KOHO Easy Joint Prepaid Card review

Our verdict

Our verdict

KOHO offers a free prepaid reloadable Mastercard that can also work as a chequing and savings account at the same time. You can earn cashback rewards on most purchases and you can upgrade your plan to unlock additional perks. When you open a KOHO account, you will be on the free plan (Easy) and you can switch to the Joint account. Load money onto your Joint Prepaid Mastercard and use it to buy things like you would use a debit card or a regular credit card.

Best for: Those looking for a joint prepaid card that they can share with family members.

Pros

• Unlimited 1% cash back on groceries and transportation, and up to an extra 5% cash back with select merchants
• No monthly account fee
• Build your savings by earning interest with KOHO Save
• Avoid common credit card and banking fees

Cons

• Doesn't help to improve your credit score
• KOHO is 100% online and there is no in-person assistance available

Go to site

Foreign transaction fee

1.5%

Cost per transaction

$0

Monthly Fee

$0

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 Easy Joint Prepaid Card.

• No annual fee. This card has a $0 fee.
• Cashback return. Earn Unlimited 1% cash back on groceries and transportation, and up to an extra 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).

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

The perks

• 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.
• 3rd Party e-transfers.KOHO users can now accept Interac e-Transfers from friends, family, and business accounts to their KOHO accounts.
• Referral Bonus. Refer a friend and both of you will earn $20 each once your referral makes their first purchase within 30 days of signing up. Users are able to refer up to 50 friends allowing to earn up to $1000 in referral cash bonuses.
• Add KOHO Cover. Add KOHO Cover for $5 a month and get up to $50 zero-interest overdraft protection, which can help you make a purchase when you don’t have enough cash in your account. This limit increases up to $250 if you continue to pay the monthly subscription fee. The cover subscription also comes with financial coaching services. There's no application process, no effect on credit score, and no late fees.

What to watch out for

• No access to credit. The KOHO Easy 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?

Eligibility requirements

To apply for the KOHO Easy 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 (SIN) and date of birth
• Your email address and phone number

How to apply for a new KOHO account

1. Click “Go to Site” on this page to be securely directed to your KOHO account application
2. Read through the disclosure statement details and click “Accept & Continue”
3. Complete the application with details that include your name, email address, social insurance number and birth date
4. 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.

Sort by:

Name	Product	Monthly Fee	Cost per transaction	Foreign transaction fee	Rewards	Feature
KOHO Extra Prepaid Card KOHO Extra Prepaid Card		$9/month or $84 annually	$0	0%	Up to 2% cash back	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.	Earn 2% instant cash back on groceries, eating and drinking and bills and services, and 0.5% cash back on all other purchases. Plus, earn 4.50% interest on your entire balance up to $1,000, and 3.00% on anything higher.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Easy Prepaid Mastercard KOHO Easy Prepaid Mastercard	OFFER	$0	$0	1.5%	1% cash back	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.	Earn 1% cash back on groceries and transportation. Plus, earn 0.5% interest on your entire balance.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Extra Prepaid Card KOHO Extra Prepaid Card	OFFER	$9/month or $84 annually	$0	0%	Up to 2% cash back	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.	Earn 2% instant cash back on groceries, eating and drinking and transportation, and 0.5% cash back on all other purchases. Plus, earn 4.50% interest on your entire balance up to $1,000, and 3.00% on anything higher. Enjoy a free 30-day trial.	Go to site More Info	Compare	loading Fetching your data...
OFFER KOHO Easy Joint Prepaid Card KOHO Easy Joint Prepaid Card	OFFER	$0	$0	1.5%	1% cash back	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.	Earn 1% cash back on groceries and transportation. Plus, earn 0.5% interest on your entire balance.	Go to site More Info	Compare	loading Fetching your data...
KOHO Essential Prepaid Card KOHO Essential Prepaid Card		$4/month or $48 annually	$0	1.5%	Up to 1% cash back	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.	Earn 1% cashback on groceries, bills and services, and eating & drinking – and collect 0.25% on everything else. Plus, earn 4.50% interest on your entire balance up to $500, and 2.00% on anything higher. Enjoy a free 30-day trial.	Go to site More Info	Compare	loading Fetching your data...

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Bottom line on the Koho Joint card

The KOHO Easy 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 Unlimited 1% cash back on groceries and transportation, and up to an extra 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.

KOHO Easy Joint Prepaid Card FAQs

• Does my KOHO Joint account partner need to be an existing user?

  No. If they aren't, you can send a joint account request to someone who hasn't used KOHO yet. In either case, the person you want to share your account with will get an email invite, and they'll just need to click on the "Get joint account" button to sign up.

• Who can I share my joint account with?

  KOHO Easy Joint Prepaid Card lets you share a joint account with just about anyone. This includes your spouse, friends, roommates, siblings or parents. As long as you can verify your identities, you should be able to pool your finances.[/fin_accordion]

  You'll only be able to have one joint account, so you won't be able to share several accounts with multiple people. You'll also only be able to share the joint account you sign up for with one other person.

• Can I sign up for a KOHO joint account without a personal account?

  No. When you sign up for a joint account, you'll automatically be signed up for a personal account. This means you'll hold two separate accounts with KOHO. That said, you're not obliged to use your personal account if you don't want to, so you can just leave it empty and use your joint account exclusively.

• Can I get the KOHO Joint Card with my KOHO savings account?

  Yes. You can turn any KOHO account into a savings account by signing up for "KOHO Save." This feature allows you to earn interest on any funds you hold in your account.

• Is KOHO a bank?

  By its own admission, KOHO is not a bank because it doesn't have a license in Canada to be one. However, it partners with a Canadian bank called Peoples Trust Company, and it provides many banking services, such as allowing you to pay bills and send e-Transfers.

• Can I apply for a KOHO Joint Card online?

  Yes, you can apply by visiting the KOHO website, or you can simply click "Go to Site" in the table above to be redirected to the application.