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Review: KOHO Visa Prepaid Card (+ Premium Version)

To the point

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

Introducing the Koho Visa Prepaid Cards

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KOHO is halfway between a debit card and a credit card:

This type of card will not affect your credit report: there will be no impact by getting one. On the other hand, it won’t help you improve your credit score.

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The two KOHO prepaid cards have a lot in common:

  • Accepted worldwide through the VISA network
  • Cash back on all your purchases
  • Additional cashback with PowerUp
  • Automatic savings with RoundUp
  • No interest fee
  • You can use it online
  • Bill Payments
  • Possibility of joint accounts
  • Available on Apple Pay
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KOHO Visa Prepaid Card

The features of the KOHO Visa Prepaid Card are as follows:

The KOHO Premium Visa Prepaid Card

The features of the Koho Premium Visa Prepaid Card are as follows:

RoundUp and PowerUp with KOHO

The RoundUp Program

Both KOHO Visa prepaid cards offer the RoundUp program.

Every purchase you make with your KOHO card will be rounded to the nearest $1, $2, $5 or $10 (you choose the amount). For example, if your purchase is $2.25, RoundUps will save $0.75, $1.75, $2.75 or $7.75 for you automatically based on which RoundUps amount you choose!

At any time, you can see in your KOHO app the amount saved. Note that you can access it at any time: if your available balance is less than the amount of the purchase you wish to make, the funds will be withdrawn from your RoundUp account.

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The PowerUp Program

Both KOHO Visa prepaid cards offer the PowerUp program.

You receive a 0.5% PowerUp cash back on all your purchases.

You’ll see the cash back in your Savings tab within 1-2 business days of the original authorized purchase.

You can get more PowerUps thanks to KOHO’s 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, which is 4.5% cash back in total!

Koho Altitude

And with Harvey’s it’ll be 3% extra cash back. And if you use the KOHO Premium Visa Prepaid Card, you’ll get 5% at Harvey’s, including the 2% restaurant cash back with that Card!

Koho Harveys

KOHO fees

KOHO does not charge a monthly fee for the KOHO Visa Prepaid Card ($9 for the KOHO Premium Visa Prepaid Card). And there are no interest charges, NSF fees or e-Transfer fees.

The following is a summary table of other fees:

KOHO Premium KOHO
Monthly fees $0 $9
Conversion fees 1,5 % 0 %
International Withdrawal $2 to $3 1 free withdrawal per month
Limit (per withdrawal) $300 $400
Limit (per day) $600 800 $
Daily Transactions 15 20
Maximum balance $20,000 $40,000

Reloading KOHO Visa Prepaid Card

Three types of reloading are possible:

  • Payroll remittance
  • e-Transfer
  • Visa Debit (free over $500, otherwise a $0.75 fee per load)

Limits for a Standard account are detailed here, and there for a Premium account.

The following is a summary table of the reloading limits:

KOHO Premium KOHO
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
Maximum reloads (Visa Debit)
Per day 10 reloads / $1,500 total 23 reloads / $1,500 total
Per month 60 reloads / $20,000 total 120 reloads / $20,000 total

Conclusion

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