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 transportation, grocery and restaurant purchases. Plus, get a 30 day free trial. Use promo code FINDERCODE and receive a bonus of an additional 1% cash back for the first 90 days after activation (on top of the regular 0.5% for other purchases, for a total of 1.5% cash back).
$9/month or $84 annually
Cost per transaction
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 Visa 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 Visa 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 Visa 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 transportation, grocery, and restaurant 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.
- Stylish design. Choose from a number of stylish card designs or pay an additional one-time fee to order a KOHO Metal Card.
What’s the deal with the KOHO Metal Card?
KOHO offers 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. You’ll just need to download the KOHO app, where you can easily purchase the card by following the in-app instructions. KOHO‘s current Metal Card is a pink and gold plated design that’s called “Gilded Cotton Candy.”
- 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.
- 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.
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 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 transportation, grocery, and restaurant purchases, along with a number of other benefits like no foreign transaction fees, financial coaching, price matching and more.