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

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You can choose from 4 different KOHO plans that offer features to suit your needs:

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.

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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
  • Earn 3% to 5% interest on your available balance
  • No interest charges on your purchases
  • 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

KOHO Prepaid Mastercard - KOHO packages

There are 4 KOHO plans to suit your needs:

  1. KOHO Easy
  2. KOHO Essential
  3. KOHO Extra
  4. KOHO Everything

Here are some tables showing the features of these KOHO plans:

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KOHO Prepaid Mastercard - Up to 5% interest with a high-interest savings account

KOHO has increased its savings rates to 3% on its free plan and 5% on all its paid plans.

Here’s how to save:

  • Choose the KOHO plan that’s right for you;
  • Add funds to your new account ;
  • Join Earn Interest in the app, then start earning money.
Interest is calculated daily and paid monthly to optimize your earnings.
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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.

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The Cash Back Program

KOHO Mastercard prepaid cards offer a cash-back program on your everyday purchases. You’ll see the cash back in your Savings tab within 1-2 business days of the original authorized purchase.

The cash back you earn depends on the KOHO plan you choose.

Package Cash Back
Easy 1% cash back on groceries and transportation
Essential 1% cash back on groceries, transportation, food and drink
0.25% cash back on other purchases
Extra 2% cash back on groceries, transportation, food and drink
0.5% cash back on other purchases
Everything 2% cash back on groceries, transportation, food and drink
0.5% cash back on other purchases

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

KOHO online shopping portal: partner merchants via the app

By choosing a KOHO Essential, Extra or Everything plan, you can access an online shopping portal directly via your KOHO application to earn up to 50% cash back on your purchases!

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All you have to do is click on the merchant’s link directly in the KOHO application before making your purchase. You will then receive your cash back within 30 to 60 days.

There are over 1,000 brands in the KOHO online shopping portal, some of which offer up to 50% cash back!

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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.

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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.

KOHO Prepaid Mastercard - Free credit score

Do you want to check your credit score? KOHO gives you access to this information free of charge. Simply create a KOHO account and take advantage of a 30-day trial period.

Here’s how it works:

  • Download the KOHO application, then create an account;
  • Choose the Essential, Extra or Everything plan for a free 30-day trial;
  • Discover your credit score with Equifax.

Please note that your score will be updated once a month. After the free trial, you’ll need to pay the monthly subscription fee for one of the plans to obtain your credit score.

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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:

Package Monthly fees Foreign Exchange Fees International withdrawals
Easy $0 1,5 %
Essential $4 1,5 %
Extra $9 0 % 1 per month
Everything $19 0 % 1 per month

KOHO Prepaid Mastercard - Reload KOHO Canada Prepaid Card

Three types of reloading are possible:

  • Payroll remittance
  • e-Transfer
  • Wise

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

KOHO Prepaid Mastercard - Conclusion

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.

What is the KOHO card from KOHO Financial?

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.

How do I activate the KOHO Bank KOHO card?

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

How do I use KOHO?

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

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

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

How to contact KOHO?

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

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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.

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