Prepaid Mastercard: Get KOHO Extra free for 3 months + $20

What is KOHO?

KOHO cards are halfway between a debit card and a credit card:

• Like a debit card, the KOHO Extra Prepaid Mastercard^MD allows you to spend only what you have in your account;
• Like a credit card, the KOHO Extra Prepaid Mastercard^MD offers you rewards in the form of cash back.

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:

• Accepted worldwide thanks to the Mastercard network (including at Costco);
• Up to 2% cash back on your purchases;
• Automatic savings;
• Interest rate up to 4% depending on the chosen plan;
• No interest fees on your purchases;
• Online bill payment;
• Available on Apple Pay, Samsung, and Google Pay;
• And much more.

Exclusive Offer: Get 2 Months Free of the KOHO Everything Plan

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:

• No foreign transaction fees;
• Free eSIM (3 GB/month);
• Travel Insurance.

But also, daily benefits:

• 2% cash back on groceries, dining & drinks, and transportation;
• 0.5% cash back on all other purchases;
• 4% interest on your entire balance (eligible for CDIC protection up to $100,000);
• Up to an additional 6.5% cash back at select merchants.

That’s not all. The Everything plan allows you to unlock the full potential of your KOHO account, with other benefits such as:

• Credit Building for $5/month (to build your credit history);
• Instant e-Transfers;
• Unlimited transactions;
• Savings with RoundUps and Savings Goals features.

Take advantage of this offer today!

KOHO Plans

There are three KOHO plans to suit your needs:

Key Features of KOHO Plans

Here are the key features of KOHO plans:

Among the cards above, the KOHO Extra Prepaid Mastercard^MD 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 Mastercard^MD 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 Card Fees

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:

• Receive a direct deposit of any amount into your account;
• Transfer $1,000 or more to your KOHO account each month.

KOHO Prepaid Mastercard^® Essential Plan

KOHO Prepaid Mastercard Extra Plan

KOHO Prepaid Mastercard^® Everything Plan

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:

You could also get an additional 6.5% cash back via the app at certain KOHO partner retailers.

KOHO Extra – Check and Improve Your Credit Score

Check your credit score for free

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:

• Download the KOHO app and open an account (30-day free trial);
• Verify your identity;
• Check your credit score for free with Equifax.

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 $250. Access to this overdraft protection service costs $2 per month.

To get KOHO Cover:

• Open a KOHO account, then sign up for the Cover offer;
• Get an instant cash advance when you subscribe to the offer ($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.

What is the difference between the KOHO Extra Prepaid Mastercard and the KOHO Premium Prepaid Mastercard?

Previously, the KOHO Extra Prepaid Mastercard was called the KOHO Premium Prepaid Mastercard. It is the same card, but with a new name and additional features.

Is the KOHO Prepaid Card a credit card?

As its name suggests, the KOHO Prepaid Card is a prepaid card. Therefore, there is no credit limit or credit inquiry required to obtain it.

How to activate the KOHO card?

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

How to use KOHO?

You can use KOHO for any purchase. You simply need to reload your KOHO prepaid card before making a purchase.

How to contact KOHO?

To contact KOHO, go to your KOHO mobile app or the KOHO website.