The way we handle money has completely transformed. Gone are the days of cash-only transactions or limited payment options. Now, your choices feel almost limitless—sometimes overwhelmingly so.
Traditional banks offer dozens of account types while credit card companies bombard you with offers promising everything from travel points to cash back. It's a lot to navigate, especially when these financial decisions can stick with you for years.
Choose wisely, and you've got a powerful tool that supports your journey toward financial independence. Choose poorly, and you might be dealing with damaged credit that affects your ability to get favourable loan terms or reasonable interest rates when you need them most.
This is exactly why prepaid Mastercards have become such a compelling option for many Canadians. KOHO's prepaid virtual card gives you the universal acceptance of Mastercard's global network—over 300 million locations worldwide—while creating a naturally protective boundary around your spending habits.
1. Budgeting With a Prepaid Mastercard
Let's face it: Canadians are drowning in debt—nearly $73,000 per person on average at the end of 2020. A prepaid Mastercard flips the script by only using money you actually have, making it impossible to spend what you don't.
With KOHO's app, you can automatically pay bills, create savings goals, and track spending by category.
The beauty of a prepaid card is that your balance is your limit. No more "I'll just put it on credit and figure it out later" moments that leave you scrambling when the bill comes due.
Visualize Your Spending Habits
Ever wonder where all your money disappears to each month? KOHO's app syncs with your prepaid Mastercard to categorize purchases in real-time. Seeing that you've spent $200 on takeout this month might be the wake-up call you need to start meal prepping.
Set Your Financial Goals
Whether you're saving for a weekend getaway or a down payment on a home, KOHO lets you set aside portions of your balance for specific goals. Watching your progress bar fill up provides that little dopamine hit that keeps you motivated toward financial success.
Impulse Spending? Not Today
We've all been there—browsing online "just to look" and somehow ending up with a cart full of items we don't need. A prepaid card creates a natural boundary by limiting your spending to what's loaded on the card. When the money's gone, it's gone—until you choose to reload.
By keeping your spending money separate from your savings, you create a psychological barrier that makes impulse purchases less tempting and financial discipline more automatic.
2. Shop Virtually Anywhere on Earth
What good is a payment card if you can't use it where you want? That's where Mastercard's massive acceptance network comes in. With over 24 million merchants worldwide accepting Mastercard, your KOHO virtual card works almost everywhere you want to spend.
From your neighbourhood coffee shop to international hotels, from grocery stores to your favourite online retailers—a prepaid Mastercard ensures you're never left awkwardly searching for an ATM or scrambling for another payment option.
KOHO's partnership with Mastercard means you get all this global acceptance without the risk of debt that comes with traditional credit cards. Whether you're shopping locally or traveling abroad, your prepaid Mastercard works seamlessly across borders, giving you the confidence to focus on what matters instead of worrying about payment acceptance.
3. Say Goodbye to NSF Fees Forever
We've all been there—that stomach-dropping moment when you realize your account balance won't cover a purchase or payment. With traditional banks, that mistake costs you dearly in the form of Non-Sufficient Funds (NSF) fees—averaging a painful $45 per incident.
KOHO's prepaid Mastercard eliminates this stress entirely. Instead of slapping you with a penalty when funds are low, the transaction simply doesn't go through. You'll get a friendly notification letting you know what happened, and that's it. No punishment, no cascade of fees, no financial shame spiral.
Think about how quickly those avoided fees add up. Just four prevented NSF charges saves you about $180—enough for a nice dinner out, a new outfit, or a healthy contribution to your emergency fund.
4. Direct Deposit to Your Prepaid Mastercard
When you connect your KOHO prepaid Mastercard to direct deposit, your paycheque lands in your account as soon as your employer releases it. No more waiting for paper cheques to arrive in the mail or standing in line at the bank during your lunch break. Your money is available immediately, ready when you need it.
You can get KOHO Essential for $0 when you set up recurring direct deposits for paycheques or benefits (we process them quickly!), or simply ensure $1000+ finds its way into your account monthly through e-transfers or bank transfers.
You can also receive government benefits, tax refunds, and other payments directly to your prepaid card. Everything in one place means simpler financial management.
5. Safer Shopping with Contactless Payments
In today's health-conscious world, how you pay matters more than you might think. Your prepaid Mastercard from KOHO offers contactless payment technology that lets you tap and go—keeping your hands away from shared surfaces and potentially harmful germs.
While it might seem like a small detail, paper money exchanges hands countless times, collecting bacteria along the way that can linger for days. Health experts increasingly recommend touchless payment options to reduce unnecessary contact points during everyday transactions.
Beyond just being convenient (no fumbling for cash or waiting for change), contactless payments have become a simple yet effective way to incorporate better hygiene practices into your daily routine.
6. Get Rewarded Every Time You Spend
Earn cash back on everyday essentials like your weekly grocery run and daily commute. These aren't rewards points for some distant future vacation—it's real money you can use immediately. When you're buying things you need anyway, why not get a percentage back each time?
KOHO partners with popular retailers to offer boosted cash back rates when you shop with them. These aren't obscure stores you'd never visit—they're places where you already spend your money. Your everyday shopping becomes more rewarding without changing your habits.
7. The Security You Deserve
When you choose a prepaid Mastercard from KOHO, you're getting more than just a convenient way to pay—you're getting peace of mind backed by world-class security.
Mastercard has built its reputation on robust consumer protections that safeguard your transactions and personal information, which is exactly why they've become a trusted global payment leader.
While KOHO operates differently than conventional banks, we provide the same high-level security measures to protect your money and data, including fraud monitoring, unauthorized purchase protection, and secure encryption technology.
8. Financial Freedom Without Credit Worries
The average Canadian is carrying around $8,600 in credit card debt, which isn't just a number on a statement but a weight on your financial wellbeing.
Miss a payment deadline, and suddenly your credit score takes a hit, potentially making future loans for important life milestones much harder to secure.
9. Automatic Bill Payments
Let's face it—nobody wakes up excited to pay bills. But while bill-paying isn't exactly thrilling, it doesn't have to be a headache either.
With a KOHO prepaid Mastercard, you can kiss goodbye to the days of shuffling paper bills, writing checks, and making trips to the mailbox (remember those?).
Instead, you can set up automatic payments for everything from your internet and phone bills to streaming subscriptions and utilities.
10. Banking Simplified
Traditional banking can feel like navigating a maze—press 1 for checking accounts, press 2 for credit cards, wait 45 minutes to speak with someone who transfers you elsewhere. It's no wonder so many of us dread calling our banks!
KOHO focuses on doing a few things exceptionally well rather than dozens of services adequately, customer support actually understands your needs and can help resolve issues quickly.
Wrapping it Up
The KOHO prepaid Mastercard gives you the freedom to shop virtually anywhere without the risk of debt, overspending, or surprise fees. You'll enjoy real-time spending insights, instant access to your money, cash back on everyday purchases, and bank-level security.
Whether you're looking to build better money habits, avoid fees, or just make your financial life less complicated, KOHO puts you in control.
And with KOHO Essential available for $0 when you set up direct deposits or add $1000+ monthly, there's never been a better time to make the switch.