Koho Review 2022: Where To Buy Prepaid Credit Card Canada

Where To Buy Prepaid Credit Card Canada

Koho currently offers the best pre-paid Mastercard credit card in Canada, with absolutely zero fees (including no hidden costs), the capability to make money back on all acquisitions, along with a hassle-free choice of other totally free and paid tools in a hassle-free online portal that helps Canadians take control of their finances with real-time understandings regarding investing, debt health and even more.

What is Koho?

Koho is a financial institution in Toronto, Ontario that supplies their services both as a physical, reloadable, no-fee mastercard as well as a hassle-free and well developed app that supplies other built-in personal finance devices in addition to additional optional economic products and services. Their solutions are developed to assist all Canadians better save, invest, as well as budget their cash like a pro.

Does Koho Cost Fees?

No. Koho does not bill fees. Using the Koho Prepaid Mastercard is completely free. Unlike lots of other popular competitors, there are no month-to-month charges, and no charges to load funds onto the card. Note: Koho does charge foreign deal charges, if using their card to make purchases in international money. Nonetheless, they use an optional premium solution with a month-to-month cost that can forgo these charges for folks that carry out a lot of foreign purchases on their Mastercard. Unlike a lot of pre-paid credit cards, there are additionally no costs for withdrawing cash from an ATM. Additionally, you can also send out unrestricted Interac Etransfers absolutely free. Surprisingly there is also no NSF charges charged 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. Declaring this cash back is easy, as you can cash out your revenues in just a couple of clicks whenever and any place. Additionally, Koho provides a regular monthly registration service called Koho Costs which permits you to earn 2% money back on all your everyday necessary acquisitions.

How Can I Add Funds to my Card?

Filling cash onto your Mastercard is extremely simple. This can be finished with Interac Etransfer, to make sure that funds are readily available to invest in the Mastercard promptly. No awaiting days for settlements to remove the financial institution. Moreover, the card can be packed via an existing visa debit card. On top of that, you can likewise establish your payroll straight deposit so that your pay cheque is transferred directly onto your Koho card. This opens a greater rate of interest on financial savings, along with unlocks other costs 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 Depend on, a federally managed Canadian bank. Your Koho card is likewise covered by Mastercard’s Zero Obligation plan, which protects you in the case of unauthorised card usage.

What Attributes Are Included in Koho Premium?

For $9 per month, Koho consumers can sign up for the optional Koho Premium Service. This enables you to gain 2% money back on all groceries, transportation and consuming and alcohol consumption, as well as 0.5% base price cashback on whatever else. Koho Premium additionally waives foreign deal fees, and also opens 1 complimentary international ATM withdrawal each month. Premium customers likewise obtain a special premium physical card, which Koho refers to as a snappy new vertical design.

Does Koho Develop my Credit Report?

Given that this is a prepaid Mastercard, there is no credit history check to obtain one. You can just spend what you have actually filled onto the card. You never ever have an equilibrium due to settle, so applying for and also utilizing the card does not impact your credit history. For Canadians curious about constructing their credit rating, Koho provides a cutting-edge Credit score Contractor item. By paying $7 each month, Koho will certainly report positive debt information to Transunion and Equifax that can improve your credit score. This product is absolutely worth taking a look at, as it also enables you to choose the credit scores utilization percent to report each month.

In conclusion, the Koho Prepaid Mastercard is by far the very best reloadable Mastercard readily available in Canada. With their no-fee costs, instant cash-back on day-to-day purchases, and also ingenious application as well as online portal, it is a wonderful option to aid you take control of your financial resources.

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