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KOHO Essential Mastercard Review
The Bottom Line
The KOHO Essential Mastercard is an excellent choice for people with poor or no credit who want a prepaid card that offers a few perks, like cash back and interest on balances. However, the rewards and benefits are not as robust as traditional credit cards, and the annual fee may not be justifiable unless you're maximizing the features like direct deposit and credit building.
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on KOHO's website
Welcome Bonus
N/A
Rewards Rate
0% - 1%
Cash Back
Annual Fee
$48
Interest Rates
N/A / N/A
Rewards
- 1% cash back on groceries, eating and drinking, and transportation
- 2.5% interest on your entire balance
- Up to 6.5% extra cash back at selected merchants
Benefits
Details
No Foreign Transaction Fees
No more paying 2.5% or more on your foreign purchases
Unlimited e-Transfers
Interest on Balance
Up to 2.5% interest
Eligibility
Credit Score
PoorAnnual Income
N/A
Card Details
Interest Rates
Purchase APR
N/A
Cash Advance APR
N/A
Fees
Annual Fee
$48
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Poor
Type
Card Type
Prepaid
Reward Type
Cash Back
Pros & Cons
Pros
- No credit check: Ideal for people looking for a prepaid option without impacting their credit score.
- Interest on balance: You can earn up to 2.5% interest on your prepaid balance, turning it into a hybrid spending/savings tool.
Cons
- Low rewards: Only 1% cash back on three categories (groceries, restaurants, and transportation) and nothing on other purchases.
- $48 annual fee: While it's lower than most credit cards, the prepaid card doesn’t offer insurance or perks that typical credit cards do.
- Limited benefits: No insurance coverage, and the rewards are modest compared to standard credit cards.
Get personalized rewards estimates — see exactly how much you could earn.
KOHO Essential Mastercard Cash Back Calculator
APPLY NOW
on KOHO's website