KOHO Review 2025 | Accounts, Credit Building, Rewards

KOHO is a Fintech company founded in Toronto Canada. They offer three types of spending and saving accounts, based on the idea that Canadians should have access to easy-to-manage and simple financial products.

What Type Of Accounts Does KOHO Offer? 

KOHO offers three accounts, each with a prepaid credit card which works like a hybrid debit/credit card. While this product allows users to make purchases with their own money, like a debit card, they also can earn cash back rewards like a credit card. Furthermore, account holders can earn interest on the balance they hold in their accounts and use their KOHO app to track their spending, set budgets, and receive balance updates.

KOHO Essential Account

The Essential Account comes with a fee of $48 a year. Users can get the Essential account for free if they set up a reoccurring direct deposit such as their paycheque or government benefits or if they deposit at least $1000 every month.

With the KOHO Essential Account, you can earn 1% cash back on groceries, transportation, and eating and drinking. When you purchase from select merchants, you can earn up to 50% cash back.

Essential Account holders earn 2.5% interest on the entire balance in their account.

KOHO Essential Account Key Features

• Has an annual fee of $48
  • Fee waived if you set up a direct deposit or contribute $1000 per month
• 1% cash back on groceries, transportation (gas, parking, rideshare apps, etc.), and eating and drinking
• Up to 50% extra cash back with select merchants
• Earn 2.5% savings interest on the entire balance in your KOHO account
• Free e-transfers
• No NSF fees
• Credit Building for $10/month
• Flexible Credit Building also available
• Get your credit score for free in-app
• International money transfers
• Use code LOANSCANADA when you sign up for a KOHO account and get $40 FREE when you add funds to your account.

KOHO Extra Account

With a fee of $144 a year, you can gain access to KOHO Extra Account. While this card may have a significant fee, users can try out the Extra Account for free using the 30-day free trial. Plus, it comes with many perks that may be worth the cost. This card provides a higher cash back rate of 1.5% for groceries, transportation, and eating and drinking. Plus 0.25% for all other categories.

You can also earn up to 50% cash back when you make purchases with merchants that are partnered with KOHO.

Moreover, Extra comes with no foreign transaction fees, which will help you avoid around 2.5% in fees for each withdrawal. If you travel outside of Canada, you can take advantage of one free international ATM withdrawal a month.

Extra Account holders earn 3% interest on the entire balance in their account.

KOHO Extra Account Key Features

• Has an annual fee of $144
• 1.5% cash back on groceries, transportation (gas, parking, rideshare apps, etc.), and eating and drinking
• 0.25% cash back on all other categories
• Up to 50% extra cash back with select KOHO partners
• Earn 3% savings interest on the entire balance in your KOHO account
• No foreign transaction fees
• 1 Free International ATM withdrawal each month
• Credit Building for $7/month
• Flexible Credit Building also available
• Get your credit score for free in-app
• International money transfers
• Use code LOANSCANADA when you sign up for a KOHO account and get $40 FREE when you add funds to your account.

KOHO Everything Account

With a fee of $177 year, you can gain access to KOHO’s most prestigious account, the KOHO Everything Account. This account comes with all the same benefits as the Extra Account, with a few added perks. You’ll earn 4% interest on the entire balance of your KOHO account, the highest rate that KOHO offers. Plus, if you’re interested in building your credit history. You can access KOHO’s Credit Building product at the discounted cost of $5 a month.

KOHO Extra Account Key Features

• Has an annual fee of $177
• 2% cash back on groceries, transportation (gas, parking, rideshare apps, etc.), and eating and drinking
• 0.50% cash back on all other categories
• Up to 50% extra cash back with select KOHO partners
• Earn 4% savings interest on the entire balance of your KOHO account
• No foreign transaction fees
• 1 Free International ATM withdrawal each month
• Discounted Credit Building for $5/month
• Flexible Credit Building also available
• Get your credit score for free in-app
• International money transfers
• Use code LOANSCANADA when you sign up for a KOHO account and get $40 FREE when you add funds to your account.

How Does KOHO Work?

First, you’ll have to create an account by signing up online. Once you have your account set up you can add money to your account in the KOHO app via Interac e-Transfer or through automatic payroll deposits. Once you have money in your account you can use your virtual KOHO prepaid credit card through the KOHO app as you would a debit or credit card.

You can use your digital KOHO card to make purchases online and even in-store if they have the payment system to accept virtual prepaid cards. You could also link your virtual KOHO card to your digital wallet like Apple Pay or Samsung Pay.

KOHO’s prepaid credit card offers a balance between the accessibilities of a debit card and the rewards of a credit card. Moreover, with KOHO you can use its app to track your spending, check your balance, and stay on track to meet your financial goals. 

How Much Does It Cost To Open An Account With KOHO?

Depending on the type of account you choose it can cost you anywhere between $48 – $177 a year. While KOHO’s Essential Account costs $48 yearly, it can be waived if you set up a reoccurring direct deposit or if you deposit at least $1000 every month into your account. The Extra Account costs $144 yearly, and its Everything Account costs $177 yearly.

KOHO Account Details Overview

Pros And Cons Of Using KOHO

When you sign up for a KOHO account, you’ll notice the pros far outweigh the cons. Below, we’ve listed the benefits and drawbacks of using KOHO. 

Pros

• Fast and easy application process – Opening an account with KOHO is easy and only takes a few minutes. Simply start by creating an account by entering your email address and a few personal details. Once you’re registered, you’ll get a virtual prepaid credit card, which you can begin using through the KOHO app immediately.
• No transaction fees – With KOHO, you can make as many transactions as you want without having to worry about different transaction fees such as Interac e-Transfer, ATM withdrawals, and electronic fund transfers. The only fee they charge is foreign transaction fees, but this can be waived if you opt for the Extra Account.
• Earn cash back – Earn up to 2% cash back on certain categories and up to 50% cash back with KOHO partners, depending on the account you choose.
• Earn Interest – Earn up to 4% saving interest on your entire account balance, no minimum balance is required. 
• Money management tools – Track and budget your spending with real-time data through the KOHO smartphone app. You can also compare your spending habits to other KOHO users to see how your financial habits stack up.
• Third-party E-transfers – Third-party e-Transfers are now available. With it, you can accept e-transfer to your KOHO account from your friends and family. 
• International money transfers – Send money to over 190 countries quickly and securely, directly from the KOHO app. Competitive exchange rates and no hidden fees.

Cons

• Foreign transaction fees – KOHO charges 1.5% in foreign transaction fees on it’s Essential account. While this is a lot lower than most credit cards, it doesn’t make it ideal for travelling unless you get an Extra or Everything account.
• No effect on credit score – KOHO is a prepaid credit card, meaning payments are not reported to the credit bureaus, so there’s no impact on your credit. If you’re looking to build your credit, KOHO does offer two Credit Building Programs.
• ATM withdrawal limit – You can only withdraw $600 from ATMs
• Spending limit – You have a daily spending limit of $ 4,000

Additional Reading

KOHO vs. STACK: A Comparison

Challenger Bank Credit Cards: KOHO vs. Neo vs. Brim vs. STACK

KOHO Prepaid Mastercard vs. CIBC Costco Mastercard

KOHO’s Credit Building Programs

In addition to its three accounts, KOHO also offers its users two Credit Building Programs to help them build healthy credit histories.

Credit Building Program

If you have trouble accessing affordable credit due to bad credit, KOHO can help you build your credit history through its Credit Building Program. This Credit Building Program is a credit-building line of credit with a monthly subscription fee. $10 a month with the Easy Account, $7 a month with the Essential and Extra Accounts, and $5 a month with the Everything Account.

You can stay opted in for as many months as you need. KOHO recommends at least 3 months for best results. When you subscribe, KOHO will automatically deduct the subscription fee from your account each month and report these “payments” to a credit bureau. There’s no hard credit check.

Flexible Credit Building Program

On the other hand, KOHO’s Flexible Credit Building Program is a secured line of credit. With this option, you will need to have $30 to $500 set aside within your KOHO account to act as security for the line of credit. You’ll also be charged a $5 monthly service fee. You can then use your line of credit to make purchases and repay what you owe each month. These payments are reported to a credit bureau and can help build a healthy credit history.

How To Open An Account With KOHO

To create an account with KOHO, you’ll have to fill out an online application with a few details. It’s a 5 step process that’ll take you as little as 5 minutes to complete.

• Step 1 – Enter your email address and create a password for your account.
• Step 2 – Provide some basic personal information including your name, job, phone number, and address. 
• Step 3 –  Select one of the three available colour schemes for your card.  
• Step 4 – Re-confirm your address, so KOHO can mail you your card. 
• Step 5 – Once you’ve completed your online application, KOHO will send you a link to their app which you must download and log in to complete your account set-up. 

When you fill out your online application, make sure you have a copy of any 2 of the following documents to verify your identity. 

• Driver’s License
• Passport
• Work permit
• Utility bill
• Bank statement

KOHO Account FAQs

Bottom Line

While there are many prepaid credit cards available on the market, the KOHO card comes with many perks including the ability to earn cash back, budget, and track spending. If you’re in the market for a prepaid credit card, check out KOHO.