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koho Credit Card: Koho is a Canadian fintech company that offers a range of financial services, including a prepaid Visa card, savings accounts, and budgeting tools. Their mission is to provide Canadians with an alternative to traditional banking and help them take control of their finances. In this blog post, we will be taking a closer look at Koho’s prepaid Visa card, its features, and how it can benefit consumers.
koho Credit Card Features
Koho’s prepaid Visa card comes with a host of features that make it an attractive option for Canadians looking for an alternative to traditional credit cards. Here are some of its key features:
- No annual fee: Koho’s prepaid Visa card has no annual fee, making it a cost-effective option for consumers who don’t want to pay for the privilege of using a credit card.
- Cashback rewards: The Koho card offers cashback rewards on every purchase, with the amount varying depending on the merchant. For example, you might earn 2% cashback on groceries, 1% on gas, and 0.5% on all other purchases.
- Real-time spending insights: The Koho app provides real-time insights into your spending habits, allowing you to track your expenses and stay on top of your budget.
- Automatic savings: The Koho card has a feature called “RoundUps,” which rounds up every purchase you make to the nearest dollar and saves the difference in a separate account.
- No foreign transaction fees: Koho’s prepaid Visa card has no foreign transaction fees, making it a great option for Canadians who travel frequently or make purchases from international merchants.
- Mobile wallet compatibility: The Koho card is compatible with mobile wallets such as Apple Pay, Google Pay, and Samsung Pay, allowing you to make contactless payments with your smartphone.
So, what are the benefits of using Koho’s prepaid Visa card? Here are a few:
- No debt: Since the Koho card is a prepaid card, you can only spend the money you have loaded onto it. This means you can’t go into debt or overspend, which can be a real problem with traditional credit cards.
- No credit check: Unlike traditional credit cards, the Koho card doesn’t require a credit check. This makes it a great option for people with bad credit or no credit history.
- Budgeting tools: The Koho app provides a range of budgeting tools and insights that can help you manage your money more effectively.
- Cashback rewards: The Koho card offers cashback rewards on every purchase, allowing you to earn money back on the things you buy every day.
- No foreign transaction fees: If you travel frequently or make purchases from international merchants, the Koho card’s lack of foreign transaction fees can save you a lot of money.
Overall, the Koho prepaid Visa card is a great option for Canadians looking for an alternative to traditional credit cards. With its no annual fee, cashback rewards, real-time spending insights, automatic savings, and mobile wallet compatibility, the Koho card offers a range of benefits that make it an attractive option for consumers. Whether you’re trying to build credit, manage your budget, or avoid debt, the Koho card can help you achieve your financial goals.
Frequently Asked Questions
What is a prepaid Visa card?
A prepaid Visa card is a type of card that you can load with funds and use to make purchases wherever Visa is accepted. Unlike a traditional credit card, you can only spend the money that you have loaded onto the card.
How do I load money onto my Koho card?
You can load money onto your Koho card by transferring funds from your bank account or by using Interac e-Transfer.
Is there a limit to how much I can load onto my Koho card?
Yes, there is a limit to how much you can load onto your Koho card. The maximum balance is $20,000, and the maximum load amount per day is $3,000.
How do I earn cashback rewards with my Koho card?
You earn cashback rewards on every purchase you make with your Koho card. The amount of cashback varies depending on the merchant, with some merchants offering higher cashback rates than others.
Can I use my Koho card to make purchases online?
Yes, you can use your Koho card to make purchases online wherever Visa is accepted. You can also use your Koho card to make in-store purchases and withdraw cash from ATMs.
How do I track my spending with my Koho card?
You can track your spending with your Koho card using the Koho app. The app provides real-time spending insights and allows you to categorize your transactions, set budgets, and track your progress towards your financial goals.
Can I use my Koho card to build my credit score?
No, the Koho card is a prepaid card, which means it doesn’t report to the credit bureaus and won’t help you build your credit score. However, Koho does offer a credit building program called Koho Save, which can help you improve your credit score over time.