Why is Koho one of the best prepaid credit card available in Canada for 2023?
- No fees: Koho does not charge any fees for things like activation, inactivity, or transactions. This can be a big advantage if you’re looking for a prepaid credit card that won’t cost you anything to use.
- High interest: Koho offers a high interest rate on balances held on the card, which can be a good way to earn a little extra money.
- Mobile app: Koho has a mobile app that allows you to easily track your spending, set budgeting goals, and get real-time notifications about your transactions.
- Automatic savings: Koho has a feature called “Round Ups” which rounds up your purchases to the nearest dollar and puts the difference into a savings account. This can be a convenient way to save money without having to think about it.
- Cash back: Koho offers cash back on certain types of purchases made with the card.
Overall, if you’re looking for a prepaid credit card with no fees and convenient features like a mobile app and automatic savings, Koho might be a good choice for you and probably is the best choice for you next prepaid credit card.
And what is a Koho prepaid credit card good for ?
A prepaid credit card is a type of payment card that is loaded with a specific amount of money by the cardholder. When the card is used to make a purchase, the amount of the purchase is deducted from the available balance on the card. Prepaid credit cards are not linked to a bank account or credit line, so they can be used by people who may not have a traditional bank account or credit card.
Prepaid credit cards can be used like regular credit cards, but they have some differences:
- No credit check: Prepaid credit cards do not require a credit check, so they can be used by people with poor credit or no credit history.
- No overdrafts: Because the card is prepaid, it is not possible to spend more than the available balance on the card. This means that there are no overdraft fees.
- No interest: Prepaid credit cards do not charge interest on balances or purchases.
Overall, prepaid credit cards can be a convenient and low-risk way to make purchases and manage money, but they may not offer all of the features and benefits of a traditional credit card.
KOHO may be a free defrayal and bank account wherever you’ll get instant cashback and earn interest on your entire account. You get a postpaid reloadable mastercard that offers you all the defrayal power of a mastercard with none fees or interest. Earn up to six money back with KOHO partnered business person and a couple of money back on feeding & drinking, groceries, transportation and zero.
Koho Prepaid Card Perks
- 5% money back on all alternative classes
- No account fees
- Automate your savings with Goals and RoundUps
- Create custom budgets and track your defrayal habits.
- recognize wherever you’re at in real time with instant notifications each time you pay.
- Choose from one in all four exciting card colors.
- Receive each a physical and virtual card.
- Start adding funds and looking on-line whereas you await your physical card to arrive within the mail.
- No got to budge from your couch to create on-line purchases. simply use your virtual card!
- Card Security – KOHO provides a unique card range to assist defend your physical card range once you’re looking or booking services on-line
- Add your KOHO card to Apple, Samsung or Google Pay Earn up to $1000 by referring friends to KOHO.
- Refer an addict to KOHO and KOHO can provide you with each $20 each!
- Automate your savings with Goals and RoundUps.
- Misestimation up each purchase permits you to keep some savings, while Goals create it easier to avoid wasting for no matter it’s that produces you cheerful Lock in savings with Vault that keeps the funds you don’t wish to pay cut loose your disposable balance Access all of KOHO’s helpful monetary options all the way through the app 1.2% interest on all balance (no minimum deposit requirement)
- $10/month Credit Building in-app subscription obtainable Ability to live five hundredth of daily paycheque if users’ leader is one in all our Instant Pay partner
Credit card corporations will typically supply USA unbelievable credit limits, going way on the far side our monthly financial gain. to take care of a decent credit rating, it’s best to not fill them up. These high mastercard limits a lot of typically than not push the common client to pay a lot of. However, a debt quantitative relation of half-hour or less contributes to maintaining a decent credit rating. this implies that you simply mustn’t use over $3,000 on your credit cards with a $10,000 limit. however how does one stop yourself before you go too far in credit card spending?
Founded in 2017 in Vancouver, KOHO could be a postpaid card service. Technically, KOHO isn’t a bank, however you’ll be able to do all of your outlay and saving with its services. Its founder and chief operating officer is Daniel Eberhard United Nations agency had antecedently worked within the renewable energy sector.
Prepaid cards area unit useful for people who wish to line a healthy outlay limit. The KOHO Mastercard card is accepted everyplace Mastercard is accepted. It’s free and straightforward to reload.
He analyzed the accounts of many relations and friends. He complete that he wished to assist individuals economize on bank fees, that they typically paid while not even realizing it. KOHO describes itself as a fintech that gives Canadians an alternate to their ancient banking expertise.
The best prepaid credit card in canada for 2023 is the KOHO Premium Prepaid Mastercard which offers up to 2% cash back on most purchases (sometime even more), all of this only for an annual fee of $84. On high of that, it additionally charges no interchange foreign exchange fees, give you a bonus rewards at partner retailers, and offers unlimited Interac e-Transfers for you personnal use. Yes, the Koho Mastercard is truly the best prepaid credit card there is in Canada.
There are several prepaid credit cards available in Canada that do not charge fees. Here are a few options to consider:
–KOHO Easy Mastercard
–Mogo Visa* Platinum Prepaid Card
–CIBC AC Conversion Visa Prepaid Card
–The Bluebird Prepaid Card: This card is offered by American Express and does not charge fees for activation, transactions, or monthly maintenance.
–The Peoples Trust Secured Credit Card: This card is a secured credit card, which means you need to provide a security deposit to open the account. It does not charge any annual, transaction, or maintenance fees.
–The Tangerine Money-Back Credit Card: This card is a credit card, not a prepaid card, but it does not charge any annual fees. It also offers cash back on certain purchases.
–The Motus Prepaid Mastercard: This prepaid card does not charge any fees for transactions or monthly maintenance. However, it does charge a one-time activation fee of $9.95.
It’s important to note that some of these cards may still charge fees for certain services, such as ATM
Prepaid credit cards can be a good option for people who don’t have a traditional credit card or who have a limited credit history. They can also be useful for people who want to control their spending or who want to avoid the temptation to overspend.
Here are some benefits of using a prepaid credit card:
1-Easy to get: Prepaid credit cards do not require a credit check, so they are easier to get than traditional credit cards.
2-Control your spending: With a prepaid credit card, you can only spend the amount of money that you have loaded onto the card. This can help you stay within your budget and avoid overspending.
Improve your credit score: Some prepaid credit cards report your payment history to the credit bureaus, which can help you improve your credit score if you use the card responsibly.
3-Convenient: Prepaid credit cards can be used wherever traditional credit cards are accepted and can be a convenient way to make purchases online or while traveling.
4-No overdraft fees: With a prepaid credit card, you cannot spend more money than you have available on the card, so you will not be charged overdraft fees.
5-Usage or balance inquiries. Be sure to carefully read the terms and conditions of any card you are considering to ensure you understand all the fees that may be involved.
Overall, a prepaid credit card can be a good option for people who want to control their spending, improve their credit score, or who don’t have a traditional credit card.
It’s difficult for me to recommend a specific prepaid credit card as the “safest” option, as different cards may be more suitable for different people depending on their needs and financial situation.
However, there are a few things you can consider when choosing a prepaid credit card in Canada:
Fees: Look for a card with low fees or no fees for things like activation, transactions, and monthly maintenance.
1-Security features: Choose a card that has a chip and a PIN to help protect against fraud.
Customer service: Look for a card issuer that has good customer service and is available to help you if you have any issues with your card.
2-Reload options: Consider the options for reloading your card, such as online or at a retail location, and choose a card that offers the most convenient options for you.
3-Compatibility with your financial needs: Choose a card that is compatible with your financial needs and goals. For example, if you want to use the card to improve your credit score, look for a card that reports to the credit bureaus.
Overall, it’s important to do your research and compare different prepaid credit card options to find the one that best meets your needs and budget.