KOHO Prepaid Mastercard review: fees, limits and how it works
Canadians who want a no-fee spending card with cash back and interest
Quick answer: The KOHO Prepaid Mastercard is a Canadian spending card and account, with funds held at Peoples Trust. The Essential plan costs C$0 a month if you set up a recurring paycheck or benefits direct deposit or add C$1,000 or more monthly; Extra is C$12 and Everything C$14.75. It suits Canadians who want cash back without bank fees.
Best for: Canadians who want a no-fee spending card with cash back and interest
Pros
- $0 plan available
- Cash back and interest on balance
- Credit-building add-on
Cons
- Best features cost a monthly fee
- ATM fees
What the KOHO Prepaid Mastercard costs per month
| If you… | Monthly cost | How it adds up |
|---|---|---|
| Essential plan with a recurring paycheck direct deposit | C$0 | Essential is C$0 a month when you set up a recurring paycheck or government benefits direct deposit, or add C$1,000 or more a month. |
| Essential plan user who makes 2 ATM withdrawals | About C$4 to C$6 | Essential stays C$0 with direct deposit. KOHO has no ATMs of its own, so each withdrawal carries an out-of-network fee of about C$2 to C$3. |
| Extra plan | C$12 | The Extra plan costs C$12 a month and adds higher cash back and interest, plus no foreign transaction fees. |
Who it suits
Good fit if
- Canadians with a recurring paycheck or benefits deposit
- Earning cash back and interest on everyday spending
- Adding an optional credit-building subscription
Skip it if
- You can't meet the Essential plan conditions
- You withdraw cash often, since KOHO has no ATMs of its own
- You want a traditional credit card
Fees
| Monthly fee | Essential $0 a month, if you set up a recurring paycheque or benefits direct deposit or deposit $1,000+ a month. Extra is $12 a month and Everything is $14.75 a month. |
| Other | Out-of-network ATM fees of about $2 to $3 (KOHO has no ATMs of its own) |
| Other | The Extra and Everything plans avoid foreign transaction fees |
| Other | The credit-building subscription costs extra (discounted on higher plans) |
How to get and load it
Sign up in the KOHO app.
- Interac e-Transfer
- Direct deposit
Activation
Activate in the app.
Deposit protection and credit building
Protection: KOHO says your money sits with Peoples Trust, a federally regulated financial institution. Check CDIC eligibility on koho.ca.
Credit building: Yes. An optional paid Credit Building subscription reports to the bureaus; pricing wasn't confirmed here.
KOHO Prepaid Mastercard FAQs
Does the KOHO Prepaid Mastercard have a monthly fee?
Monthly fee: Essential $0 a month, if you set up a recurring paycheque or benefits direct deposit or deposit $1,000+ a month. Extra is $12 a month and Everything is $14.75 a month.. Other charges to check: Out-of-network ATM fees of about $2 to $3 (KOHO has no ATMs of its own); The Extra and Everything plans avoid foreign transaction fees; The credit-building subscription costs extra (discounted on higher plans).
How do I activate the KOHO Prepaid Mastercard?
Activate in the app.
Is money on the KOHO Prepaid Mastercard insured?
KOHO says your money sits with Peoples Trust, a federally regulated financial institution. Check CDIC eligibility on koho.ca.
Does the KOHO Prepaid Mastercard build credit?
Yes. An optional paid Credit Building subscription reports to the bureaus; pricing wasn't confirmed here.
How do I add money to the KOHO Prepaid Mastercard?
You can load it by Interac e-Transfer, direct deposit.
Official KOHO Financial Inc. (funds held with Peoples Trust) site
Sources: www.koho.ca · www.koho.ca · www.koho.ca. Fees change; confirm on the official fee schedule.