Important: KOHO Extra is a prepaid Visa card, not a credit card. It does not independently build credit history. An optional paid Credit Building add-on is available separately.
KOHO Extra is the mid-tier paid plan from KOHO Financial, one of Canada’s leading fintech banking apps. At $9/month (or $84/year), KOHO Extra offers meaningfully better cash back rates than the free tier—especially for Canadian spending categories like groceries, dining, and transportation.
Quick Verdict
Best for: Budget-conscious Canadians who spend regularly on groceries, dining, and transit and want strong cash back from a modern mobile-first banking app.
Not ideal for: Those who need a traditional credit card for credit building (use the Credit Building add-on for that) or who prefer a full-service bank account.
Key Card Details
| Feature | Details |
|---|---|
| Monthly Fee | $9 CAD/month (or $84/year) |
| Annual Equivalent | ~$108 CAD/year (monthly billing) |
| Card Type | Prepaid Visa (NOT a credit card) |
| Network | Visa |
| Grocery/Dining/Transit Cash Back | 2% |
| All Other Cash Back | 0.5% |
| Foreign Transaction Fee | $0 (no FX fees) |
| Credit Building | Optional add-on ($7–$10/month extra) |
Cash Back Rates
| Category | Cash Back |
|---|---|
| Groceries | 2% |
| Dining out | 2% |
| Transportation (transit, Uber, gas) | 2% |
| All other eligible purchases | 0.5% |
No Foreign Transaction Fees
Like all KOHO plans, Extra has no foreign transaction fees—a premium feature often only found on $120+/year credit cards. This makes KOHO Extra compelling for travellers and frequent US online shoppers.
Is KOHO Extra Worth the Fee?
To break even on the $9/month fee vs. the free KOHO Essential plan:
- KOHO Essential earns 1% on groceries/dining/transit
- KOHO Extra earns 2% (an extra 1%)
- $9 ÷ 1% = $900/month needed in those categories to break even
If you spend less than ~$900/month on groceries, dining, and transit combined, the free KOHO plan or a different no-fee cash back card may suit better. For heavy restaurant goers and grocery shoppers, KOHO Extra can add up.
Benefits and Perks
- No FX fees — great for travel and online US shopping
- Overdraft protection — available up to a limit
- Savings vaults — set-and-forget savings goals
- Premium customer support — priority over free tier
- Price matching — KOHO Price Match on eligible purchases
- Optional Credit Building — paid add-on to report to Equifax
KOHO Plan Comparison
| Plan | Monthly Fee | Cash Back |
|---|---|---|
| KOHO Essential (free) | $0 | 1% groceries/dining/transit |
| KOHO Extra | $9/month | 2% groceries/dining/transit |
| KOHO Everything | $19/month | 2% + extra perks |
Who Is This Card Best For?
- Regular grocery/restaurant spenders who can offset the monthly fee
- No-FX-fee travellers who want a free Visa for international use
- Mobile-first banking users comfortable with app-based banking
- Credit builders who add the optional Credit Building feature
Alternatives
| Card | Annual Fee | Cash Back | Credit Card? |
|---|---|---|---|
| KOHO Prepaid Visa (free) | $0 | 1% groceries/dining | No (prepaid) |
| Tangerine Money-Back Card | $0 | 2% (3 categories) | Yes |
| BMO CashBack Mastercard | $0 | 3% groceries (intro) | Yes |
| Scotiabank Momentum No-Fee Visa | $0 | 1–3% | Yes |
Bottom Line
KOHO Extra delivers strong value for Canadians who spend heavily on groceries, dining, and transportation—especially with no FX fees on top. The $9/month fee is easy to justify for the right spender profile. Just remember this is a prepaid card, not a credit card; use the optional Credit Building add-on if you’re working on your credit score.
Disclaimer: KOHO plan fees, cash back rates, and features are subject to change. Verify current details at koho.ca before subscribing.