Card Details
Interest Rates
Purchase: N/A
Cash Advance: N/A
Annual Fee
$48
Annual Income
Personal: N/A
Household: N/A
Credit Score Estimate
300Poor
560Fair
660Good
725Very Good
760Excellent
Welcome Bonus
N/A
Card & Reward Type
Card Type: Prepaid
Reward Type: Cash Back
Our Rating
2.4/5
Institution
KOHO
Rewards
- 1% cashback on groceries, transportation, and restaurants
- No cashback on other purchases
Insurance & Benefits
No insurance coverage information available for this card.
Benefits
Details
No Foreign Transaction Fees
Unlimited e-Transfers
Discount
$3 discount on credit building each month
Interest on Balance
Up to 5% interest
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 5% interest on your prepaid balance, turning it into a hybrid spending/savings tool.
- Low foreign exchange fee: At 1.5%, it's lower than the typical 2.5% charged by other cards.
- Credit building add-on: With KOHO’s Credit Building feature, you can improve your credit for a low cost ($7/month).
Cons
- Low rewards: Only 1% cash back on three categories (groceries, restaurants, and transportation) and a 0.5% overall return, which is lower than other cards.
- $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.