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32 Reviews
  • $0 Annual Fee
  • $20 Welcome Bonus
  • 5% Rewards Rate
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KOHO Prepaid Mastercard Overview

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*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 5% 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 $10/month
  • Earn interest on spending and savings
  • Pay expenses on time and save part of your income automatically

Essential Information





Card Type



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.


As a KOHO Prepaid Mastercard cardholder, you will earn:

  • 0.5% cash back on all purchases
  • Up to 5% for purchases with the partnered merchants
koho no fees instant cashback on every purchase

Cash Back Partners

With the KOHO Prepaid Mastercard, you’ll receive up to 5% 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.
  • 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.
  • 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: $10/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

Network Provider
Card Type
Rewards, Secured
Rewards Type
Annual Fee
Purchase Interest Rate
Credit Needed
Poor (300 - 559)

KOHO Prepaid Mastercard Offices

Phone Number
Weekdays: 9 am-9 pm ET Weekends: 9 am-5 pm ET
25 E 6th Ave Vancouver BC V5T 1J3 Canada
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December 31, 2023

Great app

December 31, 2023

Absolutelylove it, the credit building, credit and money coaching, as well as interest incentives. Absolute must have!!!

December 31, 2023

Great app

December 31, 2023

Nice card and no deposit required

December 31, 2023

Awesome app love it just wouldn’t mind cheque mobile deposit

December 31, 2023

I think koho is a great banking app that allows the user to save money easily, and be able to see it in real time. Thank you koho

December 31, 2023

Great app recommend it to everyone

December 31, 2023

I love koho the best bank I’ve used and I can’t wait to get the koho prepaid masrercard

June 25, 2023

So far so good. It was fast to install and get an account. I have yet to make a deposit see how it goes. Can’t wait to start earning cashback

May 28, 2023

Great !

May 28, 2023

Great app. Love it . Would recommend.

May 9, 2023

Awesome card  awesome services and really great customer service ! I refer KOHO to everyone !

May 6, 2023

I think koho is great but I’m just getting the hang of it how us to card an everything else ,

May 6, 2023

I love this Card I Use it Frequently for Rewards ect..

May 6, 2023

I have just wasted a whole day today trying to reset my Password. Koho needs to make this process more user friendly. I will be going to the Philippines soon and need a reliable card to use.

April 16, 2023

Simple and easy to use banking  with simple options to build your credit

April 11, 2023

They are quick to reply and very helpful in assisting you!

April 11, 2023

So far I find Koho to be impressive with its no fees, easy to use, very personal layout app design, the bonuses are amazing for referrals and no hassle set ups.

March 8, 2023

Im just about to set up my card and I really hope that by me having a. Card I can always load up fund on my visa and spend only what I load which is good for a woman who likes to spend a little bit more then I should so this perfect for me.

February 19, 2023

5 star

February 11, 2023

KOHO only bank I ever signed up online very convenient. Thanks KOHO!

February 6, 2023

I love this account. Easy to use.

January 23, 2023

Madam, Sir, Hello! You sent me a visa credit card. I tried to activate it but it doesn’t work, so what do I do with it? The card number is:
4366 8101 5977 2260.
Could you tell me what should I do with it? I don’t have the customer service number either.
Thank you for your sincere cooperation.
Akazol Kalula

December 19, 2022

Love it a lot, this card is my number one card now when it comes to shopping and for use of public transportation. 

October 30, 2022

This product is amazing and helps me to keep my budget in order. Definitely recommended.

October 16, 2022

So far I am liking the availability of having this account. Easy to access it through your phone.

October 4, 2022

I am very disapointed and frusterated that i am unable to access my account and there is no one to speak to no live person and i need my money out of my account and no one is getting back to me horrible customer service im speaking to robots who are not helpful at all

September 9, 2022

Found a flat with their help! Found a flat with their help! Found a flat with their help! Found a flat with their help! Found a flat with their help! Found a flat with their help!

September 1, 2022

Found a flat with their help! Found a flat with their help! Found a flat with their help! Found a flat with their help! Found a flat with their help! Found a flat with their help!

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
KOHO Prepaid Mastercard Social Media
KOHO Prepaid Mastercard Reviews
4.5 average based on 32 reviews
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  • Usability

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