Best Koho Mastercards in Canada for 2025
The best KOHO mastercard is the KOHO Everything Mastercard, though all KOHO cards are among the best prepaid credit cards in Canada. They're all excellent options for anyone struggling to qualify for unsecured credit cards due to poor credit.
Here, we review your three options, focusing on their earn rates, fees, and unique features. So, whether you’re strictly trying to build credit or you need a reliable prepaid card that earns interest, this guide can help you choose.
Key Takeaways
- The KOHO Everything card is the best prepaid card, KOHO Essential is the best low fee option, and KOHO Extra is the top premium card issued by KOHO.
- KOHO prepaid card fees range from $48 to $177 per year.
- To improve your credit score with a KOHO card, you must enroll in KOHO Credit Building.
Best KOHO credit cards
| Category | Credit card | Current welcome offer | Annual fee | Rewards |
|---|---|---|---|---|
| Best prepaid | KOHO Everything Mastercard |  $100 GeniusCash + $20 after the first purchase | $177 |
|
| Best for low fees | KOHO Essential Mastercard | $100 GeniusCash + $20 after the first purchase | $48 |
|
| Best premium card | KOHO Extra Mastercard | $100 GeniusCash + $20 after the first purchase | $144 |
|
1. Best high-end prepaid card
Rewards:
- 2% cash back on groceries, restaurants, and transportation
- 0.5% cash back on all other purchases
If you want the best of the best from KOHO, the KOHO Everything Mastercard is a unique package. You’ll get a solid earn rate, plus enjoy earning 5% interest on the money deposited in your account. KOHO also offers bonus rewards through their partners (more on them later) and gives you unlimited free Interac e-Transfers.
Pros:
- Up to 2% cash back
- No credit check required
- Earn 3.5% on your account balance
- No foreign exchange fees
Cons:
- Low base earn rate
- High annual fee of $177
- Does not improve your credit score
- No insurance included
2. Best low fee prepaid card
Rewards:
- 1% cash back on groceries, restaurants, and transportation
Think of the KOHO Essential Mastercard as a stripped down version of the KOHO Everything Mastercard – you won’t earn as much cash back but you’ll also pay a much lower annual fee of $48 (reduced to $0 with a direct deposit setup). If you’re undecided about these cards, consider how much you’re willing to pay for the privilege of keeping the card in your wallet..
Pros:
- Lower annual fee of $48
- No credit check required
- Earn up to 2% interest on your balance
- Lower foreign exchange fee of 1.5%
Cons:
- Only earns 1% cash back on three categories
- Does not improve your credit score
- No insurance included
3. Best premium prepaid card
Rewards:
- 1.5% cash back on groceries, restaurants, and transportation
- 0.25% cash back on all other purchases
If you’re looking for more from your prepaid credit card, KOHO offers the KOHO Extra Mastercard. What makes this card stand out is the financial coaching, price matching, and one free international ATM withdrawal per month. Of course, there’s a cost of these extras: an annual fee of $144, or $12 paid monthly.
If you decide it's not for you, you can downgrade to the no-fee version of the card at any time (and vice-versa).
Pros:
- Up to 1.5% cash back on purchases
- No credit check required
- Earn up to 2.5% interest on your balance
- No foreign exchange fees
Cons:
- Does not improve your credit score
- No insurance included
What is KOHO and how does it work?
KOHO is an online-only bank that was founded in 2014, when it began issuing Visa credit cards. Now, it only issues Mastercards. As a challenger bank, it’s well known for its prepaid credit cards and credit-building program, KOHO Credit Building.
This online institution mostly designs its services and opportunities for people who may not qualify for credit products from big banks. For instance, KOHO offers a no-fee hybrid chequing/savings account with one of the highest interest yields in the country.
Similar to traditional banks and unlike credit unions, you aren’t required to become a KOHO member. If you’re interested in a product, simply head to the KOHO site or open the mobile app to complete an application.
Pros and cons of KOHO credit cards
These KOHO cards have some distinct advantages, but there are drawbacks to consider, too.
With KOHO credit cards, you can look forward to:
- No credit checks. KOHO only offers prepaid cards, and since these aren’t credit products, you won’t need to undergo a credit check. All you have to do is load the card and spend what you put on it.
- Low foreign transaction fees. Most credit cards (with a few exceptions) charge 2.5% on any purchase that isn't in Canadian dollars. But the KOHO Essential Mastercard charges a low fee of 1.5% while the KOHO Extra Mastercard and KOHO Everything Mastercard don’t charge any at all. Easy savings!
- The KOHO App. The KOHO App makes it easy to manage your money with budgeting tools and spending analysis. The app is available for both iOS and Android.
- Switch cards at any time. If you start with the no-fee card and feel like you want more, go ahead and make the switch. Of course, the inverse is also true. If you start with a premium card and decide the fee isn't worth it, it’s easy to downgrade to the no-fee card instead. The choice is yours.
But you’ll also need to contend with:
- Low base earn rates. The base earn rate for these cards is quite poor compared to standard credit cards. The Essential only gets you 1% back on groceries, transportation, and restaurant purchases. The Everything earns you 2% on those same categories while the Extra splits the difference at 1.5%. Outside of these categories, you’re looking at nothing to 0.5% in earnings.
- No bearing on your credit score. Since they’re prepaid cards, KOHO credit cards won't help your credit score. That said, KOHO has an add-on you can purchase to support your credit-building initiatives – more on that soon.
- Lack of insurance. If you’re hoping for insurance coverage, you’re out of luck. None of the KOHO cards come with insurance, though the premium card includes price protection.
Earning rewards with KOHO credit cards
If you want to level up your rewards, you need to shop with KOHO’s partners. Here’s a sampling of the partners available:
Earnings depend on the partner but you can enjoy as much as 5% back. And this is bonus cash back – you'll earn at your card's regular rate, too.
Features of KOHO Mastercards
Once you have a KOHO prepaid card, you'll be able to access other KOHO products. Here’s what’s available.
1. KOHO Credit Building
KOHO only offers prepaid cards, so they won't impact your credit score – good or bad. But with KOHO Credit Building, you can pay to have KOHO report your on-time payments to one major credit bureau. You’ll get access to your score and should see an improvement in six months.
The service costs $60 up front or $10 per month for six months. If you have the Extra or Essential cards, you’ll pay just $7 per month.
Remember: If you choose to pay for this service monthly, ensure you always have $10 on your prepaid balance. If you have insufficient funds to pay the monthly fee, KOHO will report the missed payment (yes, it works both ways).
2. KOHO Earn Interest
If you keep enough cash on your prepaid card, you can earn interest on it with KOHO Earn Interest. How much you earn depends on your card:
- Everything: 3.5%
- Essential: 2%
- Extra: 2.5%
You need to set up a direct deposit on your account to enable KOHO Earn Interest. Without it, you won’t earn anything.
3. KOHO International Money Transfer
KOHO makes it easy to send money to people in over 190 countries using money from your prepaid balance. KOHO International Money Transfer offers competitive exchange rates and are upfront about the fees you'll pay. We looked at a variety of transfers and found that it costs roughly $4 in fees to send $1,000 abroad (which varies by currency).
Should you get a KOHO credit card?
If you’re in the market for a prepaid credit card, KOHO is a solid choice. With no credit checks necessary, these cards are a good way for you to manage your finances without worrying about incurring debt. If you spend a lot of money at KOHO partner businesses, these cards may be worth it to you.
That said, prepaid cards like KOHO don’t offer the best rewards or earn rates, and you won’t get any insurance with your card. Additionally, KOHO cards won’t help raise your credit score. It’s important to weigh how the card will fit into your financial situation before you apply.
Take a look at the following types of spenders to see if a KOHO card is right for you:
- Budget-minded people: Using a KOHO prepaid card ensures you won’t spend more than you have.
- People building credit: If you don’t have credit or your score is poor, KOHO’s credit-building program is an inexpensive way to establish or improve your credit score.
- Frequent online shoppers and travellers: KOHO doesn’t charge foreign transaction fees on specific plans, making it a great option if you shop online or travel abroad regularly.
- Young adults and students: KOHO cards are fantastic starter cards for young people who benefit from the easy eligibility requirements and the site’s budgeting tools.
- People who want high-interest savings: Depending on the plan, your balance could earn interest while sitting in your account.
How to apply for a KOHO Mastercard
As is the case with most prepaid credit cards, it’s easy to apply for a KOHO Mastercard. With no income or credit requirements, all you need to be is a Canadian resident and the age of majority in your province or territory.
To apply, visit one of our offers pages and click either "apply" or “I want This Deal”. Alternatively, you can apply directly through the KOHO website. Once you complete the secure online application, your card will be on its way!
Alternatives to KOHO cards
If you’re looking for cards that are easy to qualify for and simple to use, check out these alternatives:
| Card | Pros | Cons | Learn more |
|---|---|---|---|
| Wealthsimple Prepaid Mastercard | * No annual or foreign exchange fees * Earn 1% cash back on all purchases * Earn 4% interest on your balance | * No insurance included | Learn more |
| EQ Bank Card | * No annual or foreign exchange fees * Acts as a hybrid bank account, with no charges for ATM withdrawals * Earn 3.5% interest on your balance | * Only earns 0.5% cash back on purchases * No insurance included | Learn more |
| Neo Everyday Account | * Earn an average of 5% back at Neo retail partners * Earn 0.1% interest on your balance * No annual fee | * Does not earn rewards outside of Neo retail partners * No insurance included | Learn more |
FAQ
Is KOHO a credit card?
While you can use KOHO cards like credit cards, they’re actually prepaid cards. To use a KOHO card, you’ll deposit money into your account. When you use your card to make a purchase, the money is withdrawn from your account.
Does a KOHO card build credit?
KOHO prepaid cards don’t build your credit like standard credit cards do, but KOHO Credit Building can help build your score. You’ll pay a small fee to have KOHO report your on-time payments to one of the major credit bureaus.
What is the KOHO credit card limit?
With prepaid cards, your credit limit is the amount you’ve deposited into your account. There are daily transaction limits, though, so take a moment to read through the terms and conditions of your KOHO card.
Can I withdraw money from a KOHO credit card?
Since your KOHO cards are prepaid credit cards, you can withdraw money using your card. KOHO prepaid cards function similarly to debit cards, allowing you to access funds that you’ve already deposited into your KOHO account.
Is KOHO legit?
Yes! Not only is KOHO legit, but its prepaid Visa card and financial app are designed to help users manage their money. The funds deposited in a KOHO account are held by People’s Trust, a federally regulated financial institution.
Does Koho build credit?
Just using a prepaid KOHO card won’t build your credit score, but if you sign up for the KOHO Credit Building program, your small payments are reported to the bureaus, and this helps to build your score.
How does foreign transaction/currency conversion work with Koho?
With two of the KOHO cards, the KOHO Everything Mastercard and KOHO Extra Mastercard, you don’t pay any foreign exchange fee. The remaining card, the KOHO Essential Mastercard, charges a low 1.5% on each foreign currency transaction.
Editorial Disclaimer: The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 226 Canadian credit cards.
