Fit Mastercard vs KOHO Visa card: Which is the best?
If you have a low credit score or no score but need a credit card, the Fit Mastercard or KOHO Mastercard can be for you! Read our comparison to know more!
by Victória Lourenço
Fit Mastercard or KOHO Visa: card comparison
If you need to get a credit card that can accept you even though you have bad credit or no credit at all, Fit Mastercard or KOHO Mastercard can help you. However, one of them can only be used if you live in Canada, and the other might have some relatively high fees.
The Fit Mastercard card can be great for those who need to have their payment reports sent to all three major credit bureaus and raise their credit scores. And the KOHO Mastercard is issued by a fintech and can be great for those who have low scores or no scores. And there is a premium version available with great benefits. So, keep reading our post to know more!
|Sign-up bonus||This card does not offer a welcome bonus.||N/A|
|There is no yearly cost (prepaid Visa version or joint version.)|
An $84 annual fee is charged for the premium version.
|Rewards*||No rewards.||With prepaid Visa and joint prepaid:|
Every purchase you make will earn you 0.5% cash back.
With PowerUps, you may get up to 5% cash back on qualified purchases.
With the premium version:
Get up to 2% cash back on items like groceries, restaurants, and gas.
Receive 0.5% cash back on any other transactions.
Earn additional cash back on qualifying purchases.
|Other perks*||Get free access to your score (available if you sign up for e-statements.)|
If you make all of your payments on time for six months, you can get a credit limit increase.
|With this credit card, you can earn interest for your deposits.|
KOHO has programs to help you learn how to manage your finances.
|APR||22.99% variable APR.||N/A|
Fit Mastercard card
The Fit Mastercard offers benefits related to those who have very bad credit scores or no score at all. Moreover, this credit card sends monthly payment reports to all three major credit bureaus. So, if you need to rebuild or build credit, this credit card can be for you.
In addition, you can have your credit limit increased by double the current amount. All you have to do is make your credit card payments on time for the first six months of account opening. Another great feature for those who need to build credit is the chance to access your credit score for free in Vantage 3.0 (Experian) when you sign up for e-statements.
However, these features for those with bad credit can be seen in similar credit cards in the market. And this credit card comes with many relatively high fees as well. The $99 annual fee, the $6.25 monthly maintenance fee, and others. Also, this card does not offer any rewards like ordinary cards.
KOHO Visa card
The KOHO credit card is issued by KOHO, which is a fintech company that has been around for some time and is becoming one of the best fintech in Canada. This credit card is a Visa card, and it has some versions of it, such as the KOHO Premium, the prepaid Visa version, and the joint version.
Moreover, this credit card can offer 0.5% cash back on every purchase you make (available in all versions). With the premium version, you can get up to 2% cash back on spendings, such as groceries, purchases at restaurants, gas stations, and more.
Also, this credit card has a $0 annual fee (Visa version and joint version). But, with the premium version, you will have to pay an $84 annual fee. However, you can get some great benefits that can make up for the annual fees charged in the premium version.
In addition, it can be very easy to get accepted to get this credit card. However, make sure that you can pay for the fees if you choose a version that charges them.
Benefits of Fit Mastercard
- This card offers access to the free Mastercard Zero Fraud Liability coverage program. With this, you will not have to pay for unauthorized payments.
- This credit card offers the chance to check your credit score monthly when you sign up for e-statements.
- This card sends out monthly payment records to all three major credit bureaus.
- You can get accepted even if you have a low credit score or no score at all.
- You can earn up to double your credit limit. However, you will need to make all of your monthly payments on time for the first six months.
Benefits of KOHO Visa
- With the premium version, you can get up to 2% cash back on eligible purchases.
- You can get up to 0.5% cash back on all spendings with all versions of this card.
- As a cardholder, you can get up to 5% cash back on qualifying purchases with PowerUps.
Disadvantages of Fit Mastercard card
- This credit card can have some relatively high fees. The $99 annual fee, the 6.25 dollar monthly maintenance fee, the 3% foreign transaction fee, and others. So, be sure that you can pay for these fees before applying.
- Also, this credit card has a very high variable APR fee, which is 33.99% on purchases.
- Some of the fees charged by this credit card impact your balance and reduce your credit limit.
Disadvantages of KOHO Visa card
- Except for the premium version, the other versions of this card charge a foreign transaction fee of 1.5%.
- This credit card has a spending cap of $3,000 a day.
- The best benefits are only available with the premium version.
Fit Mastercard or KOHO card: which you should choose?
The KOHO card is only available for those living in Canada, and most of its best benefits come with the premium version of the card. So, make sure that you fit the profile and that you can pay for the fees to get the best of the card.
The Fit Mastercard can be great for you if you have a very bad credit score or no score at all. Also, this card has many features that can help you build or rebuild credit. However, it charges many fees. So, be sure that you can pay for them if you want to apply.
But if you want to look for other card options, we can help you with a post-review of Surge Mastercard. So, check it out below and find out more about this credit card that can also help you build credit.
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