Koho prepaid visa card: The Koho Card is a prepaid Visa card that you can use just like a credit or debit card. Who or what is Koho, you ask? It is a Canadian fintech company.
Koho and its card are just one of several new products available in Canada aimed at challenging the big banks, and the company offers some interesting features that might entice you.
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What is the Koho prepaid Visa card
KOHO is a Canadian fintech based in Toronto. It’s not considered a bank, but – in conjunction with People’s Trust – it has banking services, which you can use through their mobile app and card.
The Koho Visa Card Card
That Koho card is not a credit card – it’s a prepaid card This means that you have to load money on the card before you can spend. Therefore, you’re never spending money you don’t already have, so you won’t be in debt if you use it. In this sense it is the opposite of a credit card.
But it’s more like a credit card when it comes to day-to-day spending. It is a visa, so you can use it very widely, both online and offline. And you can earn points and get rewards. Koho offers 0.5% cashback on every purchase made with the card.
So it’s worth checking whether you want some of the credit card benefits without incurring the debt you have to pay off. And it is also an option for those who cannot get a credit card due to their credit history.
Koho Premium prepaid Visa
There is also a third type of Koho account on offer: Koho Premium. For $84 per year or $9 per month, you can get a few extra benefits: 2% cash back when you spend on transportation, groceries and restaurants, no fees if you use your card internationally, no forex fees, plus One free international ATM withdrawal per month.
Koho Joint prepaid Visa
In addition to the standard Koho cards and accounts, there are also Koho United options. It’s very similar – but additionally lets you add your partner to the card so you can share your financial decisions and spending.
Is Koho legit?
Yes, Koho is legit and safe, and the bank is partnered with The People’s Trust Company.
People’s Trust is the organization that will pay you back your money if Koho fails, so there is protection even though Koho itself is not CDIC insured.
Koho prepaid Visa rewards
The Koho card offers the same rewards as many credit cards: including cash back.
All accounts pay 0.5% cash back on all purchases, but premiums pay 2% on transportation, groceries and restaurants.
And in fact, you can claim even more cash back if you shop with certain brands – 5%, for example, on Attitude, Baskin Robbins, Buffalo, Contiki, Frank & Oak and more. You get. found.
Benefits of the Koho prepaid Visa card
If you’re on a government payroll, you can get a $100 advance if you receive CRA payments directly into your Koho account.
Koho’s roundup feature rounds your spending to the nearest dollar, making it easy to round off smaller amounts.
Koho prepaid Visa card Advantages and Disadvantages
It has many benefits, although you may not want or want to take advantage of all of them personally. But the cash back on offer makes it potentially better value than some prepaid cards, and the extra savings and credit building features can come in handy too.
That said, when it comes to building credit, a credit card can prove to be a more effective option for rebuilding your rating, as long as you can keep up with the repayments. A secured credit card can be a good way to start, if you can afford the initial deposit.
First, you load funds into your no-fee KOHO account via e-transfer or direct deposit. Then, shop everything you do with your KOHO prepaid credit card—and earn cashback on groceries, bills and services. Finally, you can use your KOHO app to see your spending trends and develop healthy savings habits.
Your KOHO Prepaid MasterCard is a global payment method, accepted by millions of merchants in more than 200 countries around the world.
KOHO users can withdraw money from any ATM. The cost is $2-3 depending on the out-of-network fee at the ATM you withdraw from.
You can use your KOHO card where prepaid card is accepted.
KOHO stores your money in People’s Trust, a federally regulated banking institution. This means that if—and it’s a big if—Koho goes down, you’ll still get all your money through People’s Trust.
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