Getting a prepaid card is worth it for many people. First, if you don’t have enough credit score and history to apply for a regular credit card, a prepaid and reloadable one is a fantastic alternative. So, KOHO or STACK prepaid card? Which one is the best?

Those cards are fantastic tools when it comes to having control of your finances. Also, not all people get used to credit cards because they don’t offer a sense of control. On the other hand, reloadable cards allow you to manage your expenses closely. 

Nowadays, you don’t need to apply for credit cards if you don’t have enough credit history to do so. 

Also, many people don’t like to get a credit card because they want to be in total control of their expenses.

In those cases, prepaid cards are terrific alternatives. However, are prepaid cards good enough compared to traditional debit and credit cards available on the market?

KOHO is. 

This reloadable card offers a little extra. And you don’t have to worry about fees and interest. 

KOHO works like any other card, but you need to reload it to use it.

If you are concerned about convenience, you will love to know that KOHO features a fantastic app that supports e-Transfer, Visa debit loading function, and direct deposit via payroll.

Furthermore, in case of adding cash through your payroll, you will be able to access $100 early.

To get the card, you must open an account for free. This account works as spending and savings, so you can earn approximately 1.2% interest only by setting up a direct deposit.

As with any other financial institution, this one provides all the security features you need.

Plus, if you were used to a prepaid card that doesn’t offer rewards, you will be pleased to know that KOHO does.

So, there is cash back on every purchase you make, wherever you are. 

On the other hand, this Mastercard charges a 1.5% foreign transaction fee and a 75¢ Visa Direct Load Fee for each transaction under $300.

But, if you want to avoid the FX fee and level up to 2% of cash back, KOHO offers a premium account.

Moreover, for only $7 per month, you can start building your credit.

STACK might be worth considering if you want another fantastic alternative. 

The company offers a reloadable Mastercard with instant rewards and no fees.

Unlike KOHO, this one doesn’t charge foreign transaction fees, and there are no fees for ATM withdrawals. 

Like KOHO, STACK offers a spectacular app, early payroll option, security, and convenience.

Also, you may enjoy all the offerings through partners and eligible merchants. In summary, you earn cash back or discounts depending on where you shop. The partners go from Adidas, Doordash, Roots, Frank And Oak, Hello Fresh, and Chefs Plate to Reebok, Indigo, and many more.

In addition, STACK offers a Referral Program, virtual card, educational resources, and flexibility and convenience when adding money to your account.

Basically, you can access any Canada Post location or choose a location between 10,000 partners to reload your card for free.

KOHO offers convenience, security, an easy-to-use app, rewards, no fees, and extra features for you to build a solid financial path.

It is an excellent tool for those who want to be in total control of their finances.

The card is a Mastercard, so it delivers worldwide acceptance. 

Also, you get 0.5% cash back on all purchases and even more cash back when shopping at eligible merchants and partners. Plus, there is a premium account that waives foreign transaction fees and levels up the rate of rewards.

KOHO doesn’t charge annual or monthly fees and offers you the possibility of building your credit through a $7/month plan.

The account works like a spending and savings account, so you earn interest. And it offers flexibility since it allows you to add cash in many ways.

On the other hand, STACK offers many more ways for you to reload your card. Besides the usual methods of doing it, you can access over 10,000 locations to add cash.

The company gathers more than 140 retailers, so you can get cash back and special discounts when shopping at one of them.

The app offered is impressive, and it works as a tool for you to control your finances effectively. 

Plus, the account supports many digital wallets and features a virtual card for extra security.

Although KOHO is a terrific option that gathers all in one place, it charges an inactivity fee for accounts that have been inactive for six months.

Also, you will be charged a foreign transaction fee if you don’t have a premium account.

In addition, for a transaction under $300 through Visa Direct Load, there is a fee of 75¢ for each transaction.

Unfortunately, STACK doesn’t offer a premium account or other ways for you to earn rewards besides shopping at its partners.

Both prepaid cards are unique; there is no doubt about it.

But, if you travel a lot, STACK might be better since it doesn’t charge a foreign transaction fee.

Also, STACK offers many locations for you to reload the card when needed.

On the contrary, KOHO lets you earn cash back on all purchases. Therefore, the KOHO card might be worth considering if you want unlimited rewards.

In summary, choosing the best will depend on your personal situation, needs, and goals.

Now, if you want a third option, check out the next post!