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Looking for a simple card with no hidden fees, no credit checks and cash back? The KOHO Extra prepaid Mastercard is an excellent option. It also offers several useful features, such as a Credit Building program, RoundUps and International Money Transfer. Right now, there’s an exclusive offer that lets you save from the moment you open your account. Find out more in this article.
KOHO cards are halfway between a debit card and a credit card:
This type of card won’t affect your credit file. If you get one, there will be no impact. However, it won’t help you improve your credit score either.
KOHO prepaid Mastercard cards have a lot in common:
With this new exclusive offer for new clients, get the KOHO Everything Plan free of charge for 2 months. Enter the code “EARNKOHO” when you apply.
The KOHO Everything plan allows you to obtain, among other things, travel benefits:
But also, everyday benefits:
And that’s not all. The Everything Plan allows you to take advantage of the full potential of your KOHO account, with other benefits such as :
Take advantage of this offer today!
There are three KOHO plans to suit your needs:
Here are the main features of KOHO plans:
Among the above cards, the KOHO Extra Prepaid Mastercard® was named the best prepaid card in Canada in 2022, 2023 and 2024. Not least because it offers 1.5% cash back on groceries, transportation, food and beverages. What’s more, it doesn’t have foreign transaction fees.
The KOHO Essential Prepaid Mastercard® was named the best card for newcomers to Canada in 2024. Firstly, because it requires no credit history in Canada. But also because it offers a credit score building program and an international money transfer service.
KOHO charges a monthly fee for the KOHO Mastercard Prepaid Card according to the plan selected.
There are no interest charges, insufficient funds charges or wire transfer fees. Here’s a summary of fees:
The Essential plan is available free of charge to new users, provided they :
Depending on the plan you choose, you’ll earn up to 4% interest with a KOHO High Interest Savings Account. That’s one of the best interest rates in Canada! Plus, there are no minimum balances or promotional rates. Interest is calculated daily on your entire balance and paid monthly.
The money deposited in the savings account is not frozen; you can use it as you need it. In addition to being eligible for CDIC protection up to $100,000.
KOHO prepaid cards feature an automatic savings program called RoundUps. When you make a purchase with your KOHO card, the amount is rounded up to the nearest $1, $2, $5 or $10 (you choose the amount). The extra change goes into your savings account.
For example, if your purchase is $3 and you’ve chosen $5 as the rounding amount, KOHO will save you $2.
KOHO also offers a cash back program on your everyday purchases, the percentage of which varies according to the plan chosen:
You could also earn an additional 6.5% cash back at selected KOHO retail partners via the app.
KOHO lets you check your credit score for free. Simply create a KOHO account and take advantage of a 30-day trial period.
Here’s how it works:
Please note that your credit score will be updated every month. After the free trial, you’ll need to pay the monthly subscription fee for one of the plans to continue obtaining your credit score.
A good credit report is essential in Canada; it reflects your financial health and lets us know how well you manage your money and pay off your debts on time.
If you need to improve your credit score, KOHO can help. For just $10 a month (rebates for Extra and Everything plans), KOHO’s credit building program helps you build or improve your credit history by demonstrating sound financial management.
As soon as you register, you’ll receive a credit line that will appear in your credit file. Each month, you’ll make payments to this account. KOHO, in turn, will report your payments to Equifax, one of Canada’s leading credit bureaus. This way, you can improve your credit score.
With our credit enhancement service, you also have access to an in-house financial coach to help you every step of the way.
KOHO Cover gives you access to an interest-free cash advance of up to $250. Access to this overdraft protection service costs $2 per month.
To obtain KOHO Cover :
KOHO’s international money transfer service lets you easily send money to recipients abroad, without having to visit a bank branch or Western Union office.
With this feature, you simply use the Canadian dollars you have in your KOHO account, convert them into one or more foreign currencies, then deposit them into the recipient’s bank account, wherever they may be in the world.
As a KOHO customer, you can send money via an international money transfer with no hidden fees and some of the best exchange rates on the market.
The KOHO Extra prepaid Mastercard stands out for its simplicity and benefits, such as cash back and the credit enhancement program.
With the current offer of 3 months free and $20 cash back, now is the perfect time to try it out.
Whether you’re looking to better manage your money, save, earn cash back or build your credit, KOHO offers you an accessible and effective solution.
Savings this way:
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