Koho Review 2022: Prepaid Visa Card Canada Where To Buy

Prepaid Visa Card Canada Where To Buy

Koho currently provides the best pre-paid Mastercard bank card in Canada, with definitely zero fees (including no hidden fees), the capability to make cash back on all purchases, along with a practical choice of various other cost-free as well as paid tools in a convenient online website that aids Canadians take control of their funds with real-time understandings about spending, credit rating health and also more.

What is Koho?

Koho is a financial institution in Toronto, Ontario that supplies their solutions both as a physical, reloadable, no-fee mastercard and a convenient and also well designed app that offers other integrated personal finance tools in addition to extra optional financial services and products. Their solutions are created to aid all Canadians better conserve, spend, and also budget their cash like a pro.

Does Koho Fee Charges?

No. Koho does not bill costs. Utilizing the Koho Prepaid Mastercard is completely complimentary. Unlike numerous various other prominent rivals, there are no monthly costs, and also no charges to load funds onto the card. Keep in mind: Koho does bill international purchase fees, if using their card to make purchases in international currencies. Nonetheless, they offer an optional costs solution with a month-to-month charge that can forgo these charges for folks that conduct a great deal of foreign purchases on their Mastercard. Unlike many pre-paid bank card, there are additionally no costs for withdrawing cash from an atm machine. In addition, you can also send unrestricted Interac Etransfers free of charge. Surprisingly there is additionally no NSF charges billed by Koho.

Does Koho Offer Cash-Back?

Yes. Koho provides a base rate of 0.5% cashback on all acquisitions made with the Koho Card. Declaring this money back is very easy, as you can squander your profits in just a few clicks whenever and any place. Also, Koho offers a regular monthly registration solution called Koho Costs which allows you to gain 2% cash back on all your everyday vital acquisitions.

Exactly How Can I Add Funds to my Card?

Loading money onto your Mastercard is extremely easy. This can be made with Interac Etransfer, so that funds are offered to invest in the Mastercard promptly. No waiting on days for payments to clear the bank. Additionally, the card can be loaded through an existing visa debit card. In addition, you can additionally set up your payroll direct down payment to ensure that your pay cheque is transferred directly onto your Koho card. This unlocks a greater rate of interest on cost savings, along with unlocks other costs functions 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 Trust fund, a government regulated Canadian financial institution. Your Koho card is also covered by Mastercard’s Absolutely no Liability plan, which shields you when it comes to unsanctioned card usage.

What Functions Are Included in Koho Premium?

For $9 each month, Koho clients can enroll in the optional Koho Premium Solution. This allows you to gain 2% cash money back on all grocery stores, transportation as well as eating as well as drinking, and also 0.5% base rate cashback on whatever else. Koho Costs also waives international transaction costs, and opens 1 cost-free global ATM withdrawal monthly. Costs customers additionally get a special costs physical card, which Koho describes as a snappy new vertical design.

Does Koho Construct my Credit Score?

Considering that this is a prepaid Mastercard, there is no credit report check to get one. You can only spend what you’ve packed onto the card. You never have an equilibrium because of settle, so applying for as well as using the card does not influence your credit score. For Canadians curious about building their credit score, Koho uses an innovative Credit Builder item. By paying $7 per month, Koho will certainly report positive credit score details to Transunion and Equifax that can boost your credit history. This product is certainly worth checking out, as it also allows you to choose the credit report application percentage to report every month.

Finally, the Koho Prepaid Mastercard is by far the best reloadable Mastercard offered in Canada. With their no-fee spending, immediate cash-back on day-to-day acquisitions, and ingenious application as well as online site, it is a terrific option to assist you take control of your financial resources.

When you authorize up for a Koho account as well as make your initial card purchase within 30 days, click here to obtain $20 cashback