In our ranking of the best credit cards in 2023, one KOHO card stood out in the “Prepaid Cards” category. The KOHO Extra Mastercard Prepaid Card (formerly known as the KOHO Premium Mastercard Prepaid Card) won top honours this year for the second year in a row thanks to the:

• 1.5% cash back:
  • For grocery purchases
  • For dining and food delivery purchases
  • and transportation (Uber, shopping at the gas station, cab, etc)
• Its outstanding feature of avoiding the 2.5% foreign currency conversion fee when travelling abroad
• Its free monthly withdrawal in ATMs outside the country
• No credit check needed
• Its use at Costco
• No minimum income required

A KOHO Prepaid Card is a debit card, but with the advantages of a credit card. To use it, you just need to:

• Transfer funds by wire transfer or direct deposit into a KOHO account at no charge
• Pay for you purchases with the KOHO prepaid card and get cash back and benefits!

Please note that the KOHO Premium Mastercard Prepaid Card has recently changed its name to KOHO Extra Mastercard Prepaid Card.

To celebrate this special occasion, KOHO is surprising Milesopedia readers by giving away a bonus for every new KOHO Extra Mastercard Prepaid Card application:

• 3 months free, without paying the $9 monthly fee
• $20 bonus on first purchase within the first 30 days

To take advantage of this opportunity, enter the promotional code “MILESOPEDIA” when you apply for your card.

This offer is only valid for users who have registered with this Milesopedia code.

Here are the steps :

• Add $9 to your account to subscribe to Extra. This will automatically unlock a free 30-day trial
• In the 2nd month, make sure your account has at least $9 in balance to pay for the Extra subscription.
• KOHO will refund the $9 on the 15th of the following month to cover the subscription fee
• Repeat steps 3 and 4 for the next 2 months

For example:

• March 1st : One person takes the Extra subscription after opening a KOHO account
• April 1st : She pays $9 to cover the Extra subscription and gets $9 back on April 15
• If she selects the annual plan ($84) when she signs up for the Extra subscription, she will receive $27 (9×3) on the 15th of the following month, after the 30-day free trial ends.

This KOHO Extra Mastercard Prepaid Card has a $9 monthly fee that provides access to more attractive options than other KOHO cards. In addition, KOHO claims that people with the Extra subscription save $18 per month compared to the free KOHO account.

With the KOHO Extra Mastercard Prepaid Card, you get even more. Your spending and savings account will earn a rare 3% annual interest rate.

All this on top of the 1.5% cash back on groceries, restaurants and transport!

By shopping at special partners, you’ll earn up to 4.5% cash back on top of your KOHO Extra Mastercard Prepaid Card‘s standard cash back.

For example, if you buy from Pizza Pizza, you will get:

• 1.5% cash back (because it’s a restaurant)
• 3% extra cash back (because Pizza Pizza is a KOHO partner)

So you’ll get 4.5% cash back on your purchase, which is excellent!

You have questions about the following topics:

• Credit score
• Debts
• Managing a budget
• Taxes
• Investments ?

With the KOHO Extra Mastercard Prepaid Card, a financial coach is available free of charge to answer your questions, unlimited.

Simply access the KOHO chat application and type the keyword #coach.

To help build a credit history, KOHO offers Credit Building.

This option is presented as a line of credit with KOHO. As you make repayments, a note is sent to Equifax each month to show your good discipline and record. This will improve your credit score.

With the KOHO Extra Mastercard Prepaid Card, this option costs $7 per month, instead of the usual $10 per month without it.

This offer comes with a 30-day free trial.

If, despite all its advantages, you are not convinced of the KOHO Extra Mastercard Prepaid Card after this period, simply cancel your Extra subscription.

You will still be able to use the basic KOHO Mastercard Prepaid Card, but unfortunately, you will lose all the exclusive benefits and additional rewards of the KOHO Extra Mastercard Prepaid Card.