
KOHO Mastercard Prepaid Card: Overview
In Canada, there are two KOHO Mastercard Prepaid Cards:
- KOHO Mastercard Prepaid Card
- KOHO Extra Mastercard Prepaid Card (no foreign currency conversion fees)
In fact, we’ve named it the Best Prepaid Card in Canada for 2023. Not least because the KOHO Extra Mastercard Prepaid Card offers 2% cash back at the grocery store, including Costco and Walmart! It’s one of the only cards to offer this at these stores.

The KOHO Card is halfway between a debit card and a credit card:
- Like the debit card, the KOHO Mastercard Prepaid Card allows you to spend only what you have in your account
- Like the credit card, the KOHO Mastercard Prepaid Card offers you rewards (in the form of cashback)
This type of card will not affect your credit score: getting one will have no impact. However, it won’t help you improve your credit score either.

KOHO prepaid cards have some things in common:
- Accepted worldwide through the Mastercard network (including at Costco)
- Cash back on some purchases
- Possibility of automatic savings
- No interest fee
- No fees at merchants charging fees to credit cardholders
- Possibility to buy online
- Bill Payments
- Possibility of joint accounts
- Available on Apple Pay
KOHO Mastercard Prepaid Card
Special Offer:
- Enter the code MILESOPEDIA when you apply for your card
- Get $20 in your KOHO account after the first purchase within the first 30 days
The features of the KOHO Mastercard Prepaid card are as follows:
- No annual fee
- 1% cash back on groceries and transportation
- 1.5% FX fee
- $2 to $3 ATM Fee abroad
- Accepted at Costco
KOHO Extra Mastercard Prepaid Card
Special Offer:
- Enter the code MILESOPEDIA when you apply for your card
- Get $20 in your KOHO account after the first purchase within the first 30 days
The features of the KOHO Extra Mastercard Prepaid Card (formerly known as the KOHO Premium Mastercard Prepaid Card) are as follows:
- 2% cash back on groceries (including Costco and Walmart), dining and transportation
- 0.5% cash back on all other purchases†
- Accepted at Costco
- No FX fees
- 1 free international ATM withdrawal per month
- Monthly fee of $9 (or $84 per year) with a 30-day free trial
Automatic savings and cash back
The automatic savings program
Both KOHO Mastercard prepaid cards offer an automatic savings program.
Purchases made with your KOHO card are rounded to the nearest $1, $2 or $10 (you choose the amount). For example, if you activate the automatic savings program and purchase $2.25, $0.75, $1.75, $2.75 or $7.75 (whichever you choose), it will automatically be set aside for you!
You can see in your KOHO app how much you have saved at any time. Note that this money can be accessed anytime: if your available balance is less than the amount of the purchase you wish to make, the funds will be withdrawn from your savings account.

The Cash Back Program
Both KOHO Mastercard prepaid cards offer a cash-back program.
You’ll see the cash back in your Savings tab within 1-2 business days of the original authorized purchase.
You can earn cash back on more purchases through KOHO partner merchants like:
- Altitude Sports
- Chefs plate
- DashPass/DoorDash
- Harvey’s
- Hudson’s Bay
- Indigo
- Pizza Pizza
- And more!

For example, with Altitude Sports, you can get 4% extra cash back. This is in addition to the base rate, for a total of 4.5% cash back!

And with Harvey’s it’ll be 3% extra cash back. And if you use the KOHO Extra Mastercard Prepaid Card, you’ll get 5% at Harvey’s, when combining it with the 2% cash back for restaurants!

Carte KOHO Prépayée Mastercard - Jusqu’à 5 % d'intérêt avec un compte d’épargne à intérêt élevé
KOHO a augmenté ses taux d’épargne à 3 % sur son forfait gratuit et à 5 % sur tous ses forfaits payants.
Voici comment épargner :
- Choisissez le forfait qui vous convient ;
- Ajoutez des fonds à votre nouveau compte ;
- Adhérez à Gagner de l’intérêt dans l’application, puis commencez à gagner de l’argent.

KOHO Prepaid Mastercard - Credit Enhancement / KOHO Credit Building
Usually, prepaid cards do not report your account activity to credit bureaus such as Equifax and Transunion. To counter this, KOHO has a credit enhancement option called Credit Building.

For $10/month for six months, you can subscribe to KOHO Credit Building.
When you sign up, Koho will deposit $225 of dedicated credit enhancement funds into a separate account from your expenses (so you won’t have access to it). Each month, Koho will recover $75 of these dedicated funds and report it to Transunion as a positive action for your credit score.
For clarity, your total balance on KOHO will not change when KOHO adds the dedicated funds. Your only job is to make sure your Spendable account has $10 in it each month to cover the subscription fee, and KOHO will do the work to build your credit score behind the scenes.
This credit enhancement feature works in 6-month cycles (so you can subscribe once every 6 months). You must already have a KOHO Mastercard Prepaid Card to benefit from it.
Carte KOHO Prépayée Mastercard - Vérification gratuite de votre cote de crédit
Envie de vérifier votre cote de crédit ? KOHO vous donne la possibilité d’accéder à cette information gratuitement. Il suffit de créer un compte KOHO et de profiter d’une période d’essai de 30 jours.
Voici le fonctionnement de cette offre :
- Téléchargez l’application KOHO, puis créez un compte ;
- Choisissez le forfait Essentiel, Extra ou Complet pour un essai gratuit de 30 jours ;
- Découvrez votre cote de crédit avec Equifax.
À noter que votre cote sera mise à jour une fois par mois. Après l’essai gratuit, vous devrez payer l’abonnement mensuel de l’un des forfaits pour obtenir votre cote de crédit.

KOHO Prepaid Mastercard - KOHO / KOHO Card fees
KOHO does not charge a monthly fee for the KOHO Prepaid Mastercard ($4 for the KOHO Prepaid Essential Mastercard and $9 for the KOHO Prepaid Extra Mastercard).
And there are no interest charges, insufficient funds charges or wire transfer fees. The following is a summary table of other fees:
KOHO Easy | KOHO Essential | KOHO Extra | |
Monthly fees | $0 | $4 | $9 |
Foreign Exchange Fees | 1,5 % | 1,5 % | 0 % |
International Withdrawal | $2-3 | $2-3 | 1 free withdrawal per month |
KOHO Prepaid Mastercard - Reload KOHO Canada Prepaid Card
The following is a summary table of the reloading limits:
KOHO | KOHO Extra | |
Maximum reloads | ||
Per day | 20 reloads / $10,000 total | 40 reloads / $15,000 total |
Per month | 60 reloads / $40,000 total | 120 reloads / $45,000 total |
Maximum reloads (payroll) | ||
Per day | 4 reloads / $10,000 total | 4 reloads / $10,000 total |
Per month | 6 reloads / $20,000 total | 60 reloads / $20,000 total |
Maximum reloads (Interac) | ||
Per day | 10 reloads / $5,000 total | 23 reloads / $10,000 total |
Per month | 60 reloads / $20,000 total | 120 reloads / $20,000 total |
KOHO Prepaid Mastercard - Conclusion
Credit cards offer more rewards – and some have no conversion fees for foreign currency transactions – KOHO is aimed at a different audience.
The KOHO Mastercard Prepaid Card, with no annual fee, can appeal to those who want to control their budget while earning cash back. One thinks, for example, of young people and students.
The KOHO Extra Mastercard Prepaid Card is designed for people who spend a lot of money in the 2% categories and regularly pay in foreign currency (to benefit from no conversion fees). Especially since the 2% grocery category also works for Costco and Walmart purchases!
For either cards, you can get $20 free by downloading the KOHO app via this milesopedia link. And by entering the code MILESOPEDIA when you register.
Otherwise, if you prefer credit cards, you can check our recommendations:
Frequently Asked Questions about KOHO
Has the KOHO Premium Mastercard Prepaid Card become the KOHO Extra Mastercard Prepaid Card?
Yes, the KOHO Extra Mastercard Prepaid Card used to be called the KOHO Premium Mastercard Prepaid Card. It’s still the same card but with a new name and more features.
Is the KOHO Prepaid Card a credit card?
No, as the name suggests, the KOHO Prepaid Card is a prepaid card. There are no credit limits or inquiries made on your credit report.
What is the KOHO card from KOHO Financial?
The KOHO Prepaid Card is a prepaid card from KOHO Financial. With this card, there are no credit limits and no inquiries on your credit file.
How do I activate the KOHO Bank KOHO card?
To activate the KOHO Prepaid Card, go to your KOHO mobile application or the KOHO website.
How do I use KOHO?
You can use KOHO for any purchase. Top up your KOHO prepaid card before making a purchase.
How can I join KOHO? Who is the KOHO contact?
To join KOHO, go to your KOHO mobile app or the KOHO website. You can also write to KOHO at support@koho.ca.
How to contact KOHO?
To contact KOHO, simply go to your KOHO mobile app or the KOHO website. You can also write to KOHO at support@koho.ca.