"Is KOHO a credit card?"

"No — KOHO is a prepaid Visa card, not a credit card. The standard KOHO Prepaid Visa operates as a spending tool funded by your own money loaded into the KOHO account — similar to a debit card with Visa acceptance. As a prepaid card, it does not extend credit and does not report payment history to Equifax or TransUnion on its own. However, KOHO does offer a separate \"Credit Building\" feature (a small paid add-on) that functions as a secured credit facility — enabling credit bureau reporting for a monthly fee. This is separate from the standard prepaid card."

"What cash back does KOHO offer?"

"KOHO offers cash back on eligible purchases, which varies by plan tier: KOHO Essential (free) offers 1% cash back at select partners and groceries/eating/drinking (rates vary by plan); KOHO Extra ($9/month or $84/year) offers higher rates; KOHO Everything ($19/month or $190/year) offers the highest rates. Additionally, KOHO periodically offers higher cash back rates at specific merchant partners. Cash back is deposited to your KOHO account. Verify current plan features and rates at koho.ca — KOHO frequently updates its tier structure."

"Does KOHO help build credit?"

"Yes — with the optional \"Credit Building\" add-on ($7/month or $60/year, verify at koho.ca). The KOHO Credit Building feature works by KOHO extending a small secured credit facility, which is reported to Equifax Canada (and potentially TransUnion — verify). Users make regular on-time payments on this facility, which builds a credit history. This is separate from the prepaid card itself. KOHO markets this as a way to build credit without a traditional credit card. The add-on fee is lower than some secured card annual fees, though dedicated secured credit cards (Home Trust Secured Visa, Neo Financial Secured Mastercard) may offer more comprehensive credit building."

"What is KOHO's no-FX fee feature?"

"KOHO Extra and KOHO Everything plan holders benefit from no foreign transaction fees on international purchases — a valuable feature for travel and online international shopping. The free KOHO Essential plan may charge a foreign transaction fee. If you travel internationally and want no-FX on a prepaid card, KOHO Extra or Everything provides this at a monthly fee. Alternatively, several no-fee credit cards offer no-FX permanently (Home Trust Preferred Visa, Rogers Red World Elite, Brim World Mastercard) — compare the cost of KOHO's monthly fee versus applying for a no-FX credit card."

"How does KOHO compare to a traditional bank account and credit card?"

"KOHO is a financial technology app offering spending (prepaid Visa), budgeting tools, cash back, and optional credit building — without a traditional bank charter. It is not a bank but partners with Peoples Trust (a federally regulated bank) to hold deposits. For Canadians who want simplified banking with budgeting features and cash back without the complexity of bank accounts and credit cards, KOHO is appealing. However, it lacks credit building (without the paid add-on), doesn't provide the same consumer protection as a credit card (chargebacks are limited on prepaid), and KOHO itself is not CDIC-insured (though deposits may be held with an CDIC member institution — verify at koho.ca)."

KOHO Prepaid Visa Review 2026: Is It Worth It in Canada?

Note: KOHO Prepaid Visa is NOT a credit card. KOHO is a prepaid Visa card and financial technology app — it does not extend credit, and the standard card does not report to credit bureaus. A separate paid “Credit Building” add-on is available for those wanting credit reporting.

KOHO is one of Canada’s leading fintech spending apps — offering a no-annual-fee prepaid Visa with cash back, budgeting tools, instant spending notifications, and optional premium plans with higher cash back and no foreign transaction fees. It is particularly popular with younger Canadians seeking an alternative to traditional banking.

Quick Verdict

Best for: Canadians who want cash back, budgeting tools, and a no-annual-fee spending card without the responsibility of a credit card — and those who want optional credit building via KOHO’s paid add-on without applying for a traditional credit card.
Not ideal for: Travel scenarios requiring a credit card (hotel deposits, car rental without credit card); building credit (the standard card doesn’t report; the paid add-on is limited compared to a proper secured credit card); those who want full credit card consumer protections (chargebacks).

Key Card Details

Feature	Detail
Card type	Prepaid Visa (NOT a credit card)
Annual fee	$0 (Essential); $84/yr (Extra); $190/yr (Everything)
Network	Visa
Cash back	Varies by tier — verify at koho.ca
Foreign transaction fee	Free tiers: may apply; Extra/Everything: $0
Credit bureau reporting	None (standard card); optional with Credit Building add-on
CDIC protection	Deposits held with Peoples Trust — verify
Availability	Canada-wide

Card terms, plan features, and cash back rates are subject to change. Verify all current details at koho.ca.

KOHO Plan Tiers (2026)

Plan	Monthly Fee	Annual Fee	Cash Back	FX Fee	Key Perk
KOHO Essential	$0	$0	Verify at koho.ca	Verify	Entry-level spending + budgeting
KOHO Extra	$9/mo	$84/yr	Higher — verify	$0	No FX fee, higher cash back
KOHO Everything	$19/mo	$190/yr	Highest — verify	$0	Premium everything, metals card

Tier names, fees, and features have changed over KOHO’s history. Verify the current plan structure at koho.ca.

KOHO Credit Building Add-On

Feature	Details
Monthly fee	~$7/month (verify at koho.ca)
Credit bureau	Equifax Canada (verify TransUnion)
How it works	KOHO extends a secured facility; regular payments reported
Credit building vs. secured card	Secured credit cards (Home Trust Secured Visa, $59/yr) may be more comprehensive

Cash Back and Savings Features

Feature	Details
Cash back	On groceries, dining, transit (verify categories at koho.ca)
Partner offers	Higher cash back at select KOHO partners
Savings vaults	Automated savings rules (round-ups, percentage saves)
Earn on balance	Interest-style earn on KOHO balance — verify at koho.ca
Joint spending	KOHO supports couples accounts

KOHO vs. Other Canadian Fintech Cards

Card	Type	Annual Fee	Credit Reporting	Cash Back
KOHO Prepaid Visa	Prepaid	$0–$190	Optional add-on	Yes (varies by tier)
Neo Financial Mastercard	Credit card	$0	Yes	Cash back at Neo partners
Brim World Mastercard	Credit card	$0	Yes	Brim Points (no FX fee)
Stack Mastercard	Prepaid	$0	No	Varies
Wealthsimple Cash Card	Prepaid	$0	No	Tier-based

Key differentiator: KOHO’s budgeting tools, savings vaults, and overall app experience are stronger than most prepaid alternatives. For credit building, Neo Financial Secured Mastercard (a proper credit card) or Home Trust Secured Visa are more effective instruments.

Fees and Rates

Fee	Amount
Annual fee	$0 (Essential); verify for Extra/Everything
Foreign transaction fee	Varies by plan — verify at koho.ca
ATM withdrawal	Verify at koho.ca
Interac e-Transfer	Verify at koho.ca

Who Is KOHO Best For?

Ideal users:

Canadians who want budgeting tools, cash back, and spending controls without the risk of credit card debt
Those who want to avoid overdraft fees and bank fees on a simple spending account
Young adults who want to test responsible spending habits before getting a credit card
Those interested in the Credit Building add-on as a lower-barrier entry to credit history

Not suitable for:

Building meaningful credit history (proper secured credit card is more effective)
Travel requiring credit card deposits or insurance
Those who want credit card consumer protections (chargebacks for fraud, defective goods disputes)

Bottom Line

KOHO is one of Canada’s best fintech spending apps — a no-annual-fee prepaid Visa with cash back, savings tools, and an excellent mobile app. The optional Credit Building add-on is a genuinely useful feature for those hesitant about credit cards. However, it is not a credit card: it doesn’t build credit on its own, lacks credit card consumer protections, and isn’t accepted in scenarios requiring a credit card (car rental, hotel deposit).

For Canadians who want the best of both worlds — budgeting tools AND credit building — pairing KOHO with a low-limit secured credit card (Home Trust Secured Visa) is the optimal strategy.