KOHO is a prepaid Mastercard tied to a spending account, not a credit card: there is no credit check and no credit line, and you can only spend what you load. I'd point newcomers to Canada, budgeters and anyone trying to stay out of credit card debt at it, because even the free Core plan pays 2% interest on the balance and 1% cash back on groceries, transportation and food & drinks.
As a travel card, the free plan is the weak version: it charges a 1.5% foreign transaction fee and gives no ATM rebate. The no-FX version starts with Extra at $12 a month billed yearly, and at that price I'd want to be using the other paid features too, not just the FX waiver.
Welcome offer
There is no welcome bonus on the KOHO Mastercard Prepaid Card. KOHO's home page, plans page and card page showed no sign-up offer when checked on October 15, 2026.
What every plan does come with is a free 30-day trial, so you can try Extra or Everything before paying for either.
If a trip is coming up, time the 30-day trial of Extra or Everything to cover it, since those are the plans with no foreign transaction fee and one free ATM withdrawal outside Canada each month. Note the trial's end date and decide before it bills.
Fees & eligibility
KOHO has no annual fee; you pay a monthly plan fee instead. KOHO's plans page lists Core at $0 a month, Extra at $12 a month billed yearly ($18 billed monthly) and Everything at $14.75 a month billed yearly ($22 billed monthly). Every plan starts with a free 30-day trial.
KOHO's own help centre, last updated August 11, 2026, prices the entry tier differently: it calls it Essential and charges $7 a month on monthly billing, waived when you set up Direct Deposit or deposit $1,000 in a month, and $0 a month on yearly billing. The plans page shows Core at $0 under both billing options, so check the price in the app before you pick monthly billing.
Loading is mostly free. Interac e-Transfers are free and cash deposits at Canada Post are free on every plan, but topping up with a debit card costs $3 on Core and Extra (free on Everything). There is no interest rate and no income requirement because there is no credit involved; KOHO's plans page says accounts are available to Canadian residents.
Earning rewards
Cash back depends on your plan. On Core you earn 1% on groceries, transportation and food & drinks and nothing on anything else; Extra raises that to 1.5% and 0.25%, and Everything to 2% and 0.5%. On top of the base rate, every plan can earn up to 6.5% extra at select merchants such as Sephora, Expedia, Ticketmaster and Aesop.
Redeeming rewards
Cash back is earned in dollars, so there are no points to value or transfer. KOHO's plans page and help centre list the rates but not how or when cash back is paid out, so check the terms in the app if the timing matters to you.
Perks & benefits
The most useful perk is interest on your whole balance: 2% on Core, 2.5% on Extra and 3.5% on Everything once you opt in to Earn Interest, calculated daily and paid monthly with no minimum balance. On a $2,000 balance, Core's 2% works out to about $40 a year. Opting in also matters for safety, because only money earning interest is eligible for CDIC protection (see the FAQ).
The travel perks sit on the paid plans: no foreign transaction fee and one free ATM withdrawal outside Canada each month on Extra and Everything, plus free international eSIM data (1 GB a month on Extra, 3 GB on Everything). Everything adds a metal card, a free credit report and cash back and interest on a Joint account. Every plan gets a free credit score, a virtual card at sign-up and Mastercard Zero Liability Protection. There is no lounge access and no travel credit.
Insurance
KOHO's pages list no insurance with the card on any plan: no travel medical, no trip cancellation, no rental car cover and no purchase protection. KOHO sells Travel Insurance and Tenant Insurance as paid add-ons through its partner Walnut Insurance, and the plans page does not print their prices.
What you do get is Mastercard Zero Liability Protection and the ability to lock the card in the app if it is lost or stolen. If you travel often, pair KOHO with a credit card that includes travel medical insurance rather than relying on it alone.
My take
I'd get KOHO on the free Core plan if you want a no-credit-check card that pays interest on your balance and a little cash back on everyday spending; I'd skip it as a dedicated travel card unless you're already paying for Extra or Everything.
What I like is that the free plan does real work: 2% interest on the whole balance, 1% back on three everyday categories, and free e-Transfers and Canada Post cash deposits. For a newcomer without a credit history, or anyone who wants a card that cannot run up debt, that's a sensible default.
The catches are the plan maths and the fine print. Everything costs $177 a year billed yearly, and dropping the 1.5% FX fee only pays for that once you spend about $11,800 a year in foreign currency, so the extra cash back and interest have to cover the rest. KOHO's help centre and plans page also disagree on what the entry tier costs on monthly billing, and your money is CDIC-eligible only if you switch Earn Interest on. For spending abroad, Wise's card has no monthly fee and converts from 0.19%, so I'd look there first if travel is the main job.
The good
- Free Core plan with 2% interest on the whole balance
- 1% cash back on groceries, transportation and food & drinks, up to 2% on Everything
- No credit check; virtual card on sign-up
The catch
- 1.5% FX fee and no ATM rebate on the free plan
- No insurance of any kind included
- CDIC eligibility only with Earn Interest on; entry-tier price differs between KOHO's own pages