A popular prepaid card among many, some major changes have just dropped on KOHO's lineup.
The free KOHO Easy Mastercard is no longer available to new members. Plus, there are significant changes to KOHO Essential, KOHO's new base plan.
Here's what you can expect.
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KOHO Easy Mastercard is gone
First up, the no fee KOHO Easy Mastercard is no longer available to new cardholders. Moving forward, KOHO will have 3 tiers of prepaid cards instead of 4.
If you already have the KOHO Easy Mastercard, you'll be grandfathered in and can continue to keep your plan.
Updates to the KOHO Essential Mastercard
The KOHO Essential Mastercard is now KOHO's base plan. This card carries a monthly fee of $4.
So KOHO's base account isn't free anymore – but complete one of the following two actions and you'll get it waived:
- Deposit $1,000 per month into your KOHO account
- Setup a recurring direct deposit
This account will start earning less cash back on purchases. KOHO Essential will no longer be offering a base earn rate of 0.25% cash back. Instead, this card will just earn 1% back on groceries, eating, drinking, and transportation.
KOHO's new partnership with the NBA
All these changes are against the backdrop of the NBA playoffs. KOHO is the presenting partner of the NBA playoffs in Canada on both Sportsnet and TSN.
It certainly is an interesting time to launch a partnership, having essentially devalued their products. But with this new partnership, anyone who signs up for a new KOHO account between April 26 and June 30, 2024 will get a $75 e-gift card to use at nbastore.ca.
All KOHO members who are on a paid plan will also get a chance to win tickets to NBA games during the 2024-2025 NBA regular season.
KOHO is also running an NBA Playoffs sweepstakes. From now until April 30, 2024 at 11:59 PM EDT, you can enter for a chance to win a trip for 2 to an NBA playoff game – this includes tickets, flights, and accommodations.
You don't have to sign-up for any KOHO products – all you have to be is a Canadian resident over 18. Just fill in the form and you're entered.
Read more: NBA Playoffs Sweepstakes
Alternative prepaid cards
Many of you are likely not happy with today's news. Thankfully, there are 3 other products you can look at that offer rewards on all purchases, high interest on your balance, and no annual fee.
| Prepaid Card | Cash back earn rates | Interest rate | Special features | Learn more |
|---|---|---|---|---|
| Wealthsimple Prepaid Mastercard | * None | 2.5% | * No foreign exchange fees * Premium and Generation clients earn more interest | Learn more |
| EQ Bank Card | * 0.5% cash back on all purchases | 2.75% | * No foreign exchange fees | Learn more |
| Neo Everyday Account | * Average of 5% cash back at partner retailers * 1% cash back on gas, up to $500 spent monthly * 1% cash back on groceries, up to $500 spent monthly | 0.1% | * Upgrade to premium for more rewards on purchases | Learn more |
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Your thoughts on KOHO's big changes
There really isn't much to like about KOHO's changes, with maybe the exception of existing Essential users being able to get their accounts for free.
For those who have KOHO, what are your thoughts? Will you stick with them or move on?
Let us know in the comments below.
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