KOHO is one of the top prepaid cash back cards in Canada. With the KOHO Prepaid Mastercard, you can earn up to 5% cash back on all purchases, with no hidden fees or interest charges.
Canadians can reach their financial goals faster with the reloadable card and KOHO app.
This KOHO review covers the top 2 best KOHO prepaid cards, the top KOHO benefits, and some alternative cash back credit cards.
What is KOHO?
KOHO is a no-fee spending and savings account with a reloadable prepaid Mastercard. Their mission is to make it easy to reach your financial goals with cash back perks, no interest, and no hidden fees.
KOHO provides you with a prepaid credit card, a spending and savings account, and a mobile app.
You have all the perks of a credit card, but with no loans or interest, as you’re putting your own money into it and using it however you see fit.
You can use KOHO anywhere Mastercard is accepted and earn up to 2% cash back on all purchases.
KOHO is a digital bank with no ATMs or branches. Thus, you’ll still need a regular bank account while using KOHO.
How Does KOHO Work?
You can open either a standard or premium account, both with different levels of cash back, benefits, and fees.
To add funds to your KOHO account, you can either send an e-Transfer from your existing bank account or have your work direct deposit your paycheque into your KOHO account.
You’ll get a KOHO card sent to you in the mail, and you can use it in-person or online (with the KOHO virtual card) to make purchases as you would with any other debit or credit card.
On the KOHO app, you can look at your spending and savings habits and create savings goals.
Best KOHO Prepaid Cards
KOHO offers two accounts: KOHO Standard and KOHO Premium.
KOHO Standard Prepaid Mastercard
The KOHO Standard Prepaid Mastercard costs $0 monthly with no account fees. It earns you 1% cash back on grocery purchases and bill payments and comes in 4 trendy colours.
You get unlimited free Interac e-Transfers, free ATM withdrawals with the KOHO ATM network (over 8,500 ATMs), and any replacement cards are sent to you for free.
You can download the KOHO app to get balance updates after each purchase, track your spending and savings habits, and set savings goals.
KOHO Premium Prepaid Mastercard
The KOHO Premium account offers additional benefits on top of everything you get with the Standard account.
KOHO Premium costs $9 monthly or $84 per year after a 30-day free trial.
You get 2% cash back on restaurant, grocery, and transportation purchases on top of the 0.50% cash back on everything else.
KOHO waives any foreign transaction fees, gives you one free international ATM withdrawal per month, and offers financial coaching and price matching.
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Your ATM withdrawal limit is also raised to $800 daily, and you can keep a maximum balance of $40,000.
KOHO Premium members also get up to 5% cash back at select partner brands like Indigo, Baskin Robbins, and Pizza Pizza.
Other KOHO Benefits
KOHO offers other exciting benefits besides the prepaid Mastercard and cash back.
With Early Payroll, you can get immediate access to $100 up to 3 days before your scheduled paycheque with no interest or fees. To use this feature, set up direct deposit and opt into the feature on the KOHO app.
Cardholders earn interest on their entire balance, between 0.50% and 2%.
Another optional benefit is the Credit Building feature. In just six months, you can build your credit history for only $7 per month.
KOHO also offers a joint account for no monthly fees. You can set shared savings goals, get notified when you and your partner use the card, and can easily share finances.
Lastly, KOHO users earn up to 5% cash back on purchases at partners.
KOHO Alternatives
Below are four alternative cash back credit cards to KOHO bank.
Neo Financial Mastercard
Neo Financial has a no-fee cash back Mastercard. With it, you get 0.5% minimum cash back across all your purchases and an average of 5% cash back at thousands of Neo partners.
On your first purchase at most Neo partners, you’ll get an average of 15% cash back.
The purchase interest rate is 24.99%, and the cash advance interest rate is 26.99%. There is no minimum income requirement to apply.
Like KOHO, Neo offers a virtual card and Neo Financial app, where you can track your spending and get real-time transaction notifications.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card has a $0 annual fee and gets you up to 2% cash back on your purchases.
You can earn 2% cash back on two Money-Back Categories of your choice and 0.50% cash back on all other purchases.
Your cash back rewards can be applied to your credit card balance or deposited into your savings account.
The interest rate on purchases and cash advances is 19.95%, with a 2.50% foreign currency conversion rate.
Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa Card is a no-annual-fee credit card on the Visa network that gets you cash back on all your purchases.
You’ll earn:
- 4% cash back on eligible restaurant, coffee shop, and bar purchases (up to $5,000 per year)
- 1.5% cash back on eligible gas, drugstore, and grocery purchases (up to $15,000 per year)
- 0.5% cash back on all other purchases (with no yearly limits)
The purchase interest rate is 19.99%, and the cash interest rate is 22.99%. To apply, you must have a minimum annual household income of at least $15,000.
Tangerine World Mastercard
The Tangerine World Mastercard has all the features of the Tangerine Money-Back Credit Card but with additional benefits.
It has a $0 annual fee with a 19.95% interest rate on purchases and cash advances.
You’ll earn 2% cash back on two Money-Back Categories of your choice and 0.50% cash back on all other everyday purchases.
The Tangerine World Mastercard gives you access to benefits like Boingo Wi-Fi for Mastercard, Mastercard Travel Rewards, On-Demand and Subscription Services, and a Mastercard Travel Pass Provided by DragonPass.
| Annual Fee | Supplementary Card Fee | Purchase Interest Rate | Funds Advance Interest Rate | Cash Back Rewards | |
| KOHO Standard Prepaid Mastercard | $0 | N/A | N/A | N/A | Up to 5% cash back on purchases |
| KOHO Premium Prepaid Mastercard | $84/year or $9/month | N/A | N/A | N/A | 2% cash back on transportation, grocery, and restaurant purchases, up to 5% cash back at select partner brands |
| Neo Financial Mastercard | $0 | $0 | 24.99% | 26.99% | 1% minimum cash back across all purchases, average of 4% cash back at Neo partners |
| Tangerine Money-Back Credit Card | $0 | $0 | 19.95% | 19.95% | 2% cash back on two Money-Back Categories of your choice, 0.50% cash back on all other purchases |
| Simplii Financial Cash Back Visa Card | $0 | $0 | 19.99% | 22.99% | 4% cash back on eligible food & drink purchases (up to $5,000 yearly), 1.5% cash back on eligible gas, drugstore, & grocery purchases (up to $15,000 yearly), 0.5% cash back on all other purchases (no yearly limits) |
| Tangerine World Mastercard | $0 | $0 | 19.95% | 19.95% | 2% cash back on two Money-Back Categories of your choice, 0.50% cash back on all other purchases, plus other travel benefits |
Is the KOHO Prepaid Mastercard For You?
KOHO is one of the best cash back prepaid cards in Canada. You can use it anywhere Mastercard is accepted and get cash back on every purchase.
Unlike a credit card, you are charged no interest, annual fees or hidden fees, as you are spending the money you already have.
With its cash back rewards, mobile app, and many benefits, the KOHO Prepaid Mastercard is definitely worth signing up for.
Get $20 for free when you sign up with this link.
