Koho prepaid Visa card: a full review

If you're considering a KOHO card, the main question is simple: does its prepaid setup and monthly plan structure fit the way you spend? This review looks at how the card works, current plan fees, rewards, extra features, and when it may make sense to compare it with a card built for foreign currency spending.

For many people, the appeal of a KOHO prepaid card is control. You load funds first, spend from your balance, and manage everything in the app — which can make everyday budgeting easier than using a credit card.

How does a KOHO card work?

A KOHO card works like a prepaid Mastercard: you add money to your account first, then spend from that balance anywhere Mastercard is accepted. Because it is prepaid, you can only spend what you have loaded, which means it does not work like a credit card and does not create card debt from borrowing.¹

KOHO is a Canadian fintech, not a bank. The card is managed through the KOHO mobile app, where you can load funds, track spending, set budgets, and turn features like RoundUp or interest on and off when available.¹

One thing worth knowing is that the card experience can feel similar to a chequing account and debit card combination. In practice, though, the money sits within KOHO's product structure and partner arrangements, not in a KOHO bank account.

Is KOHO safe to use?

KOHO is a legitimate Canadian fintech that offers a prepaid Mastercard and app-based money tools. KOHO also states that it partners with Peoples Trust and is registered as a money services business with FINTRAC.²

A common question is whether that means KOHO has full bank-style deposit protection. The short answer is no: KOHO itself is not a CDIC member institution, but KOHO says eligible funds in its interest feature are held with CDIC member institutions.²

KOHO card plans and monthly fees

KOHO no longer uses the older Basic, Joint, and Premium plan structure. The current lineup is Essential, Extra, and Everything, and all three plans come with a 30-day free trial.¹

The biggest difference between the plans is how much you pay each month, how much cash back you earn on eligible categories, whether foreign transaction fees apply, and how much discount you get on credit building. The key question is whether you mainly want everyday Canadian spending perks or better travel and feature access.

KOHO card fees and limits

Essential at $0 per month comes with conditions. KOHO's help centre says you can earn a free month of Essential by receiving a direct deposit of any amount or by adding at least $1,000 to your account during the billing cycle. If you do not meet one of those conditions before renewal, the plan can be charged.³

Wise card: an alternative for spending in multiple currencies

If your main concern is spending in foreign currencies rather than earning category cash back in Canada, Wise is a different option worth looking at. It is not a direct replacement for KOHO, because the use case is different.

The Wise card is available in Canada and has no monthly fee.⁵ It also does not add a foreign transaction fee, and when currency conversion is needed, it uses the mid-market exchange rate. You can check Wise fees and pricing for the latest costs before you decide.⁶

KOHO is more focused on domestic rewards, budgeting tools, and paid add-ons like credit building. Wise is built more for holding and spending across currencies.

KOHO cash back and rewards

Cash back is one of the main selling points of the KOHO Mastercard. The current rates are 1% on Essential, 1.5% on Extra, and 2% on Everything — all applied to groceries, transportation, and food and drinks.¹

That category-based setup matters in practice. If most of your spending is rent, subscriptions, or general shopping, your actual return may be lower than the headline rate, because the top rates apply to specific everyday categories rather than every purchase.

KOHO also promotes extra cash back with brand partners from time to time. Partner offers can change, so it makes sense to check the KOHO app or website for the latest details before treating them as a core part of the card's value.¹

Other KOHO card features

Beyond spending and rewards, KOHO includes a few extra tools that may matter depending on how you use your account.¹

Credit building is available as a paid add-on rather than a standard feature on every plan. KOHO says the tool helps users build credit history by making monthly payments that are reported to a major credit bureau. Extra includes a 30% discount on the credit building fee, and Everything includes a 50% discount.⁴

Earning interest is available at 2%, 2.5%, or 3.5% depending on your plan. KOHO says eligible interest-earning funds are held with CDIC member institutions — which is different from saying KOHO itself is a CDIC-insured bank.²

RoundUp rounds purchases up to the nearest dollar and moves the difference into savings. It can help if you want to build a savings habit without setting a large automatic transfer.¹

The app also includes budgeting tools, which are useful if you want to see where your money is going without using a separate app.¹

KOHO also offers Cover, a cash advance of up to $250 through a paid bundle starting from $2 per month, and Pay Later for instalment payments on larger purchases. The details on both can change, so it is worth checking the latest terms in the app before relying on them.¹

KOHO card pros and cons

Frequently asked questions about the KOHO card

How does a KOHO card work?

A KOHO card is a prepaid Mastercard: you load money first, then spend from your balance and earn cash back on eligible purchases.¹ You manage the card through the KOHO app. The full explanation is in the first section above.

Does KOHO have a monthly fee?

Yes, depending on the plan. Essential is listed at $0 per month with conditions, Extra is $12 per month, and Everything is $14.75 per month.¹ All plans include a 30-day free trial. See the plans section above for full details.

Is KOHO a good card?

It can be a good fit if you want a prepaid card for everyday Canadian spending, cash back, credit building, and interest on balances.¹ It may be less suitable if you spend abroad often on the Essential plan, because that plan charges a 1.5% foreign transaction fee — so a dedicated travel card may be worth comparing.

Sources verified on June 16, 2026