Our Kaiku credit card review will help you learn the pros and cons of this credit card. Find out its monthly fee, foreign transaction fee, inactivity fee, and how much it costs to withdraw cash at an ATM. At the end of the review, you will find a comparison of this Kaiku prepaid card with other credit cards.
Kaiku Credit Card Review
Basically, this MasterCard from Kaiku is not a credit card, but a prepaid debit card. This means that you need to deposit the funds before being able to use the card anywhere. But considering that this credit card is linked to a major network (MasterCard), you can expect to use this card in almost any place you want. Regarding other details, read them in the review below!
The Card’s Key Features and an Overview
Monthly fee: $3.00.
Purchase APR: none.
Recommended credit score: none.
Most suitable for: customers who want a cheap prepaid card.
Credit card features:
- 0% foreign transaction fee.
- A large network of ATMs with zero withdrawal fee.
- A solid and low-cost alternative to traditional banks.
Basically, Kaiku offers not a credit card (though, many users refer to this card as to a credit card), but a prepaid debit card. In short, customers who either can’t apply for decent credit cards or simply don’t want to get a credit card can apply for a Kaiku credit card. But in this review, we will consider this prepaid debit card in detail.
As a matter of fact, this Kaiku card is an alternative to traditional banks and offers a quick and easy way to get paid and/or store funds. The card comes with a 0% foreign transaction fee, which is an absolute advantage of this Kaiku credit card – the majority of credit cards tend to charge a 3% foreign transaction fee. But the Kaiku card comes with a monthly fee of $3 and amounts to $36 per year – this is rather a usual annual fee for such cards. Besides, you can waive this monthly fee if you load more $750 or more in a month.
Considering that you don’t get access to credit funds with this card, you don’t need any credit score in order to apply for the Kaiku card. Kaiku, a partner of Allpoint (an operator of cash dispensers), provides you with access to more than 55,000 ATMs around the world. It allows you to withdraw cash from ATM without incurring a fee (read lower about it).
Basically, there are several ways to reload your Kaiku credit card. The easiest (and free as well) way to do it is to reload the funds via a direct deposit. Another free way to reload your Kaiku card is to do so via a mobile check deposit. You can also reload your Kaiku prepaid card at any location of MoneyGram, ReadyLink, or Visa. However, you will be charged a fee of $4.95 for that.
Spending and Cash Withdrawals
As we have just pointed out above, Kaiku partners with Allpoint, an operator of ATMs that has over 55,000 cash dispensers in the United States, Canada, Mexico, the United Kingdom, Australia, and some other countries. You can withdraw cash for free at any Allpoint ATM.
If you had to withdraw cash an ATM that is not a part of the Allpoint network, you will be charged a $3 fee – regardless whether it is a domestic or international ATM. In terms of spending, there are no fees for either PIN based or signature purchases.
Additional Features of the Kaiku Credit Card
When it comes to the other services offered by Kaiku credit card, they are pretty decent. Basically, there are very few prepaid debit cards that offer such services like this Kaiku card. Let’s consider the services in detail.
First of all, it is going about balance inquiries at ATMs: you don’t pay a balance inquiry fee if you check your balance at an Allpoint cash dispenser – that’s much different than what Payoneer and PayPal offer. But bear in mind that you are likely to incur a fee if you check the balance at an out-of-network ATM.
Among other things that have to be mentioned, we should definitely point out an opportunity to pay your bills online for free. Additionally, you can make free money transfer to external accounts, which is an undoutbedless advantage of this Kaiku card too. If you have got any questions or issues, you can feel free to contact the Kaiku customer service 24/7.
Considering that this is a prepaid debit card, it is not surprising that the card is aimed at the customers who can’t get a credit card (or simply don’t want). Therefore, it is very convenient that this credit card provides convenient budgeting tools, which will help you plan your budget and manage your expenses. There are several ways how you can access these tools: either on the Kaiku website or in the official app. Besides, the card also comes in 6 different design types.
Unfortunately, this Kaiku credit card has a few disadvantages as well. While the PayPal Prepaid MasterCard allows the customers to earn an interest rate on the funds in the savings accounts, there is no such opportunity from Kaiku. Additionally, don’t expect to see a check writing option here either.
The Card’s Advantages and Disadvantages
As you could understand from our Kaiku credit card review above, this is a solid, decent credit card that offers numerous benefits. But as any card, it comes with both advantages and drawbacks, and we are going to explore them at this stage of our review.
These are the pros of the Kaiku credit card:
- A relatively moderate fee. This credit card charges an annual fee of $36, which is an average sum among such credit cards. Of course, it would be better if there was no fee at all, but this is just slightly higher than what Payoneer charges and much below the fee charged by PayPal. On the top of that, one should mention that the card comes without an inactivity fee. Besides, the fee can be waived if you load $750 or more in a month.
- Many useful features. As we have just pointed out above, the card comes with an abundance of useful features. For instance, you won’t be charged an inactivity fee. Convenient budgeting tools allow you to manage your money efficiently.
- Easy and free money reload. As you could notice in our review, there are two ways of reloading your card for free. The easiest way is to do so via a direct deposit.
- No foreign transaction fee. Considering that this card doesn’t charge a typical 3% foreign transaction free, you can use it freely and conveniently abroad.
- Easy cash access. There are more than 55,000 ATMs that allow you to withdraw your funds for free. You can even make a balance at a network ATM inquiry without incurring a fee!
- 6 card designs. This is not a practical matter, but just a matter of visual appeal. However, this is important that you can choose a design that you will like, and many of your friends and relatives may get envious because of this card.
There are also the following pros of this prepaid debit card:
- This card cannot help you improve your credit score. This is one of the most serious disadvantages of this Kaiku credit card. Even if you have a low credit score now, using this card won’t help you improve it. If you are pursuing the goal of improving your credit in order to apply for a better credit card later, there is no reason to apply for this card.
- No savings option. Unfortunately, this card doesn’t allow you to get paid on the funds you store. This is a huge disadvantage of this card, compared with the PayPal MasterCard.
To sum up, this Kaiku credit card may be a decent option for everyone. Considering that the majority of the banks charge a monthly fee of $3 per checking account, this offer from Kaiku is not bad at all. Unfortunately, there is no savings account available, which means that you won’t get paid on the money you store.
However, there are really many advantages of this Kaiku card. Its pretty moderate fee can be waived, you can make money transfers for free, and you can withdraw your cash for free as well. There is also no foreign transaction fee, which allows you to use this card abroad with ease and convenience. If your credit score is too for a decent credit card and you don’t want to deal with banks, this Kaiku card may definitely be a good choice.
Compare Kaiku Credit Card
In the review above, we have noted that the Kaiku card is good overall. But in this part of our article, we will compare this Kaiku prepaid card with other credit cards that are available on the market. This will help you to make a justified, informed decision and choose the best credit card for your purposes.
Kaiku Credit Card vs M&T Visa Credit Card
Monthly fee: $0.
Purchase APR: from 11.99% to 18.99%.
Recommended credit score: from 625 to 850.
Most suitable for: customers who have a low credit score and are struggling to get rewards credit cards.
Credit card features:
- 0% intro APR period on purchases and balance transfers during the first 12 months.
- You can choose the design of your card.
Actually, the Kaiku prepaid card usually attracts the customers who want to have a card for having funds in a checking account, but who don’t have a good credit score required for a decent credit card. The M&T Visa Credit Card may be a solid alternative for such customers.
Basically, this credit card from M&T Bank is pretty simple and straightforward. It comes without an annual fee (which a good advantage over the Kaiku card) and requires a credit score of at least 625 (fair). So even if you have not that good credit, you still can apply for this card. Besides, its APR is very low, varying from 11.99% to 18.99%.
Apart from that, this M&T card offers a 0% intro APR period on balance transfers and purchases, which lasts 12 months. This means that if you have to pay any debt, you can transfer your balance to this credit card and skip paying the interest rate for 12 months. Otherwise, you can make a purchase with credit funds and pay it during these 12 months. Besides, you can choose a design of your M&T credit card.
Of course, this credit card comes with some disadvantages as well. Even if you get it, you should be careful with it and pay this card on time. Otherwise, the fees may amount to staggering sums, considering that the late penalty fee can be as high as $38. If you are not sure about paying the card on time, then you should better fall for the Kaiku credit card.