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FIT® Platinum Mastercard® or KOHO Card?

Unsure which credit card is right for you? Check out our comparison of the FIT® Platinum Mastercard® and the KOHO Card and see which one best fits your financial needs.

FIT® Platinum Mastercard® vs. KOHO Card: which is better?

Check out our credit card comparison. Source: The Mister Finance.
Check out our credit card comparison. Source: The Mister Finance.

If you’re trying to decide whether FIT® Platinum Mastercard® or KOHO Card are better fits for your needs, then you’ve come to the right place.

With so many credit cards to choose from, it can be difficult to know which one is right for you. Sure, the best card will have features suitable for your particular lifestyle and financial goals, but making a decision isn’t any easier!

In this article, we’ll take an in-depth look at the FIT® Platinum Mastercard® and the KOHO Card head-to-head – comparing benefits and fees across key categories. We’re talking rewards programs, interest rates and even customer service quality.

By the end of it, you’ll be able to make an educated choice on which one works best for your financial journey. So if this sounds like something that’ll help you out – keep reading!

FIT Mastercard®

How do you get the FIT® Platinum Mastercard®?

Do you need to reestablish personal finances? The FIT® Platinum Mastercard® can be a good option for you. Read our post about how to apply for it!

KOHO Credit Card

How do you get KOHO card?

Do you need a credit card with great cashback options and a great platform? If so, keep reading to know how to apply for the KOHO card!

FIT® Platinum Mastercard®KOHO Card
Sign-up bonusThis card does not offer a welcome bonus.N/A
Annual fee*One-time program fee: $89.
Annual fee: $99.
Monthly fee: $0 during the first year, then $6.25.
There is no yearly cost.

*Terms apply
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.

*Terms apply
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.

*Terms apply
With this credit card, you can earn interest for your deposits.

KOHO has programs to help you learn how to manage your finances.
APR29.99% variable APR.N/A

FIT® Platinum Mastercard

What are the features to this card? Source: The Mister Finance.
What are the features to this card? Source: The Mister Finance.

The FIT® Platinum Mastercard Card 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 Card

What does the KOHO Card has to offer? Source: The Mister Finance.
What does the KOHO Card has to offer? Source: The Mister Finance.

The KOHO 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 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. 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 the FIT® Platinum

  • 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 Card

  • 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.

Pre-approved credit cards for low credit score available now

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FIT® Platinum disadvantages

  • 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.

KOHO Card disadvantages

  • 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® Platinum 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® Platinum 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 review of the Applied Bank® Secured Visa® Gold Preferred® Credit Card. So, check it out below and find out more about this credit card that can also help you build credit.

How to apply Applied Bank® Secured Visa®

With a low fixed APR, the Applied Bank® Secured Visa® Gold Preferred® credit card might be perfect for you. So, check out how to apply for it!

About the author  /  Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by  /  Aline Barbosa

Senior Editor

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