Koho Card Review 2022: Prepaid Cashback Visa in Canada

Are you in search of a better alternative to your credit card? There could be several reasons why you might want a better solution. You might have bad credit, and you need something to help you shop without affecting your credit score.

There might even be fraud on your account. You might simply be tired of all the complications of a bank’s credit card procedures and having to pay fees at every turn.

It can get pretty annoying using a credit card even if you have a decent credit score. I think having a credit card is fantastic, but there might be a better solution for your shopping needs. Consider getting the KOHO Visa reloadable prepaid credit card.

KOHO Visa and the KOHO app is a solution for Canadian citizens to help them budget their finances, spend, save, and even earn cash-back on their purchases. 

The KOHO card and app present you a set of advantages that help you simplify your finances, increase how much you save, and manage your finances free of any charges – all through a simple app.

Read this KOHO card review so you can learn whether it can genuinely offer you the advantages you’re looking for and help you meet your financial goals.

Canadians pay $216 each year on banking fees on average

Our Verdict
KOHO Card Review
9.5/10Our Score


Prepaid Visa Card

  • 0.5% Minimum CashBack
  • 1.5% Foreign Exchange Transaction Fee
  • Earn High-Interest Savings
  • Credit Build Option
  • No Credit Check Needed


  • Accepted worldwide (wherever Visa is accepted)
  • Choose your own card color combination
  • 0.5% cash-back on every purchase
  • Roundup your purchases and stash extra money away
  • Zero-interest rates
  • 3rd party e-transfers available


  • Does not help you improve credit score
  • FX fees for free users
  • Cannot handle every transaction

What is KOHO?

KOHO is a zero-stress card and app. It is a prepaid Visa card that you can use with its app available for both iOS and Android to manage your finances. You can load money onto your KOHO card and use the card to pay for anything that you would use your Visa credit card. 

KOHO itself is a financial app designed by Daniel Eberhard, who launched it in 2017. Eberhard’s goal was to create a revolutionary solution for people who struggle with credit cards.

The KOHO card and app is like a hybrid between a credit card and a debit card that might have had a baby with a high-quality personal finance app.

It gives you the best of both credit cards and debit cards. KOHO is essentially a free checking account you can avail without the need of a bank. No more banking fees because the card and app work together to give you a stress-free and intuitive experience.

KOHO Canada is not a bank, but it has partnered with Peoples Trust (a federally regulated company) and Visa to hold the funds you load onto your card.

Why Should You Get KOHO

There are several reasons why I think you should consider KOHO, including:

0.5% Cash-Back on Purchases

0.5% Cash-Back on Purchases

Using the services of a traditional bank does not reward you when you use your debit card. The concept of earning any cash-back rewards when you spend nothing more than your hard-earned cash is surprising, but one that KOHO makes possible. 

There is a 0.5% cash-back bonus when you use your KOHO card. Each time you spend money, you can earn loyalty rewards without using a credit card. 

You can even earn an additional 40% in cash-back for using your KOHO card for Foodora orders. If you sign up for KOHO Premium services, your cash-back goes up to 2% on every transaction.

Zero Monthly Fees

Zero Monthly Fees

One thing I love about KOHO Canada is the lack of having to spend any money on banking charges. Canadians, on average, pay $220 for banking fees each year. 

There are zero charges for using KOHO for your account, getting a new card, a replacement card. You do not need to pay any fees for ATM withdrawals within the KOHO ATM network, electronic fund transfers, Interac e-Transfer, and much more. 

With over 8,500 ATMs in KOHO Canada’s network, free ATM withdrawals are an easy option to leverage.

Automated Savings

Automated Savings

One of the best things about KOHO Canada is that you can use its app to set savings goals and help you achieve them. For instance, if you want to save $2,000 to make a down payment for a new car six months away, the app will show you how much you need to save on a daily, weekly, or monthly basis. 

It will debit the amount to your savings each day to help you reach that target. Additionally, it also has a fantastic savings strategy. Called the RoundUp, you can use the KOHO app to save money each time you make a purchase using the card. It can round up your expenses to the nearest $1, $5, or $10 and saves the difference. 

Something quite similar to Mylo and Wealthsimple, this is an ideal savings strategy. For instance, if you buy a cup of coffee for $1.75, the app will automatically save $0.25 (if rounding up to the nearest $1), $3.25 (if rounding up to the nearest $5), or $8.25 (If rounding up to the nearest $10).

Real-Time Insights: 

Real-Time Insights: 

You do not need to be in the dark about where you spent all your money. Many people wonder where all their money went when the end of the month approaches. KOHO helps you keep a track by showing you the categories and how much you spent in each. 

It also shows you how your spending compares to other KOHO users.
Having these facts in hand, you can tweak your budget and make crucial financial decisions to help you achieve the financial goals you have set for yourself.

Versatile App

Versatile App

The KOHO app is not simply a savings app. It allows you to achieve several tasks you might expect to use a bank for. 

You can use this intuitive app to automate your bill payments, transfer money into any investment accounts you have, and even set up payroll deposits, along with much more.

Apple Pay Compatibility

Apple Pay Compatibility

You can also use your KOHO app with Apple Pay on any iOS devices. All you need to do is add KOHO to your Apple wallet. 

Whenever you shop in-store, you no longer need to bring your KOHO card. You can use your phone’s Apple Pay to access the funds you have loaded onto your KOHO app.

You might have questions regarding setting up KOHO in your Apple Wallet. Call them at 1-833-793-3372 or reach out for support through the app itself.

Financial Coaching

Financial Coaching

KOHO gives you access to free financial advice straight from the KOHO app when you have a direct payroll deposit setup. 

If you want to know anything about debt, savings, budgeting, or investing, you can find all the answers right there in the app.

Referral Program 

Referral Program 

KOHO loves helping its customers and helping them help others. KOHO Canada has a generous referral program you can leverage to your benefit as well as the people you refer to KOHO. 

Whenever you refer a friend to sign up to KOHO, both of you receive a bonus of 1% cash-back reward on all purchases for 90 days.

3rd party e-transfers

3rd party e-transfers

KOHO users can now accept Interac e-Transfers from friends, family, and business accounts to their KOHO accounts.

Similar to every other email transfer you’ve ever done, the third-party sender will send the e-Transfer to the user’s unique email address found in-app (ex. koho1111@kohotransfers.ca). Steps to find this email address can be found here.

KOHO Login and Register

Signing up and using KOHO is a convenient and straightforward process. All you need to do is go to their website or download the app and select the Get KOHO option to start. Choose the type of KOHO account you want as you register yourself and log into your account once you have entered all the details.

The way I’m putting it makes it sound so easy – that is because it is. You will find the whole process quite straightforward from the point of signing up to beginning to use KOHO.

Koho Premium

KOHO is a free service that offers you all the fantastic features to help you reach your financial goals easily. Beyond its free features, KOHO added its premium service for those who want to take advantage of additional features including and not limited to:

  • No foreign currency transaction fees: Just like STACK’s Mastercard, KOHO Premium users can save the 2.5% to 3% FX fee that credit card providers typically charge them.
  • 2% Cash-Back: KOHO Premium users can enjoy a 2% cash-back reward on their expenses on transportation, groceries, and while they are dining out.
  • Price matching: KOHO Premium helps you get the best deals on anything you buy. If there is a better deal available anywhere, KOHO will credit your account with the cash-back.
  • Free Financial Coaching: When you sign up for KOHO PRemium, you can get incredibly helpful weekly tips and one-on-one coaching sessions for pressing financial queries without any additional cost.
  • Higher Limits: You can take out a higher amount of $400 in an ATM per transaction of a maximum of $800 per day. You can have your account balance up to $40,000 instead of the $20,000 limit with the KOHO free account.
  • KOHO Premium 30-Day Trial: KOHO Premium is free to use for 30 days after you sign up for it. It costs $9 each month you use it. If you sign up for a year-long package, you will pay $84 and save $24.


KOHO has two tiers: KOHO Regular and KOHO Premium. The structure for their fees varies from each other. I will go over both of them to help you get a better idea of what you can expect from KOHO fees.

KOHO Regular

  • Annual Fee: $0
  • Rewards: 0.5% Cash-Back on every purchase
  • Foreign Exchange Fees: 1.5% (1% lower than typical FX fees)
  • International ATM Withdrawal: $2 to $3 for each transaction
  • Daily Transaction Limit: 15 transactions
  • Account Balance Limit: $20,000
  • ATM Withdrawal Limit: $300 per withdrawal and $600 per day
  • Price Matching: No
  • Free Financial Coaching:  No

KOHO Premium

  • Annual Fee: $84 with a 30-day free trial
  • Rewards: 2% cash-back on groceries, eating, transportation, and drinking. 0.5% on everything else.
  • Foreign Exchange Fees: 0%
  • International ATM Withdrawal: 1 free transaction per month
  • Daily Transaction Limit: 20 transactions
  • Account Balance Limit: $40,000
  • ATM Withdrawal Limit: $400 per transaction and $800 per day
  • Price Matching: Yes
  • Free Financial Coaching: Yes

KOHO Joint Accounts

KOHO also offers a free KOHO Joint Account and Prepaid Visa service for people who want to use its services with a friend, spouse, sibling, or roommate. 

You can open a KOHO Joint Account without the need to visit any physical bank branch and complete any sophisticated forms. Each of the shared account holders gets a personal KOHO account along with the joint account. There are several benefits of using a KOHO Joint Account:

  • A Joint Account reloadable prepaid Visa card
  • Expense tracking
  • Real-time Joint updates and expense notifications
  • Zero fees
  • RoundUps
  • Cashback
  • Shares savings goals
  • Free e-Transfers
  • Privacy of personal account
  • Free and instant KOHO-to-KOHO transfers

RBC Visa Debit vs. KOHO Visa Card

RBC Visa Debit vs. KOHO Visa Card

KOHO Visa Card offers you the benefits of both a credit card and a debit card. The RBC Visa Debit card is something you might consider slightly comparable to the KOHO card in terms of features. RBC also operates on the Visa network to facilitate fast, easy, and secure transactions.

It is accepted at the same number of locations where your KOHO Visa card will be accepted. It allows you to get cash at ATM machines where the Visa symbol is there. The RBC Visa Debit card allows you to make payments online. There is no annual fee on the RBC Visa Debit card and no interest charges. If you use the RBC Visa Debit card to make purchases at local merchants, there are no additional charges.

The KOHO Card, on the other hand, offers you the same benefits along with much more, as discussed earlier in the review. Besides this, you do have to pay your fees to RBC for using its Visa Debit card. With KOHO Card, there is no underlying bank that you need to pay for its services.


Here are answers to some of the most common questions people have regarding KOHO.

Is KOHO safe?

KOHO partners with the Peoples Trust Company to hold your funds. The Vancouver-based company is DCIC-insured, and that is a sign of a worry-free company you can trust to keep your funds safe.

What’s the best prepaid credit card in Canada?

There are several prepaid credit cards in Canada. KOHO happens to be the best among them:

  • KOHO Prepaid Visa Card
  • Scotiabank Prepaid Reloadable Visa
  • CIBC Air Canada AC Conversion Visa Prepaid Card
  • CIBC Smart Prepaid Visa
  • Canada Post Prepaid Reloadable Visa
  • Home Trust Secured Visa 
  • Refresh Financial Secured Visa

Is there a KOHO Bank? 

KOHO is a fintech company. KOHO does not have any physical bank branch or underlying banking structure.

You Should Get KOHO Card If:

  • You struggle when it comes to using a traditional credit card properly
  • You want to manage your finances better
  • You need help budgeting
  • You need a better way to save more money
  • You need help in achieving specific financial goals
  • You want to consolidate your savings goals and credit card benefits

Don’t Get KOHO Card if:

  • You need to get your credit score back up
  • You plan to use it where Visa does not work
  • You don’t want to pay FX fees while you continue using the free KOHO regular service


Koho is a fantastic option for those who want to learn how to manage their finances better and to help with budgeting. 

No matter what your credit score is, you can get a Koho card, make Visa purchases with it, and even collect cash back. 

Will you give Koho a try? Let me know in the comments below!

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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