Should I Get the KOHO Prepaid Mastercard?
This depends on what you want in a card and your spending needs. If you want a card that will improve your credit score, the KOHO Prepaid Mastercard isn’t for you. The reason is that it doesn't report account activity to the credit bureaus. However, you can add a credit building feature to your account for a fee. If you want to save on account fees while earning cash back, the KOHO Prepaid Mastercard is for you. It’s also great for monitoring your spending habits and automating savings.
Is the KOHO Prepaid Mastercard a Credit Card?
No. The KOHO Prepaid Mastercard is a prepaid card. However, it has an aspect unique to credit cards: it earns you cash back.
How Is the KOHO Prepaid Mastercard Different from a Debit Card?
You’ll be charged various fees for anything from account maintenance to transactions with a debit card. The KOHO Prepaid Mastercard doesn’t charge account fees. You won't have to pay a monthly fee, and you won’t be charged when you make ATM withdrawals.
Can I Use the KOHO Prepaid Mastercard Anywhere?
Absolutely. The KOHO Prepaid Mastercard runs on the Mastercard network. Mastercard is one of the world’s largest payment processing networks. So you can use your card at several stores in Canada and abroad wherever you see the Mastercard logo.
Will the KOHO Prepaid Mastercard Improve My Credit Score?
Unfortunately, the KOHO Prepaid Mastercard won’t improve your credit score. Since it’s not a credit product, any activity in your account isn’t reported to the credit bureaus. However, you can sign up for KOHO's credit building feature to improve your credit score.
How Do I Apply for the KOHO Prepaid Mastercard?
You apply for the KOHO Prepaid Mastercard online. Simply visit KOHO’s website and tap the open account button in the upper right-hand corner. You’ll be required to complete a form, which should take less than five minutes.
What Fees Are Charged on the KOHO Prepaid Mastercard?
KOHO charges an inactivity fee of $1 when your account has been open for 13 months but inactive for six months. Also, if you make purchases that aren’t in Canadian dollars, you’ll be charged a foreign transaction fee of 1.5%.