KOHO Prepaid Mastercard®

No fees or interest, reach your goals faster with automated savings

Updated: Sep 19, 2022

Advertiser Disclosure

KOHO Financial is a Canadian issuer of prepaid cards "rooted in the belief that better financial solutions for all Canadians exist." It's somewhat of a white sheep among its competitors: this is the first prepaid card in Canada to offer cashback, a feature almost unheard of in the realm of credit cards. KOHO Prepaid Mastercard is accepted everywhere Mastercard is accepted.




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KOHO Prepaid Mastercard®

at Koho Financial Secured website

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Introductory APR


Intro APR Period


Recommended Credit

Bad Credit OK

Key Features

  • 0.5% cash back all purchases
  • Credit building on demand
  • 1.2% APY with KOHO Earn Interest
  • No account fees
  • RoundUps Cashback
  • Extra cash back at select merchants
  • Lock your card in-app

Our Take

Like most modern-day cards, KOHO Prepaid Mastercard comes with an accompanying app for personal budget management. It allows for several features that help practice financial independence1 and healthy spending habits. KOHO Financial charges $0 account fees for the Basic and Join plans and $9/month for the Premium. Tempting as it sounds, is KOHO Prepaid card a good solution for frugal Canadians? Let’s find out.

KOHO Prepaid Mastercard is a good choice for:

  • People who like using credit cards, but prefer having a little more independence;
  • All those who need financial coaching and a good incentive for saving money;
  • Couples who plan to start merging their separate budgets together (KOHO Joint);
  • People who regularly make purchases in foreign currencies (KOHO Premium);
  • People who want to build credit without having to use a classic credit card.

What Are KOHO Prepaid Advantages?

KOHO is like a white sheep among other banking and card solutions in Canada, and now we’ll explain why. It provides a unique bundle of options for people who want to use some features of credit cards but omit a few more confining ones. Some of the best advantages of opting for KOHO stem from this.

Independent money management

As one of Canada’s most promising fintech brands, KOHO remains true to its mission statement – to help Canadians develop better spending habits. As a truly unique payment card, KOHO takes the best of two words – prepaid and credit cards – allowing you to make your own spending decisions. Unlike with credit cards, the money you spend using Koho is 100% yours. There is no bank credit involved, so there is no monthly bill either. KOHO is similar to credit cards in other aspects, but it’s a prepaid card.

No hidden fees for the basic plan

The KOHO Basic plan costs $0. There are no monthly account fees, no NSF fees, no e-Transfer fees, and no interest charges. If you want to use an ATM to withdraw money from your KOHO Prepaid Mastercard (this is not something you usually do with prepaid cards), the out-of-network fee is $2 to $3.

Koho Joint for couples and sharing

Another great advantage of using KOHO is its Joint account upgrade, which can be used by any two people who want to share finances and save together (you don’t have to be a couple). Like Basic plan, the Joint account is free of charge and boasts a 0.5% cashback on all purchases. The Joint account comes with features like shared savings goals and spending notifications. In other words, it allows you to achieve full transparency regarding your separate funds and individual spending. KOHO Joint Prepaid Mastercard is a great way to manage your budgets without merging them and save money for a shared goal such as vacation, real estate, or something third.

Plenty of “save and earn” features

Arguably the best advantage of the KOHO Prepaid card is its plethora of features for saving. A few of the most popular ones are:

  • A 0.5% cash back on all purchases or more with the Premium plan.
  • Earning up to an additional 5% rewards at select merchants.
  • Rounding up your transaction amount and stashing your change.
  • Setting savings goals and working towards them one day at a time.
  • A 1.2% interest on deposit for both spending and savings accounts.
  • KOHO’s new referral program allows you to earn up to $1000.   

Additionally, KOHO Financial cardholders can access $100 of their government payments three days earlier.

Credit-building, but with prepaid

The biggest disadvantage of using any prepaid card is that it can’t help you build your credit. KOHO is unique in this aspect – pay $7 monthly, repay it, and KOHO Prepaid will build your credit history and score. You can activate Credit Building, make payments, and track your progress with an app. Not too shabby at all.

Are There Any Disadvantages

The fact that some of the great features offered by KOHO Financial are reserved for Premium users might initially seem like a disadvantage. However, a closer look at similar card issuers reveals that KOHO’s Premium plan is fairly priced. Thanks to cashback perks, the annual fee ($84) pays for itself after spending $467.

The only disadvantage of using a KOHO Prepaid Mastercard is the lack of insurance benefits2, which are usually included in similar offers by competitors. For example, there are no insurance and related perks for travel or mobile devices. Compared to the competition, this is a notable minus.

What Makes KOHO Prepaid Different

A better question would be – what doesn’t?

KOHO has managed to tailor a card that is 100% custom-made for people who would rather steer clear from credit cards but still somehow take advantage of reward perks related to responsible spending. That makes KOHO a unique competitor with the potential to attract different types of cardholders.

Competition and Alternatives

Bottom Line

KOHO delivers on its promise to provide better financial solutions for all Canadians, and it does that without complicating things too much. What you get with KOHO Prepaid Mastercard is a straightforward stored value card that grants you financial freedom but also gives you a couple of credit card perks.

You can’t find KOHO’s unique combination of personal money management features, cashback opportunities, incentives for achieving savings goals, and premium finance coaching anywhere else. It will make you a reasonable spender, help you save money, and allow you to build credit.

That’s pretty much everything you need from a payment card.

Frequently Asked Questions

Reference Index

  1. How to Become Financially Independent. the Balance
  2. What is Credit Card Insurance? Personal FN
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Basic Information
Issuer: Koho Financial
Network: Mastercard
Category: Consumer (Premium)
Best Used For:
  • Guaranteed Approval
  • Debit Cards
  • EMV Chip
  • New to Canada
  • No Min Income Required
Rewards: Yes
Reward Types:
  • CashBack Rewards
  • Universal Rewards
Reward Units: Cash
Rates & Fees
Annual Fee: $0
Opening Min: $10
Application Fee: $0
Other Fees:
  • Foreign Currency fee: 1.5%
  • Extra card fee: $0
  • NSF fee: $0
  • e-Transfer fee: $0
  • Credit builder: $10 / month

KOHO Prepaid Mastercard® Alternatives

KOHO Prepaid Mastercard®

KOHO Prepaid Mastercard®


Annual Fee


Regular APR


Intro APR


Rec. Credit Score

Bad Credit OK

*The information provided for KOHO Prepaid Mastercard® is believed to be accurate at the time of evaluation or recent update on September 19, 2022. However, we strongly advise visitors to review the card fees and Terms & Conditions on the issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.

KOHO Prepaid Mastercard®

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KOHO Prepaid Mastercard®

KOHO Prepaid Mastercard®

Rec. Credit Score: Bad Credit OK

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