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  • $0 Annual fee
  • $20 Welcome Bonus
  • 2% Rewards Rate
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Limited time only: Get a $20 bonus* with code: COMPAREWISE - Claim this offer

KOHO Prepaid Mastercard Overview

*Limited time only – Get a $20 cash bonus with code: COMPAREWISE by opening an account and making a purchase with KOHO card within 30 days after registration (this works with both virtual and physical cards).

In Canada, prepaid cards are not as common as credit cards. So when you find one, it’s like discovering a diamond amongst coal. With the KOHO Prepaid Mastercard, you’ll get the best of both worlds: no account fees and excellent cash back rewards.

KOHO doesn’t charge monthly ATM withdrawal and card cancellation fees. So the KOHO Prepaid Mastercard is one of the most cost effective cards in the market. Besides the cost savings you receive as a cardholder, you earn 0.5% cashback on all your purchases. What’s more, at select merchants, you can earn up to 6% cashback.

Koho 20 Bonus Promo Banner Mastercard- Comparewise

The KOHO Prepaid Mastercard is entirely risk-free. You aren’t dealing with credit, so you won’t have to pay anyone. Instead, you load cash onto your card by funding the attached account. That way, you spend your own money, and you don’t risk running into debt.

This card is ideal if you want to build better spending habits. You’ll have access to the KOHO app equipped with budgeting tools. Saving is easier with KOHO as well. You can automate your savings and set saving goals through the app.

KOHO thought of just about everything you’d need to improve your financial health:

  • Build your credit for only $7/month
  • Earn interest on spending and savings
  • Pay expenses on time and save part of your income automatically
Koho Save 600X314 Comparewise - Comparewise

Essential Information

Network

Mastercard

Provider

KOHO

Card Type

Prepaid

Rewards

As a cardholder, every time you refer someone to KOHO, you’ll be eligible for a referral credit. In addition, the KOHO Prepaid Mastercard automatically enrols you in KOHO’s cashback program.

Referral Bonus

When you refer someone to KOHO, both of you will receive $20. They must make their first purchase within 30 days of registration, or else neither of you will receive the bonus.

Cashback

As a KOHO Prepaid Mastercard cardholder, you will earn:

  • 0.5% cash back on all purchases
Koho No Fees Instant Cashback On Every Purchase

Cash Back Partners

With the KOHO Prepaid Mastercard, you’ll receive up to 6% extra cash back at the following KOHO partners.

– Altitude Sports
– Attitude
– Baskin Robbins
– iQ
– Indigo
– Indochino
– Kernels
– Open Farm
– Pizza 73
– Pizza Pizza
– Vitamix
– Well.ca
– Branch
– Buffalo David Bitton
– Chefs Plate
– Contiki
– Frank And Oak
– Kit Ace
– Rakuten Kobo
– Meyer
– Nature Market
– Reebok
– 10 Tentree
– The Last Hunt

Other Perks

Besides earning cashback rewards, KOHO Prepaid Mastercard cardholders receive the following benefits.

  • Unlimited e-transfers.
  • 1.2% savings interest on spendable, RoundUp, and savings balances.
  • Save as you spend with the RoundUp feature. This feature will round all your card purchases to the nearest $1, $2, $5, or $10.
  • Lock your card at any time through the KOHO app.
  • Access to a credit building feature to improve your credit score.
  • You’re protected from unauthorized transactions made with your card.
  • Access a $100 advance of your salary through KOHO’s Early Payroll feature.
  • A virtual card to use for online shopping.
  • Ability to add your card to Samsung, Google, and Apple Pay.

Costs and Fees

  • Monthly fee: $0
  • The annual interest rate on purchases: N/A
  • Inactivity fee: $1.00
  • INTERAC e-transfer fee: $0
  • EFTs from your bank: $0
  • Card cancellation fee: $0
  • ATM Withdrawal fee: $0
  • Direct Load Fee: 75¢ per transaction (on transactions of or below $300)
  • Foreign transaction fee: 1.5%
  • KOHO Credit Building: $7/month
  • KOHO Early Payroll Instant: $5/month

FAQs about the KOHO Prepaid Mastercard

Should I Get the KOHO Prepaid Mastercard?

This depends on what you want in a card and your spending needs. If you want a card that will improve your credit score, the KOHO Prepaid Mastercard isn’t for you. The reason is that it doesn’t report account activity to the credit bureaus. However, you can add a credit building feature to your account for a fee.

If you want to save on account fees while earning cash back, the KOHO Prepaid Mastercard is for you. It’s also great for monitoring your spending habits and automating savings.

Is the KOHO Prepaid Mastercard a Credit Card?

No. The KOHO Prepaid Mastercard is a prepaid card. However, it has an aspect unique to credit cards: it earns you cash back.

How Is the KOHO Prepaid Mastercard Different from a Debit Card?

You’ll be charged various fees for anything from account maintenance to transactions with a debit card. The KOHO Prepaid Mastercard doesn’t charge account fees. You won’t have to pay a monthly fee, and you won’t be charged when you make ATM withdrawals.

Can I Use the KOHO Prepaid Mastercard Anywhere?

Absolutely. The KOHO Prepaid Mastercard runs on the Mastercard network. Mastercard is one of the world’s largest payment processing networks. So you can use your card at several stores in Canada and abroad wherever you see the Mastercard logo.

Will the KOHO Prepaid Mastercard Improve My Credit Score?

Unfortunately, the KOHO Prepaid Mastercard won’t improve your credit score. Since it’s not a credit product, any activity in your account isn’t reported to the credit bureaus. However, you can sign up for KOHO’s credit building feature to improve your credit score.

How Do I Apply for the KOHO Prepaid Mastercard?

You apply for the KOHO Prepaid Mastercard online. Simply visit KOHO’s website and tap the open account button in the upper right-hand corner. You’ll be required to complete a form, which should take less than five minutes.

What Fees Are Charged on the KOHO Prepaid Mastercard?

KOHO charges an inactivity fee of $1 when your account has been open for 13 months but inactive for six months. Also, if you make purchases that aren’t in Canadian dollars, you’ll be charged a foreign transaction fee of 1.5%.

General Terms

View the Mastercard Cardholder Agreement here.

KOHO Prepaid Mastercard Details

Provider
KOHO
Network Provider
Mastercard
Card Type
Rewards, Secured
Rewards Type
Cashback
Annual Fee
$0
Purchase Interest Rate
1.2%
Credit Needed
Poor (300 - 559)
                                                                                                                    

KOHO Prepaid Mastercard Offices

Phone Number
1-855-564-6999
Email
team@koho.ca
Hours
Weekdays: 9 am-9 pm ET Weekends: 9 am-5 pm ET
Address
25 E 6th Ave Vancouver BC V5T 1J3 Canada
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Reviews

May 19, 2022

Been with KOHO for over 5 years so far and I’m loving the service and efficiency of the card!

May 19, 2022

app has been great and worked seamlessly. I love the app. I love the way it is all digital.

May 19, 2022

Love it. Koho is way easier to use than paypal and venmo. I’m using this now.

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KOHO Prepaid Mastercard Card Details
  • Min. Credit :
    Poor (300 - 559)
                                                                    
  • Card Type : Rewards, Secured
  • Reward Type : Cashback
  • Providers : KOHO
  • Network Provider : Mastercard
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KOHO Prepaid Mastercard Reviews
5.0 average based on 3 reviews
Characteristics
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Experience
  • Service
  • Usability

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