Koho Review 2022: What Is The Best Prepaid Credit Card In Canada

What Is The Best Prepaid Credit Card In Canada

Koho presently offers the best pre-paid Mastercard credit card in Canada, with absolutely zero charges (including no surprise fees), the capacity to gain money back on all purchases, along with a convenient selection of other totally free and paid devices in a hassle-free online portal that helps Canadians take control of their finances with real-time insights about spending, credit scores health as well as more.

What is Koho?

Koho is a bank in Toronto, Ontario that supplies their solutions both as a physical, reloadable, no-fee mastercard and a practical as well as well created application that offers other built-in personal financing devices along with additional optional financial product or services. Their services are developed to help all Canadians much better save, invest, as well as spending plan their cash like a pro.

Does Koho Charge Costs?

No. Koho does not charge fees. Making Use Of the Koho Prepaid Mastercard is completely free. Unlike lots of other preferred competitors, there are no regular monthly costs, and also no costs to fill funds onto the card. Note: Koho does bill international deal costs, if utilizing their card to make acquisitions in international money. However, they provide an optional premium service with a regular monthly fee that can waive these charges for people that conduct a lot of foreign transactions on their Mastercard. Unlike most pre-paid credit cards, there are also no fees for taking out cash from an atm machine. Additionally, you can additionally send unrestricted Interac Etransfers free of cost. Surprisingly there is additionally no NSF charges charged by Koho.

Does Koho Offer Cash-Back?

Yes. Koho supplies a base rate of 0.5% cashback on all acquisitions made with the Koho Card. Claiming this cash money back is simple, as you can squander your incomes in just a couple of clicks whenever as well as wherever. Additionally, Koho offers a month-to-month subscription solution called Koho Costs which allows you to gain 2% cash money back on all your day-to-day vital purchases.

How Can I Add Funds to my Card?

Loading cash onto your Mastercard is extremely simple. This can be finished with Interac Etransfer, to make sure that funds are available to spend on the Mastercard instantly. No awaiting days for settlements to remove the financial institution. In addition, the card can be filled via an existing visa debit card. Additionally, you can also set up your pay-roll straight down payment so that your pay cheque is deposited directly onto your Koho card. This opens a higher interest rate on savings, along with unlocks other premium attributes within the Koho application.

Are my Funds Safe With Koho?

Funds added to your Koho card are CDIC insured, thanks to Koho partnering with Individuals’s Trust, a government controlled Canadian financial institution. Your Koho card is additionally covered by Mastercard’s No Liability plan, which shields you when it comes to unsanctioned card use.

What Functions Are Included in Koho Premium?

For $9 monthly, Koho clients can enroll in the optional Koho Premium Solution. This allows you to make 2% money back on all grocery stores, transportation as well as eating and also drinking, as well as 0.5% base rate cashback on whatever else. Koho Premium also waives foreign purchase charges, and also opens 1 totally free worldwide ATM withdrawal per month. Costs individuals additionally obtain an unique costs physical card, which Koho describes as a snappy new vertical design.

Does Koho Develop my Credit History?

Considering that this is a prepaid Mastercard, there is no credit check to acquire one. You can just spend what you have actually packed onto the card. You never ever have an equilibrium because of settle, so applying for and utilizing the card does not affect your credit report. For Canadians interested in constructing their credit rating, Koho supplies an innovative Credit Builder product. By paying $7 monthly, Koho will report favorable credit details to Transunion and Equifax that can boost your credit score. This item is absolutely worth taking a look at, as it even allows you to choose the credit scores usage percent to report each month.

Finally, the Koho Prepaid Mastercard is far and away the best reloadable Mastercard available in Canada. With their no-fee investing, instant cash-back on everyday purchases, as well as cutting-edge app and also online portal, it is an excellent alternative to help you take control of your financial resources.

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