KOHO Extra Prepaid Mastercard®
Featured Sponsored Cash Back Low Interest Student

KOHO Extra Prepaid Mastercard®

KOHO KOHO
3.80/5 RateBuddy
Our Choice: Best for Everyday Rewards
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Annual Fee $144
Purchase APR 0%

RateBuddy Verdict

The Good
  • Stronger everyday rewards: Earn 1.5% unlimited cash back on common daily categories such as groceries, transportation, food, and drinks.
  • No foreign transaction fees: A useful benefit for online shopping in foreign currencies or spending while travelling.
  • Earn interest on your balance: Eligible balances can earn interest, giving the account a savings-style benefit alongside everyday spending.
  • Simple cash back access: Rewards can be moved into your KOHO account without dealing with complicated redemption rules.
  • Good budgeting experience: Because it is prepaid, users spend from loaded funds, which can help with budgeting and avoiding traditional credit card debt.
The Trade-offs
  • Monthly or annual cost: KOHO Extra has a paid plan fee, so users should make sure the rewards and features are worth the cost.
  • Not a traditional credit card: Regular spending on the prepaid card does not work the same way as borrowing on a credit card, so users looking to build credit may need KOHO’s separate credit-building feature.
  • Limited premium travel benefits: It does not offer the same level of travel insurance, lounge access, or premium card perks that some higher-fee credit cards provide.
  • Category-based rewards: The strongest cash back applies to selected spending categories, so users may earn less value if most of their purchases fall outside those areas.
  • Best value depends on usage: The plan is most useful for people who actively use the cash back categories, interest feature, and no-FX benefit.

Rewards & Earnings

Groceries 1.50%
Dining 1.50%
Gas 1.50%
Travel 1.50%
Base Rate 0.25%
Rewards Summary: Earn 1.5% cash back on groceries, eating & drinking, and transportation, plus 2.5% interest on your entire balance and no FX fees.

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 APR0%
Cash Advance APR—
Annual Fee$144
Foreign Transaction Fee0%
Income Required No specific requirement listed.
Recommended Credit ScorePoor

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Filed Under

Cash Back Low Interest Student Secured Cards Newcomer / New to Canada Rewards
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