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Get $20 for Free with 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. However, it won’t help you improve your credit score either.

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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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For a limited time, take advantage of an exclusive offer from Milesopedia to get $20 on your KOHO account by downloading the KOHO app via this link and making your first purchase within the first 30 days!

KOHO Visa Prepaid Card

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

  • No annual fee
  • 0.5% cash back on all purchases
  • 1.5% FX fee
  • $2 to $3 ATM Fee abroad
  • Milesopedia special offer: get $20 on your KOHO account when you make your first purchase within the first 30 days after you download the KOHO app from your smartphone

The KOHO Premium Visa Prepaid Card

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

  • 2% cash back on groceries, restaurants and transportation
  • 0.5% cash back on everything else
  • No FX fees
  • 1 free international ATM withdrawal per month
  • Price matching
  • $9/month (or $84 per year) with a 30-day free trial period
  • Milesopedia special offer: get $20 on your KOHO account when you make your first purchase within the first 30 days after you download the KOHO app from your smartphone

RoundUp and PowerUp with KOHO

The RoundUp Program

Both KOHO Visa prepaid cards offer the RoundUp 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 Savings Plus program and make a purchase of $2.25, $0.75, $1.75, $2.75 or $7.75 (whichever you choose) will automatically be set aside for you!

At any time, you can see in your KOHO app how much you have saved. Note that this money can be accessed 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 Saving plus 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, 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 Premium Visa Prepaid Card, you’ll get 5% at Harvey’s, including the 2% restaurant cash back with that Card!

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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.

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For $7/month for 6 months, you can subscribe to Credit Building by KOHO.

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 $7 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). To be able to benefit from it, you must already have a KOHO Visa Prepaid Card.

KOHO fees

KOHO charges no monthly fee for the KOHO Visa Prepaid Card ($9 for the KOHO Premium Visa Prepaid Card).

And there are no interest charges, insufficient funds charges or wire 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

3.25 Milesopedia Rating

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