Credit Cards

Koho Prepaid Visa (now QC, too)

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  • Nov 9th, 2018 12:17 am
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[OP]
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coopercold wrote:
Sep 12th, 2018 10:19 am
Got the $40 bonus immediately after $500 PayPal deposit posted. e-Transfer-ed out the total balance right away.

Thanks, Koho!
I'm doing this for relatives. I was able to push money from PayPal onto their Koho cards, then transferred the $500 peer to peer to my card, then e-transferred the money out. Got two physical cards in the household, got a third card on the way, and will order a fourth soon.

Update: added good links to Koho help in OP, hopefully more RFDers will benefit.
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Nov 25, 2010
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Is Koho going to eliminate the 1.5% foreign currency transaction/conversion fee seeing that their competitors Mogo, STACK and upcoming Revolut don't charge the fee ?
[OP]
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SnoopDop wrote:
Sep 20th, 2018 11:46 am
Is Koho going to eliminate the 1.5% foreign currency transaction/conversion fee seeing that their competitors Mogo, STACK and upcoming Revolut don't charge the fee ?
Opportunity cost here...
  1. Stack is no-FTF, no ATM fee, but they'll shut you down for shuffling funds out through PAD. Plus it's MC, so second to visa in ATM acceptance
  2. Mogo no-FTF, but has ATM fee, and no PAD back-end, so must spend the money to empty out the card
  3. Koho 1.5% FTF, but no ATM fee, and it's a VISA. That means where Stack won't work (MC), and you're pulling <$300 from an ATM, Koho is cheaper than Mogo. In most 3rd world countries, you'll probably pull less than $300 CAD per pull (in local currency), anyway. Mogo has a low ATM withdrawal limit anyway (high ATM fee sting)

They all have recipes to secure their revenue streams. I plan on using Koho for small cash withdrawals in select destinations, as it'll be cheaper than Mogo and MC won't work in those places. Dunno about Revolut, but also will carry HomeTrust Preferred so will be well equipped.
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Jan 13, 2016
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Vancouver, BC
Has anyone used this as a method of spending control? I'm interested in loading this up with enough for my budget for eating out for the month. Howevet, i'm not sure if i would just pull out another credit card when the balance is 0.
[OP]
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Latebuyer wrote:
Sep 20th, 2018 7:56 pm
Has anyone used this as a method of spending control? I'm interested in loading this up with enough for my budget for eating out for the month. However, i'm not sure if i would just pull out another credit card when the balance is 0.
Spending control is really the point of these prepaid cards. Whipping out credit cards defeats the purpose.

I'd recommend trying it out. Even leave your credit cards at home and only carry the Koho card (or Stack or whatever). Give it a try. You save 100% on what you don't spend.
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Mar 14, 2014
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Latebuyer wrote:
Sep 20th, 2018 7:56 pm
Has anyone used this as a method of spending control? I'm interested in loading this up with enough for my budget for eating out for the month. Howevet, i'm not sure if i would just pull out another credit card when the balance is 0.
It's a good question, not too long ago I would do most everyday purchases on a cash basis by taking out a fixed amount from an ATM to have it last for a set amount of days. As each day would go by and a purchase was imminent,I would look in my wallet to see what was left. It was then that I would decide if I was making a need vs want purchase. In your case,always checking the balance and knowing if you're on/off budget prior to your purchase should achieve the same result. It does require some self-discipline though.
Member
Jan 13, 2016
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Can you get more than 1 koho card? What i'd like to do is have 1 card for eating out and 1 for clothes. I'm concerned if i mix the 2 i may end up spending too much money on one or the other each month.
[OP]
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Latebuyer wrote:
Sep 23rd, 2018 2:17 pm
Can you get more than 1 koho card? What i'd like to do is have 1 card for eating out and 1 for clothes. I'm concerned if i mix the 2 i may end up spending too much money on one or the other each month.
  1. short answer is no. They do a soft pull. Theoretically, you'd have to be prepared to prove you have a different name on e-statements in order to acquire a second card.
  2. I think Koho does oddly enough have a solution for you. Create two (or more) savings goals. You can setup one for eating out, and one for clothing. Then, toggle in the app whenever you'd like to release the funds from either goal.

You can re-create the budgeting with savings accounts, and pay out of those through credit cards, but that requires more self-control (open vein for uncontrolled spending).

If Koho helps you manage your personal budgets, then props to using it for its intended use.
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Jr. Member
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Aug 4, 2007
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Laval
I just signed up with KOHO, thanks for all the info titaniumtux
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Ignorant question but how does one avoid inactivity fees? If we dont want to spend every 90 days....can we take money out of the card and leave it empty?
[OP]
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kenvin100 wrote:
Oct 6th, 2018 2:35 pm
Ignorant question but how does one avoid inactivity fees? If we dont want to spend every 90 days....can we take money out of the card and leave it empty?
Yes you can! You can move money between Koho cards (peer to peer) or e-transfer the funds out. You can also pay house bills using the card balance to empty it out.
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Sep 17, 2018
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ON
Can I consolidate other prepaid/gift card visas using this card into one balance? How might I go about that?
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[OP]
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ovoovo wrote:
Oct 6th, 2018 5:56 pm
Can I consolidate other prepaid/gift card visas using this card into one balance? How might I go about that?
You can buy other prepaid or gift cards with Koho. Koho doesn't have a POS to pay into to load it. You can load it via e-transfer, peer to peer, PAD pull from bank account or PAD dump via PayPal/TransferWise/payroll.
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Newbie
Dec 30, 2017
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Can someone with experience please provide feedback on KOHO VISA
Deal Addict
Aug 31, 2014
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YVR, BC
its fine for a prepaid card, you can deposit money pay bills all through its app - you can use it just like a credit card - you might want to check out STACK mastercard as well

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