KOHO Canada: Prepaid Mastercard, Cash Back, Interest & Credit Building

KOHO is a modern Canadian spending account: a reloadable prepaid Mastercard with cash back, interest on your balance, free e-Transfers, optional Cover (instant cash advance), and Credit Building programs—no hard credit check to open.

Why Canadians Use KOHO

• Prepaid Mastercard (widely accepted, no debt) — Use it anywhere Mastercard is accepted; Extra/Everything plans can waive FX fees.

• Cash back + interest — The site advertises up to 4% interest (plan-dependent). The Essential (free) plan shows 2.5% interest on your balance + 1% back on groceries, eating/drinking & transport, plus up to 6.5% at select partners.

• Higher cash back on paid plans — KOHO Extra markets 2% back on groceries, transport & restaurants (with more perks).

• Credit Building (no hard check) — Subscription credit-build line reports to Equifax; pricing typically $5–$10/mo depending on plan. Also offers a Flexible Credit Building option with a small security deposit.

• Cover (instant cash advance) — Access up to $250 interest-free to bridge shortfalls (eligibility required).

❓ KOHO Canada FAQs

Is KOHO a credit card?
No—it's a reloadable prepaid Mastercard. You load funds and spend; there’s no interest-bearing debt.

What cash back and interest can I get?
Essential plan shows 2.5% interest on your balance and 1% back in key categories; paid tiers increase rewards and perks. Overall site messaging says up to 4% interest depending on plan.

Does KOHO help build credit?
Yes—KOHO’s Credit Building reports on-time payments to Equifax; plans cost about $5–$10/mo. A Flexible variant uses a refundable security deposit.

What is KOHO Cover?
An interest-free cash advance up to $250 to prevent overdrafts/NSFs and handle urgent expenses (subject to eligibility).

Are there foreign transaction fees?
On higher tiers (e.g., Extra/Everything), KOHO notes no FX fees; check your plan details.