Get $20 for free with the KOHO Prepaid Mastercard (+ Extra Version)

The KOHO Card is halfway between a debit card and a credit card:

• Like the debit card, the KOHO Mastercard Prepaid Card allows you to spend only what you have in your account
• Like the credit card, the KOHO Mastercard Prepaid Card offers you rewards (in the form of cashback)

This type of card will not affect your credit score: getting one will have no impact. However, it won’t help you improve your credit score either.

KOHO prepaid cards have some things in common:

• Accepted worldwide through the Mastercard network (including at Costco)
• Cash back on some purchases
• Possibility of automatic savings
• No interest fee
• No fees at merchants charging fees to credit cardholders
• Possibility to buy online
• Bill Payments
• Possibility of joint accounts
• Available on Apple Pay

Both KOHO Mastercard prepaid cards offer an automatic savings program.

Purchases made with your KOHO card are rounded to the nearest $1, $2 or $10 (you choose the amount). For example, if you activate the automatic savings program and purchase $2.25, $0.75, $1.75, $2.75 or $7.75 (whichever you choose), it will automatically be set aside for you!

You can see in your KOHO app how much you have saved at any time. Note that this money can be accessed anytime: if your available balance is less than the amount of the purchase you wish to make, the funds will be withdrawn from your savings account.

For example, with Altitude Sports, you can get 4% extra cash back. This is in addition to the base rate, for a total of 4.5% cash back!

And with Harvey’s it’ll be 3% extra cash back. And if you use the KOHO Extra Mastercard Prepaid Card, you’ll get 5% at Harvey’s, when combining it with the 2% cash back for restaurants!

KOHO a augmenté ses taux d’épargne à 3 % sur son forfait gratuit et à 5 % sur tous ses forfaits payants.

Voici comment épargner :

• Choisissez le forfait qui vous convient ;
• Ajoutez des fonds à votre nouveau compte ;
• Adhérez à Gagner de l’intérêt dans l’application, puis commencez à gagner de l’argent.

Usually, prepaid cards do not report your account activity to credit bureaus such as Equifax and Transunion. To counter this, KOHO has a credit enhancement option called Credit Building.

For $10/month for six months, you can subscribe to KOHO Credit Building.

When you sign up, Koho will deposit $225 of dedicated credit enhancement funds into a separate account from your expenses (so you won’t have access to it). Each month, Koho will recover $75 of these dedicated funds and report it to Transunion as a positive action for your credit score.

For clarity, your total balance on KOHO will not change when KOHO adds the dedicated funds. Your only job is to make sure your Spendable account has $10 in it each month to cover the subscription fee, and KOHO will do the work to build your credit score behind the scenes.

This credit enhancement feature works in 6-month cycles (so you can subscribe once every 6 months). You must already have a KOHO Mastercard Prepaid Card to benefit from it.

Envie de vérifier votre cote de crédit ? KOHO vous donne la possibilité d’accéder à cette information gratuitement. Il suffit de créer un compte KOHO et de profiter d’une période d’essai de 30 jours.

Voici le fonctionnement de cette offre :

• Téléchargez l’application KOHO, puis créez un compte ;
• Choisissez le forfait Essentiel, Extra ou Complet pour un essai gratuit de 30 jours ;
• Découvrez votre cote de crédit avec Equifax.

À noter que votre cote sera mise à jour une fois par mois. Après l’essai gratuit, vous devrez payer l’abonnement mensuel de l’un des forfaits pour obtenir votre cote de crédit.

KOHO does not charge a monthly fee for the KOHO Prepaid Mastercard ($4 for the KOHO Prepaid Essential Mastercard and $9 for the KOHO Prepaid Extra Mastercard).

And there are no interest charges, insufficient funds charges or wire transfer fees. The following is a summary table of other fees:

Three types of reloading are possible:

• Payroll remittance
• e-Transfer

Details of the limits for an Essential account are here, and for an Extra account here.

The following is a summary table of the reloading limits: