KOHO Core Mastercard® Prepaid Card
Cash Back No Annual Fee Student

KOHO Core Mastercard® Prepaid Card

KOHO KOHO
4.80/5 RateBuddy
Best for Credit Building: $0 Prepaid Mastercard with No Credit Check and Unlimited Transactions.
KOHO Core brings spending, saving and credit-building tools together in one $0 account with a prepaid Mastercard. Enjoy unlimited transactions and free e-Transfers, 1% cash back on eligible groceries, transportation, and food and drink purchases, up to 6.5% additional cash back at selected merchants, and 2% annual interest on your full eligible balance through HISA. Permanently free Secured Credit Building, free credit-score monitoring, instant virtual and physical cards, and helpful budgeting tools are also included—with no direct-deposit requirement or minimum balance. Terms apply.
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Annual Fee $0
Purchase APR 0%
Cash Advance 0%

RateBuddy Verdict

RateBuddy Take
KOHO Core is a strong no-fee choice for Canadians who want everyday spending, rewards, savings and credit-building tools in one app-based account. Its combination of 1% cash back on eligible essentials, 2% interest, unlimited transactions, free e-Transfers and permanently free Secured Credit Building makes it especially attractive to students, newcomers and people establishing or rebuilding credit. However, it is not a traditional credit card: customers spend only their available funds, the prepaid card itself does not build credit, foreign-currency fees apply and cash back is not earned on every purchase.
The Good
  • No monthly plan or annual fee, with no direct-deposit requirement or minimum balance.
  • Permanently free Secured Credit Building and free credit-score monitoring.
  • Earns 1% cash back on eligible groceries, transportation, and food and drink purchases.
  • Offers up to 6.5% additional cash back at selected partner merchants.
  • Earns 2% annual interest on the full eligible balance through HISA.
  • Includes unlimited transactions, free e-Transfers, and instant virtual and physical prepaid Mastercards.
  • No minimum income or hard credit check is required to open the prepaid account.
  • Includes useful Goals, RoundUps, Vault and budgeting tools.
The Trade-offs
  • The prepaid Mastercard itself does not build credit; customers must use the separate Secured Credit Building feature.
  • Secured Credit Building requires a refundable security deposit and responsible, on-time repayments.
  • No advertised base cash back on purchases outside the eligible categories.
  • Foreign-currency conversion fees apply.
  • Customers must load funds before spending and do not receive a revolving credit limit.
  • Core does not include personal phone support.

Rewards & Earnings

Groceries 1%
Dining 1%
Base Rate —
Rewards Summary: Earn 1% cash back on eligible groceries, transportation, and food and drink purchases, plus up to 6.5% extra cash back at selected partner merchants. Merchant offers, eligibility and rates may vary. Terms apply.

Welcome Bonus Details

No welcome bonus details are currently listed for this card.

Features & Benefits

Good for building or rebuilding credit
No Annual Fee
Student Friendly
Newcomer Friendly
Everyday Cash Back
Access up to $500 cash advance with Cover bundle.

Insurance Coverage

See provider site for full insurance coverage details.

Rates, Fees & Eligibility

Purchase APR0%
Cash Advance APR0%
Annual Fee$0
Income Required No specific requirement listed.
Recommended Credit Score—

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Filed Under

Cash Back No Annual Fee Student Secured Cards Newcomer / New to Canada Rewards
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