Featured
Sponsored
Cash Back
Low Interest
Student
KOHO Essential Prepaid Mastercard®
KOHO
4.50/5 RateBuddy
Open and fund your KOHO account for a chance to win $60,000 toward groceries.
Credit Building Zero Anxiety. Guaranteed Approval. No Interests. No Deposits. No Credit Checks. No late fees.
Annual Fee
$48
Purchase APR
0%
RateBuddy Verdict
The Good
- Strong everyday value with 2.00% interest on your balance and 1% cash back on common spending categories like groceries, transportation, food and drinks.
- Good fit for users who want a simple spending account with Mastercard access, rewards, and savings-style interest in one app-based experience.
- Can be a practical option for users who prefer spending their own money instead of borrowing on a traditional credit card.
- Useful for everyday budgeting because it works more like a reloadable spending card while still offering cash back and interest.
- KOHO’s broader app ecosystem may appeal to users looking for tools such as credit score access, cash flow support, credit-building options, and money-management features.
The Trade-offs
- It is a prepaid Mastercard, not a traditional credit card, so everyday card spending does not automatically build credit by itself.
- The 1% cash back rate applies mainly to selected everyday categories, so users may earn less on purchases outside those areas.
- The highest KOHO rewards and premium perks are reserved for higher-tier plans, so Essential may feel limited for users who want maximum cash back or travel-style benefits.
- Users who want a full-service bank account with branch access, traditional cheques, or broader in-person banking support may still prefer a conventional bank.
- Any promotional interest or bonus offer should be reviewed carefully because caps, promo-code requirements, and eligible-transaction rules may apply.
Rewards & Earnings
Groceries
1%
Dining
1%
Gas
1%
Travel
1%
Base Rate
0%
Rewards Summary:
Get 1% cash back where everyday spending happens most — gas, groceries, dining, drinks, and transportation.
Welcome Bonus Details
No welcome bonus details are currently listed for this card.
Features & Benefits
Good for building or rebuilding credit
Earn cash back on every purchase
High savings interest
Insurance Coverage
See provider site for full insurance coverage details.
Rates, Fees & Eligibility
| Purchase APR | 0% |
|---|---|
| Cash Advance APR | — |
| Annual Fee | $48 |
| Foreign Transaction Fee | 1.50% |
| Income Required | No specific requirement listed. |
| Recommended Credit Score | Poor |
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Filed Under
Cash Back
Low Interest
Student
Secured Cards
Newcomer / New to Canada
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