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Are you looking for a simple card, with no hidden fees, no credit check, and offering cash back? The KOHO Extra Prepaid Mastercard is an excellent option. It also offers several useful features, such as the credit building program, RoundUps, and international money transfer service. Currently, an exclusive offer allows you to save from the moment you open your account. Discover all the details in this article.
KOHO cards are halfway between a debit card and a credit card:
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 Mastercards have common features:
With this new exclusive offer for new users, get the KOHO Everything plan free for 2 months. Enter the code “EARNKOHO” when applying.
The Everything plan allows you, among other things, to get travel benefits:
But also, daily benefits:
That’s not all. The Everything plan allows you to unlock 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 key features of KOHO plans:
Among the cards above, the KOHO Extra Prepaid MastercardMD was named the best prepaid card in Canada in 2022, 2023, and 2024. Notably because it offers 1.5% cash back on groceries, transportation, food, and drinks. Furthermore, it charges no conversion fees for foreign currency transactions.
For its part, the KOHO Essential Prepaid MastercardMD was named the best card for newcomers in Canada in 2024. First, because it requires no credit history in Canada. But also, because it offers a program to build your credit score and an international money transfer service.
KOHO charges monthly fees for the KOHO Prepaid Mastercard depending on the chosen plan.
There are no interest fees, insufficient funds fees, or e-Transfer fees. Here is a summary table of fees:
The Essential plan is available for free for new users, provided they:
Depending on the chosen plan, you will get up to 4% interest with a KOHO high-interest savings account. This is one of the best interest rates in Canada! Plus, there is no minimum balance or promotional rates. Interest is calculated daily on your entire balance and paid monthly.
The money deposited into the savings account is not locked; you can use it according to your needs. In addition to being eligible for CDIC protection up to $100,000.
KOHO prepaid cards offer 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 money goes into your savings account.
For example, if your purchase is $3 and you have chosen $5 as the RoundUp amount, KOHO will save $2 for you.
KOHO also offers a cash back program on your daily purchases, with the cash back percentage varying depending on the chosen plan:
You could also get an additional 6.5% cash back via the app at certain KOHO partner retailers.
KOHO allows you to check your credit score for free. Simply create a KOHO account and enjoy a 30-day free trial.
Here’s how it works:
Note that your credit score will be updated monthly. After the free trial, you will need to pay the monthly subscription for one of the plans to continue getting your credit score.
A good credit history is essential in Canada; it reflects your financial health and indicates whether you manage your money well and repay your debts on time.
If you need to improve your credit score, KOHO can help. For $10 per month (discount with Extra and Everything plans), KOHO’s credit building program helps you establish or improve your credit history by demonstrating sound financial management.
Upon enrollment, you will get a line of credit that will appear on your credit report. Each month, you will 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 the credit building service, you also have access to an in-house financial advisor to help you throughout your journey.
The KOHO Cover offer gives you access to an interest-free cash advance, up to $250. Access to this overdraft protection service costs $2 per month.
To get KOHO Cover:
KOHO’s international money transfer service allows you to easily send money to recipients abroad, without having to go to a bank branch or a 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, and then deposit them into the recipient’s bank account, wherever they are in the world.
As a KOHO customer, you can send money using an international money transfer with no hidden fees and benefit from 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 building program.
With the current offer of 3 months free and $20 cash back, it’s the perfect time to try it.
Whether you are looking to better manage your money, save, get cash back, or build your credit, KOHO offers you an accessible and effective solution.
Savings this way:
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