How to Apply for your Credit Card: KOHO Prepaid Mastercard
Your Reliable Financial Companion. The KOHO Prepaid Mastercard is a convenient and secure way to manage your finances. With its array of benefits, this card ensures you stay in control of your spending while enjoying the advantages of a traditional credit card.
Welcome to the world of KOHO Prepaid Mastercard – the perfect financial tool for those seeking flexibility and convenience. Whether you are a seasoned budgeter or just starting to take control of your finances, this card offers a range of benefits that can help you achieve your financial goals.
With KOHO Prepaid Mastercard, you can enjoy the convenience of making purchases, both online and in-store, without worrying about interest charges or going into debt. This ensures you stay within your budget while enjoying the perks of a credit card.
- Get the KOHO Prepaid Mastercard without undergoing a credit check, helping you avoid any negative impact on your credit score.
- Enjoy access to the KOHO app, which provides you with valuable insights into your spending patterns, allowing you to make smarter financial decisions.
- With KOHO’s transparent and competitive foreign exchange rates, you can save money when making purchases abroad.
- Earn cashback on your everyday spending, putting money back into your pocket with every transaction.
- Utilize the KOHO app’s budgeting features to set goals, track your progress, and stay motivated on your financial journey.
- Receive real-time notifications for every transaction, ensuring the safety and security of your funds.
Take control of your finances with the KOHO Prepaid Mastercard and enjoy the freedom to spend responsibly while reaping the benefits of a credit card. Sign up today and embark on a journey towards financial success.
Prerequisites
To apply for the KOHO Prepaid Mastercard, the person must meet several requirements. Given below:
- The individual must be at least 18 years old to apply for the KOHO Prepaid Mastercard.
- The person must be a Canadian resident with a Canadian mailing address.
- The applicant needs to provide proper identification documents, such as a valid Canadian passport, Canadian driver’s license, or a Canadian Permanent Resident card.
- The person needs to have a valid Social Insurance Number issued by the Government of Canada. This is mandatory for account verification purposes.
- To access the features and functionality of the KOHO Prepaid Mastercard, the person must have a smartphone or tablet (iOS 11.0+ or Android 7.0+) for using this card app to manage the card and its associated features.
- The applicant should have access to a Canadian bank account to fund the KOHO Prepaid Mastercard.
These are the main prerequisites required to apply for the KOHO Prepaid Mastercard.
About the bank/financial institution
KOHO is a Canadian fintech company that offers the KOHO Prepaid Mastercard. Founded in 2014 by Daniel Eberhard, it has been in the market for seven years. KOHO functions as a financial institution aiming to provide accessible and convenient banking services. The KOHO Prepaid Mastercard offers features like budgeting tools, spend tracking, and cashback rewards.
As a digital platform, KOHO allows users to manage their money seamlessly through their mobile app and aims to revolutionize the traditional banking experience by providing an alternative to traditional banks with its user-friendly financial solutions.
Who is this card for?
The KOHO Prepaid Mastercard is a card designed for anyone looking for a modern and convenient way to manage their day-to-day spending. It caters to an audience who prefers a digital-first banking experience, offering various features and benefits along with a user-friendly mobile app.
The card is suitable for individuals who want to set budgets, track expenses, earn cash back rewards, and avoid traditional banking fees.
How to apply for the KOHO Prepaid Mastercard
To apply for the KOHO Prepaid Mastercard, follow these steps:
- Visit the official kOHO website at https://www.koho.ca/ to begin the application process.
- Click on the “Sign Up” button on home page.
- You can provide your email address on the given page. And click on “Get Started” to proceed.
- Email will be sent to your email. Open the email and click on the provided link to complete your registration.
- After clicking on the link, fill the application with your personal information (full name, date of birth, phone number, and residential address.)
- After entering your personal information, you will need to provide your employment details.
- Next, you will provide your Canadian Social Insurance Number (SIN). This is required to ensure compliance with financial regulations.
- Then you will need to verify your identity. KOHO offers two options for verification: uploading your ID document (driver’s license, provincial ID card) on the KOHO mobile app.
- After identity verification, select your preferred KOHO account type.
- Then you will need to fund your KOHO account.
- After submitting application, it will be reviewed by KOHO. If approved, you will receive an email notification.
- Now you have to activate this card by given below
- You can start using your KOHO Prepaid Mastercard for online and in-store purchases, bill payments, and ATM withdrawals.
Positives and negatives of the card
Positives
- Ease of Use: The KOHO Prepaid Mastercard offers users a convenient and accessible tool to manage their finances without the need for traditional banking services. It can be used anywhere Mastercard is accepted.
- No Credit Check: Unlike traditional credit cards, the KOHO Prepaid Mastercard does not require a credit check. This means that individuals with limited credit history can access the benefits of a payment card.
- Budgeting Features: The card provides users with budgeting tools, allowing them to track their spending, set savings goals, and categorize expenses. These features can be valuable for those looking to manage their finances more efficiently.
- Savings and Round-ups: KOHO offers a “RoundUp” feature where users can round up their purchases to the nearest dollar and the difference is added to their savings account.
Negatives
- No insurance card: If you want a little peace of mind with some insurance coverage, you won’t find any here. The KOHO Easy Mastercard doesn’t include any insurance, not even basics like extended warranty or purchase protection.
- Limited Credit-Building Opportunities: The KOHO Prepaid Mastercard, although providing benefits similar to a credit card, does not contribute to building credit history. As a result, individuals seeking credit-building opportunities may need to consider other options.
- Withdrawal Fees: While the card allows users to withdraw cash from ATMs, it comes with associated fees.
It is crucial for potential cardholders to weigh these positives and negatives against their specific financial needs and preferences, as well as compare the card with other available options in the market.
How to unlock the card?
To unlock the KOHO Prepaid Mastercard, follow these steps after receiving the card:
- Visit the app store on your smartphone and search for the “KOHO” app. Download and install it.
- Once installed, open the KOHO app on your phone.
- Sign up for an account by providing the required details.
- To unlock your card, you will need to verify your identity. Follow the prompts in the app to provide the necessary information, your name, address, contact details, and identification documents.
- After providing the required information, select the “Activate Card” option within the app.
- Enter the card details: Enter the 16-digit card number, expiry date, and CVV on the back of your KOHO Prepaid Mastercard.
- Create a personal identification number (PIN) for your card. This will be required for any transactions made with the card.
- Once you have completed these steps, your KOHO Prepaid Mastercard will be successfully unlocked and ready for use.
Fees and interest rates
This card has no annual fees. If we talk about interest rates and promotion rates they are given below.
Customer service
Link of official website: https://www.koho.ca/
Bank contact number: 1-855-564-6999
Link for online application: web.koho.ca/login
For notes: [email protected].