KOHO Vs. Stack Mastercard - Best Prepaid Credit Card In Canada (2024)

KOHO and STACK are two of the best prepaid credit cards in Canada. Period. What do we like about them? How good are they for day-to-day use? Which one is better than the other? What are the features and benefits? Let’s find out here.

Are you looking for a prepaid credit card in Canada? Do you know what prepaid credit cards are? Don’t worry I’ve got you covered in this article. Let’s find out which prepaid credit card is right for your needs and help you decide on the best. Let’s get started.

What Is KOHO?

KOHO offers an alternative to the traditional banking experience.

Did you know that Canadians pay an average of $750 in credit card interest per year? With a reloadable card like KOHO, you can’t spend more money than you have in your account. This means you’ll never, ever owe us interest.

The KOHO app helps you manage your money by giving you real-time insights into your spending. There are also savings features that help you to stash away savings without realizing it.

KOHO Features And Benefits

I’ve mentioned the KOHO features below. What is interesting is all of the awesome features mentioned below comes with a $0 monthly account fee, NSF fee, e-Transfer fee, and Interest charges. That’s right, no fee for all of the four services.

KOHO’s reloadable card works like a debit card but is accepted anywhere Visa is
Get balance updates after each purchase
Take control of your spending with category insights
See how you are tracking each day, week, month
Stash away your spare change with RoundUps
Reach your goals faster with automated savings
Get access to free financial coaching
Earn 0.5% cashback with PowerUps

How Secure Is KOHO?

KOHO offers the following security benefits to end-users:

You can lock your KOHO card anytime using the app
Friendly support at your fingertips
A separate virtual card for your online shopping
A federally regulated and CDIC insured bank holds your funds

Although KOHO uses the Visa network, they aren’t technically a credit card. You can still use your card to pay wherever Visa is accepted, but your history doesn’t get reported to the credit bureaus which means it won’t have any effect on your credit score.

KOHO

Are My KOHO Funds CDIC Secured?

KOHO itself is not directly CDIC insured. In the unlikely event that KOHO fails, your funds will be returned to you by Peoples Trust.

Your KOHO card is also covered under Visa’s Zero Liability policy. This means that you’re fully protected from unauthorized use of your card or account information.

Home Trust Secured Annual Fee Visa Card

Home Trust Secured Annual Fee Visa Card is the best way to get the credit you deserve.

Build or re-build your credit, even if you’ve had credit difficulties in the past, or have never had a credit card before! An excellent opportunity to establish your credit rating.

Virtually everyone is approved.

Get all the benefits of Visa while rebuilding your credit:

Make purchases over the phone or online
Plan and book a vacation
Access cash anytime, anywhere from over 1 million ATMs around the world displaying the Visa or Plus logo
Shop at over 24 million locations worldwide

Home Trust Mastercard

How Does The Home Trust Secured Annual Fee Visa Card Work?

The Home Trust Secured VISA is a credit card that requires a security deposit for eligibility. Your credit limit is then set at the amount of the deposit. You can put down as little as $1,000, or as much as $10,000. Your security deposit earns interest*, while your Home Trust VISA card is open and in good standing.

If you decide to cancel your card, you can just pay off your outstanding balance, and you’ll get your security deposit – plus interest earned – back from Home Trust. And Home Trust is a Member of Canada Deposit Insurance Corporation (CDIC).

The application process is very simple and almost everybody is approved! Of course, if your application is not approved, your security deposit will be immediately returned to you. * The current Security Deposit Interest Rate is 2.0% and is subject to change

Features Of The Home Trust Secured Annual Fee Visa Card

$59 annual fee
Make purchases wherever Visa is accepted
14.90% interest rate

As you can see, the Home Trust Secured Annual Fee Visa Card has an annual fee and no benefits, but it’s still one of the best prepaid credit cards since your payment history gets reported to the credit bureaus. This is an ideal card for people who are looking to improve their credit score or currently don’t qualify for a traditional credit card.

Since this is a secured credit card, you have to put down security funds. Your credit limit will typically increase as you put down additional money. Think of those funds as a deposit which can’t be used to pay your balance.

This may seem odd, but it’s a way to show Home Trust and the credit bureaus that you’re being responsible with your money. Your funds will be returned if you ever decide to close your account so you’ll never lose that money.

STACK Mastercard

STACK categorizes your weekly and monthly spending habits, so you always have a clear snapshot of where your money is going–and where you can save.

stack

Top 8 Benefits And Features Of The STACK Mastercard

1. NO FOREIGN EXCHANGE FEES – Use can your STACK card like cash. You’ll never pay a transaction fee when making purchases outside of Canada.

2. NO ATM WITHDRAWAL FEES – Access your cash anywhere. We don’t charge for ATM withdrawals no matter where you are.

3. USE STACK ANYWHERE MASTERCARD IS ACCEPTED – As the most accepted card worldwide, you can use your STACK card almost anywhere you travel.

4. INSTANT NOTIFICATIONS – STACK sends you a push notification anytime you spend, spend, save, or receive money with STACK anywhere in the world. No surprise transactions.

5. SAVINGS ON AUTOPILOT – Set a savings goal and STACK’ll automatically round each purchase to the next $1, $2, $5 or $10 and add it to your savings.

6. FREE TRANSFERS – Easily send funds to family and friends. STACK-to-STACK transfers are always free, fast, and secure.

7. SPLIT THE BILL – Split your tab and instantly send transfer requests to family and friends. Never get stuck with the bill again.

8. With STACK, you’ll never have to wait in line to talk about your money. They’re branch-free, always a tap away, and ready to help. Chat with real person in-app, or give a call whenever it’s convenient for you.

How Good Is The STACK Security?

1. SECURITY AND SAFETY – Your STACK Reloadable Mastercard combines the industry-leading security features of a credit card, with the peace of mind of a debit card.

2. MASTERCARD ZERO LIABILITY PROTECTION – With your STACK Reloadable Mastercard, you enjoy Zero Liability Protection on all purchases and ATM transactions. That means you’ll never be held accountable for unauthorized transactions made with your card. As it should be.

3. FREEZE YOUR CARD – Misplaced your card? Don’t panic. You can freeze your account from the STACK app at any time, from anywhere in the world.

STACK Additional Features

1. VIRTUAL CARD – Start using STACK with your digital wallet instantly, no need to wait for plastic. You can also use your Virtual Card for extra security when you shop online. Freeze it instantly if you suspect fraudulent activity.

2. DIGITAL WALLET – Make secure purchases in-store from the mobile devices you use every day. STACK currently supports the following digital wallets: Apple Pay, Samsung Pay, and Fitbit pay.

3. ADDING MONEY TO YOUR STACK CARD – Load money into your STACK account instantly with cash or debit at any Canada Post location or choose from a network of 10,000 select locations across Canada like Hasty Market and Mobil, fee-free. Managing your cash just got easier.

4. Interac E-TRANSFER – Add money to your account using e-transfer. Your transfer is processed in minutes and there are no minimums.

5. DIRECT DEPOSIT – Get your employer to send a portion of your paycheck directly to your STACK account. Budget your weekly disposable income and track your spending.

STACK REFERRALS

Earn money when you refer your friends to STACK. Your friends will get a $5 sign up bonus and you can earn up to $15 with no cap.

Top 5 Easy Ways To Put Money Onto Your STACK Card?

Here are 5 easy ways to put money on your card:

1. Payroll Direct Load

Log into the STACK app. Tap on your profile picture to get to your settings menu. Under “Money In”, tap on “Payroll Direct Load”. Write down your Account Number, Transit Number, and Bank Code. Close the STACK app. Send your Payroll Direct Load info to your employer so they can set up your paycheque to direct deposit into your STACK account.

2. Bank Payee

Tap your profile picture on the top left of the screen to get to the settings menu. Under “Load Money”, tap on “Bank Payee”. You’ll need your account number from this screen to pay it as a bill from within your online banking with your financial institution. This method of loading usually takes 2-5 business days, depending on the time of day the payment was made.

3. Free STACK-To-STACK Transfers

Log into the STACK App – Tap the YOU tab under your username. Tap the $ button in the bottom right of your screen – Pick either SEND or RECEIVE and the amount and tap next. (Tap any of our pre-set transfer amounts in the middle of the screen to move even faster.)

Enter the name and email of the STACK member person you want to transfer money with. – Tap Confirm to move to the next screen. If your transfer info is correct, slide the $ at the bottom of the screen to start the transfer. – Feel good.

4. Interac e-Transfer

Log into the STACK app – From the Stories tab, tap on your username in the top left of the screen. – Under Money In, tap on E-Transfer. Write down your assigned STACK security questions and answer.

You will need it to set up your Interac e-Transfer. Sign in to your bank account of the originating account (where the money is coming out of). Tap on your profile in the STACK app.

- Hit the E-Transfer load option
- Copy your security question and answer. These are unique to you!
- Sign in to your bank account
- Send an e-transfer to [email protected]
- Input your STACK security question
- Input your STACK security answer
- Enter the amount and confirm the amount is correct. Sent it.
- Keep in mind, not all financial institutions offer Interac e-transfers and may charge a fee for the service. Please check with your bank if you are not sure.

5. Cash Load

Visit a participating Canada Post or retailer with your Cash Load QR code to load using cash or your debit card. Simply present your QR code and let them know the amount you want to load to your STACK account. You can load using cash or your debit card, fee-free!

Here’s how it works. Visit a participating Canada Post or retailer

- - Open your STACK app, and tap the three dots over “more” to get to the menu
  - Tap Cash Load to get to your personal QR code
  - Show your QR code and let them know how much you want to load
  - Pay with cash or debit
  - If you have push enabled, you will receive a push notification once the funds have credited your account.

How Does STACK Cash Load Work?

You can load your STACK card by visiting a Participating Canada Post or retailer with your STACK QR code.