Get Rewards with KOHO, No Matter Your Credit Score

In collaboration with KOHO

KOHO offers a plan for everyone. Gone are the days when a poor or fair credit score left you feeling left out. Now, you can enjoy a reward credit card and earn interest on your balance with KOHO. They offer a $0 account with a prepaid Mastercard, high cashback, 5% interest on your savings, and smart financial tools like Credit Builder and Cover.

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Attractive Cashback and Savings Interest Rates

KOHO is perfect for everyday spending and saving. With three plans to choose from, each offering 5% interest on your balance, you can pick the one that best fits your needs based on cashback rates and discounts. Plus, all KOHO plans come with a free 30-day trial, so you can test the waters before committing. If you find you need different features, you can always switch plans at the end of your billing cycle.

The Essential plan offers 1% cashback on groceries, transportation, food and drinks. Transportation includes everything from your transit card top-up, train or bus tickets, gas, to Uber or Lyft rides. However, if your spending habits include other categories like travel or subscriptions, you might want to consider one of the other KOHO plans.

The Extra plan provides 1.5% cashback on groceries, transportation, food and drinks, and 0.25% on everything else. It also includes perks like one free international ATM withdrawal per month, no foreign exchange fees, and a 30% discount on Credit Builder.

The Everything plan offers 2% cashback on groceries, transportation, food and drinks, and 0.50% on everything else. Additionally, KOHO partners, including, Expedia, SkipTheDishes, Sephora, and Ticketmaster, offer up to 5% extra cashback with all plans.

Get KOHO for Free

Typically, the Essential plan costs $4 per month, but you can get KOHO for free by setting up a direct deposit. Simply go to the app, click the “$” symbol, “Set up direct deposit”, and download the direct deposit void cheque. Then, request your payroll department to direct a portion or all of your pay to your KOHO account. You can also set up a Canada Revenue Agency (CRA) direct deposit to receive government payments. Alternatively, depositing $1,000 manually into your account each month will also qualify you for the free Essential plan.

Using Your KOHO Prepaid Card is Simple

With KOHO, managing your finances is straightforward. The app lets you see your balance, add funds, set up savings goals, and more. After signing up, you’ll receive a $20 bonus when you make your first purchase. Adding funds can be done through an e-Transfer from your regular bank account, loading via an existing Mastercard or Visa debit, or by direct deposit. You can also set up Interac Autodeposit with your personal email address. Once funded, use your KOHO card in person or online just like any debit or credit card. Because it runs on the Mastercard network, merchants will treat it as a normal credit card transaction.

Instant Cash with Cover

KOHO also offers overdraft protection and cash advances. New users can access up to $250 in cash advances, with Cover starting as low as $2 per month, depending on the advance amount and other factors. After subscribing, you can access cash advance funds immediately via the app or withdraw them from an ATM. This is perfect for emergencies, such as unexpected car repairs. Unlike traditional cash advances, KOHO doesn’t charge interest and you can repay the funds anytime, without affecting your credit score.

Boost your Credit with Credit Builder

With KOHO’s Credit Builder, users typically see their credit scores increase by 22 points on average after just three months. For example, a score of 650 could jump to 672, making it easier to access credit for major purchases or improving your chances of renting your dream apartment. Approval for Credit Builder is guaranteed and costs between $5-$10 per month, depending on your plan. KOHO opens a line of credit separate from your balance, and on-time payments are reported to Equifax, boosting your credit score.

For those with the funds, the secured credit building option involves setting up collateral, which becomes your line of credit. This gives you more control. You can always access your line of credit, just ensure it’s deposited back before the billing date.

KOHO makes it easy to manage your money regardless of your current credit score. With flexible plans, high cashback rates, and useful financial tools, KOHO offers something for everyone. Whether you’re looking to save, spend wisely, or improve your credit score, KOHO has you covered.

Maude Gauthier is a journalist for Hardbacon. Since completing her Ph.D. in communications at University of Montreal, she has been writing about finance, insurance and credit cards for companies like Fonds FMOQ and Code F. As a responsible user of credit cards, she can spend hours reading the fine print to fully understand their benefits. Because of their simplicity, she developed a preference for cash back cards. After suffering steep increases with her former insurer, she can now proudly say that she saved hundreds of dollars by shopping around for her auto and home insurance. In her free time, she reads novels and enjoys streaming popular shows (and possibly less popular shows, like animal documentaries).