Should I Get the KOHO Prepaid Visa Card?
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 Visa Card 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 Visa Card is for you. It’s also great for monitoring your spending habits and automating savings.
Is the KOHO Prepaid Visa Card a Credit Card?
No. The KOHO Prepaid Visa Card is a prepaid card. However, it has an aspect unique to credit cards: it earns you cash back.
How Is the KOHO Prepaid Visa Card 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 Visa Card 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 Visa Card Anywhere?
Absolutely. The KOHO Prepaid Visa Card runs on the Visa network. Visa 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 Visa logo.
Will the KOHO Prepaid Visa Card Improve My Credit Score?
Unfortunately, the KOHO Prepaid Visa Card 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 Visa Card?
You apply for the KOHO Prepaid Visa Card 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 Visa Card?
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%.