KOHO Premium Prepaid Card review
Get a high return on cash back when you spend money from your account with a KOHO Premium Prepaid Card.Earn 2% cash back on groceries, transport, eating and drinking, and 0.5% cash back on all other purchases. Plus, earn 1.20% interest on your entire balance.
$9/month or $84 annually
Cost per transaction
|Monthly Fee||$9/month or $84 annually|
|Cost per transaction||$0|
|Special offer||30 day free trial (First month fee waived - a value of $9.00)|
|Rewards||2% cash back on groceries, transport, eating and drinking, and 0.5% cash back on all other purchases|
|Features||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.|
|Go to site|
The KOHO Premium Prepaid Card is a hybrid debit and credit card that lets you earn cash back when you spend money on purchases in specific categories.
Aside from earning cash back, this prepaid card also offers additional features like no foreign transaction fees, financial coaching, price matching and the ability to withdraw more cash than you can with the KOHO basic account.
Find out more about how the KOHO Premium Prepaid Card works and learn how you can qualify today.
- Think about this card if you want to earn cash back and you’re interested in a prepaid Mastercard that’s funded by your account balance.
- Choose something else if you need access to “credit” or you don’t want to pay an annual fee.
- You won’t need to carry a minimum balance or earn a minimum income to qualify for this card.
What is KOHO?
KOHO is an online banking platform that offers basic, premium and joint chequing accounts to customers. Every account comes with a reloadable prepaid Mastercard card that lets you spend money from your account while you earn cash back.
Once you add money to your account, you can make purchases anywhere that Mastercard is accepted. You can also add the “KOHO Save” feature to your account to earn interest on any funds that you hold as part of your balance.
If you’re looking for a premium prepaid credit card that will let you spend money from your account, you might benefit from the KOHO Premium Prepaid Card.
- High return. Earn 2% cash back on groceries, transport, eating and drinking, and 0.5% cash back on all other purchases.
- No interest. Save on interest payments since you can only use money that you already have (with no access to credit).
- No foreign transaction fees. This card has 0% foreign transaction fees.
- Free financial coaching. Get tips or set up a session with KOHO‘s certified financial coach to create a budget or ask any questions about your finances.
- Savings tools. Set savings goals or choose to round up every dollar you spend and funnel the difference into your rainy-day fund.
- Price matching. Send in old receipts from purchases made with your KOHO card and get a refund if KOHO can find you a better deal for the same product.
- Free international ATM withdrawal. Get one free withdrawal per month when you take money out while travelling abroad.
- Access to virtual healthcare. Refill your prescriptions and get instant access to expert advice from licensed medical professionals with a free virtual healthcare membership.
- 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.
What to watch out for
- High annual fee. The fee for this card is $9/month or $84 annually
- No access to credit. You won’t be able to spend any money on your KOHO Premium Prepaid Card that isn’t already in your account.
- No cash back welcome bonus. There’s no promo cash back offer when you sign up.
- 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 Premium Prepaid Card, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 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
- 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
The KOHO Premium Prepaid Card is a hybrid debit and credit card that lets you spend money from your account. It offers 2% cash back on groceries, transport, eating and drinking, and 0.5% cash back on all other purchases, along with a number of other benefits like no foreign transaction fees, financial coaching, price matching and more.