As Frugal Flyers, we tend to focus on credit card products that offer maximum rewards and travel benefits. However, even hardcore miles and points enthusiasts need to have a credit card or two they keep in their wallet for the long haul.
Additionally, everyone’s financial situation is different. For some, credit cards may not be an option. For others, it’s just a personal preference to avoid using credit, and instead, they prefer to stick with debit or cash. This is where the family of KOHO prepaid Mastercards comes into play, as they offer many of the benefits of a credit card while acting like a debit card, in the sense that you need to load money before you can spend it.
While we will take a look at all three available cards in this article, it is important to note that cardholders aren’t locked into the card that they initially sign up for, as cardholders are able to switch between KOHO plans as they see fit. For example, if you sign up for the KOHO Essential Mastercard and later decide that the Everything plan would be a better fit, switching your existing card to that plan is no problem at all.
Let’s take a look at the family of KOHO prepaid Mastercards to understand the benefits they offer cardholders and how they can find a place in your wallet.
KOHO Essential Mastercard
Overview
The KOHO Essential Mastercard currently has a welcome bonus in which new cardholders can earn $20 cash:
- Get $20 when you successfully register for a new KOHO account using the code FFLYER2025, deposit funds and make your first purchase within 30 days (min. $20 first purchase required).
Plus: You can earn an additional $75 FlyerFunds Rebate on the KOHO Essential Mastercard when you apply through Frugal Flyer Rebates!
The KOHO Essential Mastercard is a prepaid card that earns 1% cash back on groceries, eating & drinking, and transportation purchases.
Earn when you apply through Frugal Flyer.
$20 cash back
$20
$95+
$48
Yes
–
This card does not have any minimum personal or household income requirements.
Earning Rates
The KOHO Essential Mastercard earns cash back for purchases made on the card at the following rate:
- 1% cash back for every dollar spent on groceries, eating & drinking, and transportation purchases.
Cardholders can also earn up to 6.5% cash back at select merchants.
Annual Fee
The KOHO Essential Mastercard has an annual fee of $48. However, the KOHO Essential Mastercard plan comes with a free 30-day trial so cardholders can see if the plan suits their needs.
Cardholders who set up a recurring direct deposit or deposit a minimum of $1,000 each month into their KOHO account will receive the Essential plan for $0 per month.
KOHO Extra Mastercard
Overview
The KOHO Extra Mastercard currently has a welcome bonus in which new cardholders can earn $20 cash:
- Get $20 when you successfully register for a new KOHO account using the code FFLYER2025, deposit funds and make your first purchase within 30 days (min. $20 first purchase required).
Plus: You can earn an additional $75 FlyerFunds Rebate on the KOHO Extra Mastercard when you apply through Frugal Flyer Rebates!
The KOHO Extra Mastercard is a prepaid card that earns 1.5% cash back on groceries, eating & drinking, and transportation purchases, and offers a free monthly 1GB eSIM and no foreign transaction fees.
Earn when you apply through Frugal Flyer.
$20 cash back
$20
$95+
$144
No
–
This card does not have any minimum personal or household income requirements.
Earning Rates
The KOHO Extra Mastercard earns cash back for purchases made on the card at the following rate:
- 1.5% cash back for every dollar spent on groceries, eating & drinking, and transportation purchases.
- 0.25% cash back for every dollar spent on all other eligible purchases.
Cardholders can also earn up to 6.5% cash back at select merchants.
Annual Fee
The KOHO Extra Mastercard has an annual fee of $144 if you are paying yearly, or $18 per month if you are paying monthly. However, the KOHO Extra Mastercard plan comes with a free 30-day trial so cardholders can see if the plan suits their needs.
Unique Benefits
The major benefit of the KOHO Extra Mastercard is that it charges no foreign transaction fees, which means that cardholders will save 2.5% on all purchases in a foreign currency, over using a credit card that does not have this benefit.
KOHO Extra cardholders will also receive a free monthly 1GB eSim that can be used abroad in over 200 countries. While cardholders will need to activate and install their eSim before their trip to utilize this benefit, this is an excellent benefit that can help you save on mobile data when traveling.
KOHO Everything Mastercard
Overview
The KOHO Everything Mastercard is the most premium plan in the KOHO lineup, and it currently has a welcome bonus in which new cardholders can earn $20 cash:
- Get $20 when you successfully register for a new KOHO account using the code FFLYER2025, deposit funds and make your first purchase within 30 days (min. $20 first purchase required).
Plus: You can earn an additional $75 FlyerFunds Rebate on the KOHO Everything Mastercard when you apply through Frugal Flyer Rebates!
The KOHO Everything Mastercard is a prepaid card that earns 2% cash back on groceries, eating & drinking, and transportation purchases, and offers a free monthly 3GB eSIM and no foreign transaction fees.
Earn when you apply through Frugal Flyer.
$20 cash back
$20
$95+
$177
No
–
This card does not have any minimum personal or household income requirements.
Earning Rates
The KOHO Everything Mastercard earns cash back for purchases made on the card at the following rate:
- 2% cash back for every dollar spent on groceries, eating & drinking, and transportation purchases.
- 0.5% cash back for every dollar spent on all other eligible purchases.
Cardholders can also earn up to 6.5% cash back at select merchants.
Annual Fee
The KOHO Everything Mastercard has an annual fee of $177 if you are paying yearly, or $22 per month if you are paying monthly. However, the KOHO Everything Mastercard plan comes with a free 30-day trial so cardholders can see if the plan suits their needs.
Unique Benefits
Similar to the KOHO Extra Mastercard, the KOHO Everything Mastercard is that it charges no foreign transaction fees, which means that cardholders will save 2.5% on all purchases in a foreign currency, over using a credit card that does not have this benefit. This makes the KOHO Everything Mastercard one of the few credit cards in Canada that offers the no foreign transaction fee benefit.
KOHO Everything cardholders will also receive a free monthly 3GB eSim that can be used abroad in over 200 countries. While cardholders will need to activate and install their eSim before their trip to utilize this benefit, this is an excellent benefit that can help you save on mobile data when traveling.
Interested in holding a metal credit card? KOHO Everything Mastercard cardholders can receive a metal KOHO Everything Mastercard by signing up for the yearly Everything plan, or by paying a one-time fee of $150.
Benefits of All KOHO Prepaid Mastercards
Earn Interest on Cash Balance
Since all three of the KOHO Mastercards are prepaid credit cards, it means that users will need to load funds on them in order to make transactions.
However, this is also a plus, as KOHO gives cardholders the ability to earn interest on the balance that is held on their card:
- The KOHO Essential Mastercard earns 2% interest on the cash balance on the card
- The KOHO Extra Mastercard earns 2.5% interest on the cash balance on the card
- The KOHO Everything Mastercard earns 3.5% interest on the cash balance of the card
These interest rates, particularly for the KOHO Everything Mastercard, are very competitive in the Canadian market. Plus, it’s nice that your cash will earn you money simply for leaving it in your KOHO account.
Credit Building with KOHO
If you have a thin credit file or need to improve your credit score and history, KOHO offers a credit-building service on all three of its Mastercards. The cost for this service depends on which card you hold:
- KOHO Essential Mastercard members will pay $10 per month
- KOHO Extra Mastercard members will pay $7 per month
- KOHO Everything Mastercard members will pay $5 per month
Through this service, KOHO will report your account to the major credit bureaus every month, which will have a positive impact on your credit history. All that is required is that you have the required amount in your spendable account each month to cover the fee for this service.
It is important to remember that there can be no guarantee as to what to expect regarding your credit score as a result of using this service, as many factors play into the determination of your credit rating, such as the age of your accounts, total credit utilization, and payment history. However, what is guaranteed is that the KOHO credit-building service will report a tradeline that reflects positively upon your credit file.
This service is only recommended for those who are unable to currently get a credit card due to credit history or score; in most cases, holding a credit card would be far superior for the benefits and credit reporting, if you are able to get approved for one. It would also be worth considering a secured credit card as another option.
For those who need a bit of help in the credit history department, this is a great solution that requires minimal effort. We have seen similar options in the United States, such as the Extra debit card, so it is nice to see a Canadian financial institution supporting this initiative as well.
Conclusion
KOHO offers a unique value proposition with its line of Mastercards, which can be a great option for a consumer who wants something similar to a credit card but is much more comfortable with a prepaid card. The benefits, particularly on the Extra and Everything cards, are very travel-focused and make either of these cards an excellent choice if you travel at least once a year.
Frequently Asked Questions
Any money loaded onto your KOHO card is secured through Peoples Trust, not CDIC. If anything were to happen to KOHO, your money would be accessible through Peoples Trust, so your loaded funds would not be lost.
The KOHO card is part of the Mastercard network, and as such, is technically a credit card. However, it is not a credit card in the traditional sense, as you are only able to spend money that you have loaded into the account.
This means that the KOHO card does not have a credit limit, but instead, you are limited by the number of funds remaining on the account when you go to make a purchase.
When opening an account, KOHO will need to check your credit file to confirm your identity. This soft check will not show up on your credit report or impact your credit score.
Holding a KOHO Mastercard can build credit if you opt in to the KOHO Credit Building program, which has an additional monthly fee.
Josh Bandura
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