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.
What is KOHO?
KOHO cards are halfway between a debit card and a credit card:
Enter the code EARNKOHO when applying for your card.
Get 2 months of the Everything Plan for free
The KOHO Prepaid Mastercard with Everything Plan gives you more cash back:
2% on food, beverages and bills
0.5% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 3.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, enjoy zero conversion charges on foreign purchases and one free withdrawal per month from international ATMs.
Choose between two payment options for the Everything Plan:
$22/month, billed monthly
$177/year, billed annually (equivalent to $14.75/month)
Legal
Only users who have successfully opened a new KOHO account and made their first KOHO card purchase within 30 days of signing up are eligible for the offer and can claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Enter the code KOHOMILES when applying for your card.
Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back
The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:
1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, take advantage of zero FX fees on foreign purchases.
Choose between two payment options for the Extra Plan:
$18/month, billed monthly
$144/year, billed annually (equivalent to $12/month)
Legal
Only users who have successfully opened a new KOHO account are eligible for the offer. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Enter the code EARNKOHO when applying for your card.
Get 2 months of the Everything Plan for free
The KOHO Prepaid Mastercard with Everything Plan gives you more cash back:
2% on food, beverages and bills
0.5% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 3.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, enjoy zero conversion charges on foreign purchases and one free withdrawal per month from international ATMs.
Choose between two payment options for the Everything Plan:
$22/month, billed monthly
$177/year, billed annually (equivalent to $14.75/month)
Legal
Only users who have successfully opened a new KOHO account and made their first KOHO card purchase within 30 days of signing up are eligible for the offer and can claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Our valuationMilesopedia first-year estimateFirst-year valueWelcome bonus$20Total$20Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Enter the code MILESOPEDIA when you apply for your card
Get $20 when you open a KOHO account and make your first purchase within 30 days of signing up.
The features of the KOHO Prepaid Mastercard with the Essential Plan are as follows:
Earn 1% cash back on on groceries, eating & drinking, and transportation
Accepted at Costco
Get 2% interest on your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are annual, calculated daily, paid monthly and may be changed at any time without notice.
Automate your savings with Goals and RoundUps. Rounding off every purchase allows you to set aside savings, while goals make it easier to save for the things that make you happy.
Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance
Create custom budgets and track your spending habits. Know where you’re at in real time with instant notifications every time you spend.
Strengthen your credit rating with our 6-month Credit Enhancement Program for only $10/month
Get access to a cash advance of up to $500 at 0% interest with KOHO Cover
Legal
Only users who have successfully opened a new KOHO account and made their first KOHO card purchase within 30 days of signing up are eligible for the offer and can claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
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.
Our valuationMilesopedia first-year estimateFirst-year valueWelcome bonus$20Total$20Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Enter the code MILESOPEDIA when you apply for your card
Get $20 when you open a KOHO account and make your first purchase within 30 days of signing up.
The features of the KOHO Prepaid Mastercard with the Essential Plan are as follows:
Earn 1% cash back on on groceries, eating & drinking, and transportation
Accepted at Costco
Get 2% interest on your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are annual, calculated daily, paid monthly and may be changed at any time without notice.
Automate your savings with Goals and RoundUps. Rounding off every purchase allows you to set aside savings, while goals make it easier to save for the things that make you happy.
Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance
Create custom budgets and track your spending habits. Know where you’re at in real time with instant notifications every time you spend.
Strengthen your credit rating with our 6-month Credit Enhancement Program for only $10/month
Get access to a cash advance of up to $500 at 0% interest with KOHO Cover
Legal
Only users who have successfully opened a new KOHO account and made their first KOHO card purchase within 30 days of signing up are eligible for the offer and can claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Enter the code KOHOMILES when applying for your card.
Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back
The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:
1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, take advantage of zero FX fees on foreign purchases.
Choose between two payment options for the Extra Plan:
$18/month, billed monthly
$144/year, billed annually (equivalent to $12/month)
Legal
Only users who have successfully opened a new KOHO account are eligible for the offer. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Enter the code EARNKOHO when applying for your card.
Get 2 months of the Everything Plan for free
The KOHO Prepaid Mastercard with Everything Plan gives you more cash back:
2% on food, beverages and bills
0.5% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 3.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, enjoy zero conversion charges on foreign purchases and one free withdrawal per month from international ATMs.
Choose between two payment options for the Everything Plan:
$22/month, billed monthly
$177/year, billed annually (equivalent to $14.75/month)
Legal
Only users who have successfully opened a new KOHO account and made their first KOHO card purchase within 30 days of signing up are eligible for the offer and can claim the one-time $20 bonus in their KOHO account. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Annual fee
Primary card$177
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
0%
Earning rate
2xGas
2xGroceries
2xTransit
0.5xAll spending
Value
1st Year Value$174
2nd Year Value$162
KOHO Extra – Earn Interest with a High-Interest Savings Account
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 Extra – Effortless Savings: RoundUps
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 Extra – Get Cash Back on Your Purchases
KOHO also offers a cash back program on your daily purchases, with the cash back percentage varying depending on the chosen plan:
Package
Cash Back
Essential
1% unlimited cash back on groceries, transportation, food, and drinks. 0% unlimited cash back on other purchases.
Extra
1.5% unlimited cash back on groceries, transportation, food, and drinks. 0.25% unlimited cash back on other purchases.
Everything
2% unlimited cash back on groceries, transportation, food, and drinks. 0.5% unlimited cash back on other purchases.
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.
Improve your credit score: Credit Building Program
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.
Get a Cash Advance
The KOHO Cover offer gives you access to an interest-free cash advance, up to $500. Access to this overdraft protection service costs as little as $2 per month.
Open a KOHO account, then sign up for the Cover offer;
Get an instant cash advance when you subscribe to the offer (as little as $2 per month, no additional interest);
Also get access to a free credit report and financial coaching.
KOHO Extra – Send an International Money Transfer
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.
Bottom Line
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.
Enter the code KOHOMILES when applying for your card.
Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back
The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:
1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, take advantage of zero FX fees on foreign purchases.
Choose between two payment options for the Extra Plan:
$18/month, billed monthly
$144/year, billed annually (equivalent to $12/month)
Legal
Only users who have successfully opened a new KOHO account are eligible for the offer. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Annual fee
Primary card$144
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
0%
Earning rate
1.5xGroceries
1.5xTransit
1.5xGas
0.25xAll spending
Value
1st Year Value$101
2nd Year Value$81
What is the difference between the KOHO Extra Prepaid Mastercard and the KOHO Premium Prepaid Mastercard?
Enter the code KOHOMILES when applying for your card.
Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back
The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:
1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants
Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, take advantage of zero FX fees on foreign purchases.
Choose between two payment options for the Extra Plan:
$18/month, billed monthly
$144/year, billed annually (equivalent to $12/month)
Legal
Only users who have successfully opened a new KOHO account are eligible for the offer. This offer is non-transferable and may only be used once per person. Offer does not apply to other KOHO offers or promotions. KOHO may, at its sole discretion, suspend, terminate or change the terms and requirements of the offer.
Annual fee
Primary card$144
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
0%
Earning rate
1.5xGroceries
1.5xTransit
1.5xGas
0.25xAll spending
Value
1st Year Value$101
2nd Year Value$81
Our editorial integrity
Our reviews and rankings are based on an objective assessment. Advertisers do not influence our content. We may receive compensation through some links; our analysis and opinions remain independent.
