KOHO Extra Prepaid Card review
- Monthly Fee
- $9/month or $84 annually
- Cost per transaction
- $0
- Foreign transaction fee
- 0%
- Rewards
- Up to 5% cash back
Our verdict
Get a high return on cash back when you spend money from your account with this premium KOHO Card.
The KOHO Extra 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, the KOHO Extra Prepaid Card also offers additional features like no foreign transaction fees, cash back on every purchase and the ability to withdraw more cash than you can with the KOHO basic account.
Pros
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Free 30-day trial
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Earn 1.5% cash back return on special categories such as transportation, groceries and restaurants, and 0.25% cash back on all other purchases
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Earn up to 5% savings interest
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Referral bonus available
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Access to KOHO Cover add-on
Cons
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Small monthly account fee
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Doesn't help to improve your credit score
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KOHO is 100% online and there is no in-person assistance available
What is KOHO?
KOHO is one of the Canadian leading fintech company that offers a free prepaid reloadable Mastercard to customers that lets you spend money from your account while you earn cash back. You can upgrade your plan to unlock more perks for your KOHO account.
Once you add money to your account, you can make purchases anywhere that Mastercard is accepted. You can also opt-into the ” Earn Interest” feature to your account to earn interest on any funds that you hold as part of your balance.
The basics
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 Extra Prepaid Card.
- High return. Earn 1.5% cash back return on special categories such as transportation, groceries and restaurants, and 0.25% 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.
The perks
- Free 30-day trial. Enjoy a free 30-day trial to see if this product is right for your needs.
- Earn up to 5% savings interest. You’ll earn 5% interest on your entire balance
. No minimum deposit requirement. You can also access your funds at any time. - Savings tools. Set savings goals or choose to round up every dollar you spend and funnel the difference into your rainy-day fund.
- Free international ATM withdrawal. Get one free withdrawal per month when you take money out while travelling abroad.
- 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.
- Credit Building discount. Get a 30% discount on KOHO’s Credit Building product.
- 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
- 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 Extra 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?
Eligibility requirements
To apply for the KOHO Extra 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 prepaid cards
Bottom line
The KOHO Extra Prepaid Card is a hybrid debit and credit card that lets you spend money from your account. It offers 1.5% cash back return on special categories such as transportation, groceries and restaurants, and 0.25% cash back on all other purchases, along with a number of other benefits like no foreign transaction fees, financial coaching, price matching and more.
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