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Sponsored
Cash Back
Low Interest
Student
KOHO Extra Prepaid Mastercard®
KOHO
Our Choice: Best for Everyday Rewards
Secure RateBuddy connection · Application completed on KOHO’s site
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 APR | 0% |
|---|---|
| Cash Advance APR | — |
| Annual Fee | $144 |
| Foreign Transaction Fee | 0% |
| 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
Rewards
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