Who Should Get a KOHO Joint Prepaid Mastercard?
The KOHO Joint Prepaid Mastercard is ideal for anyone who wants to share finances with someone else. This can be your partner, spouse, relative, or friend. You’ll both be able to add money to the account and make purchases with the Mastercard. Also, you can track spending and set savings goals that you can both monitor.
How Does the KOHO Joint Prepaid Mastercard Work?
The KOHO Joint Prepaid Mastercard is attached to an account. You will add money to the account by making an e-transfer from an existing bank account. Or you can fund the account by having your paycheque deposited directly into it. Once your account is funded, you can use your card to purchase in-store or online.
Will the KOHO Joint Prepaid Mastercard Improve My Credit Score?
No, the KOHO Joint Prepaid Mastercard won’t improve your credit score. Since you spend your own money instead of credit, KOHO doesn’t report your account activity to the credit bureaus. If you want to improve your credit score, sign up for the credit building feature through the KOHO app.
How Do I Load the KOHO Joint Prepaid Mastercard?
You can add money to the card by making an e-transfer to your KOHO account from your existing bank account. Alternatively, have your paycheque deposited in your KOHO Joint Prepaid Mastercard account.
Is the KOHO Joint Prepaid Mastercard a Debit or Credit Card?
The KOHO Joint Prepaid Mastercard isn’t a debit or credit card. It’s a prepaid card. The card combines the self-funded aspect of a debit card with the cash back rewards feature of a credit card.
What Are the Eligibility Requirements for the KOHO Joint Prepaid Mastercard?
Both account members must be at least 18 or 19 years of age and older.
Can I Use the KOHO Joint Prepaid Mastercard Anywhere?
Yes, you can use the KOHO Joint Prepaid Mastercard anywhere. It runs on the Mastercard network, so you can use your card wherever you see a Mastercard logo.