KOHO Joint Prepaid Card review
Share your account and earn cash back when you spend money with the fee-free KOHO Joint Prepaid Card.
Earn 0.5% cash back rewards with every eligible purchase, and up to 5% cash back with select merchants. Use promo code FINDERCODE and receive a $20 cash bonus into your KOHO balance once you make your first purchase within 30 days of signing up.
Cost per transaction
Find out more about how the KOHO Joint Prepaid Card works and learn how you can sign up quickly and easily today.
- Think about this card if you want to share a joint account with a partner (think friend, loved one or roommate) and you’re interested in a prepaid card that’s funded by your account balance and can earn you cash back.
- You won’t need to carry a minimum balance or earn a minimum income to qualify for this card.
- Choose something else if you need access to real “credit” or you don’t want to share your account with a friend or loved one.
What is KOHO?
KOHO is an online financial platform that offers basic, premium and joint accounts to customers. Every account offers a number of different features, and each one comes with a reloadable prepaid Visa card that’s linked to your account balance and will let you earn cash back whenever you make purchases.
Once you load money into your account, you’ll be able to use this card wherever Visa is accepted. You won’t pay interest when you spend money on your card since you’re never borrowing actual “credit.” If you want to earn interest on your money while you spend, you can also choose to sign up for “KOHO Save” with any account you hold.
KOHO joint prepaid card: the basics
If you’re looking to open a joint account with a prepaid card that will let you share your finances with a friend or loved one while you earn cash back on your purchases, check out the KOHO Joint Prepaid Card.
- No annual fee. This card has a $0 fee.
- Cashback return. Earn 0.5% cash back rewards with every eligible purchase, and up to 5% cash back with select merchants.
- No interest. Save on interest payments since you can only use money that’s already in your account (which means you’ll never go into the red).
- Stylish design. Choose from a number of stylish card designs or pay an additional one-time fee to order a KOHO Metal Card.
How does KOHO’s joint account work?
Joint accounts have many of the same features as regular accounts do, with a couple of added benefits. At least one of you need to have a regular KOHO account in order to invite the other to open a joint account. After you open your joint account, you and your partner will receive your own virtual card which you can use for online purchases until you receive your physical cards in the mail.
Here are some of the perks of using KOHO’s joint prepaid card:
- Get cashback on all purchases that both you and your partner make
- Easily share finances with your partner
- Set shared savings goals
- Get instant notifications when you or your partner spends
What’s the deal with the KOHO Metal Card?
One of the main selling points for KOHO is that it lets you order a limited edition Metal Card – upgrade to a metal card for $159.00 or upgrade to a metal card for $50.00 when you refer two friends. These types of cards are typically reserved for elite clients so it’s rare that you can pay out of pocket to get one. All you need to do to place your order is download the KOHO app and follow the in-app instructions. KOHO‘s current Metal Card is a pink and gold plated design that’s called “Gilded Cotton Candy.”
- Virtual card. In addition to your physical card, you’ll also get instant access to a virtual card that you can use to make online purchases.
- Free e-transfers. Avoid paying for e-transfers when you send money to friends and family from your account.
- Pre-authorized debits. Get money deposited directly into your account from your paycheque or another form of government subsidy or income.
- Joint savings tools. Set savings goals or choose to round up every dollar you spend and funnel the difference into your rainy-day fund.
- Instant notifications. Get an alert sent directly to your phone or email whenever anyone spends money from your shared account.
- KOHO Early Payroll feature. Get instant access to no fee, no interest $100 paycheque advance with no impact on credit scores by setting up direct deposit to your KOHO account from your employer.
What to watch out for
- No access to credit. The KOHO Joint Prepaid Card functions like a debit card, so you won’t be able to spend any funds that you don’t already have in your account.
- No welcome bonus. You won’t get any special sign-up bonuses or accelerated cashback rates in your first few months of card ownership.
- Foreign transaction fees. You’ll have to pay a 1.5% foreign transaction fee for every dollar you spend outside of Canada.
- Limited insurance. This card doesn’t offer basic insurance like purchase protection or extended warranty.
- Few travel perks. You won’t get any premium travel perks like travel insurance, car rental insurance or airport lounge access with this card.
What should I know before I apply?
To apply for the KOHO Joint Prepaid Card, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least the age of majority in your province or territory (18 or 19 years old).
Required documents and information:
- Your name, residential status and contact information
- Your social insurance number and date of birth
- Your email address and phone number
How to apply for a new KOHO account
- Click “Go to Site” on this page to be securely directed to your KOHO account application
- Read through the disclosure statement details and click “Accept & Continue”
- Complete the application with details that include your name, email address, social insurance number and birth date
- Review and submit your application
Compare other KOHO prepaid cards
Compare KOHO’s joint prepaid card with KOHO’s individual prepaid card and premium prepaid card.
The KOHO Joint Prepaid Card is a hybrid card that lets you spend money out of your shared account (like a debit card) while earning cashback and other rewards (like a credit card). Although it doesn’t offer access to real credit, it’s a great way to share your finances with a partner. It offers 0.5% cash back rewards with every eligible purchase, and up to 5% cash back with select merchants, along with a number of other benefits like shared savings goals, free e-transfers, stylish cards and instant notifications when anyone spends money out of your account.