KOHO Essential Mastercard

Welcome Bonus

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Annual Fee

$48

Annual Rewards

$240

$24,000 annual spending x 1% return on spending = $240 annual rewards

Rewards on Approval

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Purchase Rates

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Cash Advance Rates

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Balance Transfer Rates

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Table of Contents

Canadians are increasingly looking for ways to manage their money more responsibly, and one of the best options available is the KOHO Essential prepaid Mastercard. This card is designed to help you track your spending, save money, and easily make payments. Let’s take a closer look at the features of this card and why it could be an excellent choice for Canadian consumers.

Pros

  • No income requirement
  • 1% cash back on groceries, transportation, food, and drink and 0.25% on all other purchases
  • Up to 6% extra cash back at selected merchants
  • 4.5% interest on your first $500 and 2% on anything after that

Cons

  • There is an annual fee
  • You need to load the funds before using it
  • Limited Customer Service Options

Details & Eligibility

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  • $48
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  • Mastercard
  • Yes
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What is KOHO?

KOHO is an online financial platform based in Canada that offers various services, including budgeting tools, savings accounts, and prepaid cards. The KOHO Essential prepaid Mastercard is reloadable with no credit check or minimum balance required. All you need to do is load money onto the card from your bank account or digital wallet like Apple Pay or PayPal, and you’re ready to go.

Benefits of Using KOHO

The main benefit of using KOHO is that it helps you keep track of your spending and save money in one place. The app has helpful budgeting tools that allow you to set goals and view all your transactions in one place. You also get access to exclusive cashback deals on thousands of merchants across Canada and personalized financial insights into how much you’ve spent, how much you can save, and how close you are to reach your goals. Additionally, since the card requires no credit check or minimum balance, anyone can use it regardless of their credit score or financial situation. Another significant benefit of the KOHO Essential prepaid Mastercard is its versatility; it can be used anywhere that accepts Mastercard payments online and in-store, including restaurants, gas stations, grocery stores, retail stores, pharmacies, transit systems etc. It also allows for contactless payments, so you don’t have to worry about fumbling around with cash or coins whenever you want to make a purchase.

Conclusion

In summary, the KOHO Essential prepaid Mastercard is an excellent option for Canadians who want to manage their finances better without breaking the bank. This card offers helpful budgeting tools and great rewards, such as cashback deals on thousands of merchants across Canada and contactless payment capabilities, making shopping more accessible than ever! With no annual fees associated with using this card, what more could Canadians ask for? If you’re looking for a convenient way to manage your finances better, give the KOHO Essential prepaid Mastercard a try today!
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