually filled onto the card. You never have an equilibrium due to repay, so obtaining as well as utilizing the card does not affect your credit report. For Canadians thinking about constructing their credit score, Koho supplies an innovative Credit report Home builder product. By paying $7 per month, Koho will certainly report positive credit history information to Transunion and also Equifax that can enhance your credit rating. This product is absolutely worth taking a look at, as it also permits you to pick the credit rating usage portion to report each month.

To conclude, the Koho Prepaid Mastercard is far and away the best reloadable Mastercard readily available in Canada. With their no-fee costs, immediate cash-back on everyday acquisitions, as well as innovative app and also online website, it is an excellent alternative to assist you take control of your funds.

When you sign up for a Koho account and make your first card acquisition within 30 days, click below to obtain $20 cashback