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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!

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: by getting one, there will be no impact. However, it won’t help you improve your credit score either.

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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, bills & services
  • 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 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 savings account.

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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

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

KOHO 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

Reload KOHO Mastercard 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

Bottom Line

Frequently Asked Questions about KOHO

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

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.

Is the KOHO Prepaid Card a credit card?

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.

Come to discuss that topic in our Facebook Group!
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