Koho Mastercard Featured

Get $20 for free with the KOHO Prepaid Mastercard (+ Extra Version)

To the point The KOHO Mastercard Prepaid Card is an option to replace a debit card and manage your budget while earning cash back!

This post is also available in: FR

KOHO Mastercard Prepaid Card: Overview

Best credit card – prepaid

The KOHO Card is 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 meilleur compte fr

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.

Roundup Koho Fr

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!
Koho Powerups

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!

Koho Altitude

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!

Koho Harveys

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.
Les intérêts sont calculés quotidiennement et versés tous les mois afin d’optimiser vos gains.
KOHO-taux-interet

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.

Koho Credit Building En

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-cote-credit

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

Three types of reloading are possible:

  • Payroll remittance
  • e-Transfer

Details of the limits for an Essential account are here, and for an Extra account here.

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

Frequently Asked Questions about KOHO

Has the KOHO Premium Mastercard Prepaid Card become the KOHO Extra Mastercard Prepaid Card?

This post is also available in:
FR

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.

This post is also available in:
FR

Is the KOHO Prepaid Card a credit card?

This post is also available in:
FR

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.

This post is also available in:
FR

What is the KOHO card from KOHO Financial?

This post is also available in:
FR

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.

This post is also available in:
FR

How do I activate the KOHO Bank KOHO card?

This post is also available in:
FR

To activate the KOHO Prepaid Card, go to your KOHO mobile application or the KOHO website.

This post is also available in:
FR

How do I use KOHO?

This post is also available in:
FR

You can use KOHO for any purchase. Top up your KOHO prepaid card before making a purchase.

This post is also available in:
FR

How can I join KOHO? Who is the KOHO contact?

This post is also available in:
FR

To join KOHO, go to your KOHO mobile app or the KOHO website. You can also write to KOHO at support@koho.ca.

This post is also available in:
FR

How to contact KOHO?

This post is also available in:
FR

To contact KOHO, simply go to your KOHO mobile app or the KOHO website. You can also write to KOHO at support@koho.ca.

This post is also available in:
FR

This post is also available in: FR

Come to discuss that topic in our Facebook Group!
4.75 Milesopedia Rating
Jean-Maximilien
Jean-Maximilien is an expert in Canada and France about Loyalty programs, Credit cards and Travel. He is the Founding President of Milesopedia.

Suggested Reading