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Best KOHO Credit Cards in Canada for November 2025
Published Nov 22, 2025 3:24 PM • 5 min read
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Credit Card ExpertKOHO's prepaid credit cards were designed with international shoppers, savvy savers, and cashback enthusiasts in mind. In this post, find out which of these three contenders is right for you.
Data-driven rankings of 120+ credit cards using a proprietary algorithm
Comprehensive analysis using 25+ data points including terms and conditions, points programs, and more
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FinlyWealth's credit cards content, including rankings and recommendations, is overseen by a team of engineers and writers who specialize in credit cards, banking, and personal finance. Our work has been featured in The Globe and Mail, GoBankingRates, and AOL. Our proprietary analysis systems evaluate product features, terms, and conditions to deliver comprehensive reviews and comparisons while maintaining strict editorial standards for accuracy and integrity.
KOHO Everything Mastercard: Best Overall
KOHO Extra Mastercard: Best Mid-Tier Option
KOHO Essential Mastercard: Best No Annual Fee Card
Best KOHO Credit Cards in Canada
Our choice for: Best Overall
APPLY NOW
on KOHO's website
Welcome Bonus
Get 2 months for free exclusively through FinlyWealth
Annual Fee
$177
Interest Rates
N/A / N/A
The KOHO Everything Mastercard offers a combination of high cash back rewards and a unique 5% interest on your balance, along with no foreign transaction fees. While the $228 annual fee is steep for a prepaid card, it could be worth it for those who can maintain a high balance and frequently make purchases in the bonus categories.
Pros
- High rewards: Earn 2% cash back on essential categories like groceries, restaurants, and transportation.
- No foreign exchange fees: Save 2.5% on all foreign currency purchases.
- 3.5% interest on balance: This makes it one of the best hybrid savings and spending accounts.
- No credit check: Instant approval with no impact on your credit score.
Cons
- High annual fee: The card comes with a hefty $177 annual fee, or $22 monthly if not purchasing the annual option.
- Lower cash back on other purchases: Only 0.5% on all other purchases.
- No insurance: Lacks typical credit card insurance perks.
Rewards
- 2% cash back on groceries, eating & drinking, and transportation
- 0.5% cash back on all other purchases
- Up to 6.5% extra cash back at selected merchants
- 3.5% interest on your entire balance
Benefits
Details
No Foreign Transaction Fees
No more paying 2.5% or more on your foreign purchases
Interest on Balance
3.5% interest on your entire balance
Unlimited e-Transfers
Discount
Discount on Credit Building - only $5/mo
Eligibility
Credit Score
PoorAnnual Income
N/A
**Eligible for new Koho clients who signup and fund their account within 30 days of account opening Check here for full details and current product information.
For those who don't aim to build their credit and are more interested in a prepaid card, this KOHO card is a good option. With benefits like interest on the whole balance, a foreign transaction fee waiver, and unlimited e-transfers, this is a very solid prepaid card. However, if your goal is to build credit, there are better options available to assist with that goal. Additionally, assess whether the monthly fee is worth the benefits you get compared to the basic card.
Pros
- Great prepaid card with very solid benefits.
- Can earn rewards on a prepaid card, which is usually not offered on these types of cards.
Cons
- A monthly fee that needs to be considered to determine if it's worth the benefits you get access to or not.
- For building credit, there are better alternative options.
Rewards
- 1.5% cash back on groceries, eating & drinking, and transportation
- 0.25% cash back on all other purchases
- Up to 6.5% extra cash back at selected merchants
- 2.5% interest on your entire balance
- No FX fees
Benefits
Details
No Foreign Transaction Fees
No more paying 2.5% or more on your foreign purchasesInterest on Balance
2.5% interest on your entire balanceUnlimited e-Transfers
Discount
Discount on Credit Building - only $7/mo
Eligibility
Credit Score
PoorAnnual Income
N/A
The KOHO Essential Mastercard is an excellent choice for people with poor or no credit who want a prepaid card that offers a few perks, like cash back and interest on balances. However, the rewards and benefits are not as robust as traditional credit cards, and the annual fee may not be justifiable unless you're maximizing the features like direct deposit and credit building.
Pros
- No credit check: Ideal for people looking for a prepaid option without impacting their credit score.
- Interest on balance: You can earn up to 2% interest on your prepaid balance, turning it into a hybrid spending/savings tool.
- No annual/monthly fee
Cons
- Low rewards: Only 1% cash back on three categories (groceries, restaurants, and transportation) and nothing on other purchases.
- Limited benefits: No insurance coverage, and the rewards are modest compared to standard credit cards.
Rewards
- 1% cash back on groceries, eating and drinking, and transportation
- 2% interest on your entire balance
- Up to 6.5% extra cash back at selected merchants
Benefits
Details
Unlimited e-Transfers
Interest on Balance
Up to 2% interest
Eligibility
Credit Score
PoorAnnual Income
N/A
From our editors: The full list of Best KOHO Credit Cards in Canada
Best Overall: KOHO Everything Mastercard
The KOHO Everything Mastercard is a unique contender that optimizes both saving and spending. For starters, this card earns you solid cashback on groceries, dining, and transportation, plus additional cashback at select merchants. The best part? Cardholders also collect interest on their entire balance. While there is no insurance coverage, members benefit from perks like no foreign transaction fees, unlimited e-transfers, and a discount on credit building services. Get the full details in our KOHO Everything Mastercard Review.
Read More: Best Cashback Credit Cards in Canada, Best No Foreign Transaction Fee Credit Cards in Canada, Best Credit Building Credit Cards in Canada
Best Mid-Tier Option: KOHO Extra Mastercard
The KOHO Extra Mastercard is like the younger sibling of the Everything Mastercard. This contender earns you slightly less cashback on groceries, dining, and transportation, plus a lower interest rate on your balance. That said, the card still allows you to collect extra cashback at select merchants. The benefits are also the same, providing cardholders with no foreign transaction fees, unlimited e-transfers, and a discount on credit building services. Note that this KOHO card has a lower annual fee, making more affordable. Learn more in our KOHO Extra Mastercard Review.
Best No Annual Fee Card: KOHO Essential Mastercard
For an even more affordable KOHO credit card, go for the no-fee KOHO Essential Mastercard. This card still earns you some cashback on groceries, dining, and transportation, plus interest on your balance. You can also collect extra cashback from select merchants to boost those lower initial cashback rates. Unfortunately, this KOHO card has fewer benefits, but it's still worth considering if you're a budget-conscious spender. Discover more in our KOHO Essential Mastercard Review.
Pros and Cons of KOHO Credit Cards
To help you make a educated decision about whether KOHO is right for you, we've compiled this list of the pros and cons of KOHO credit cards:
Pros | Cons |
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Top Applicants for KOHO Credit Cards
Apply for a KOHO credit card if you want to:
- Avoid foreign transaction fees
- Earn interest on your entire balance
- Budget your spending (prepaid factor)
- Collect some cashback, especially at select merchants
- Enjoy unlimited e-transfers
How to Apply for KOHO Credit Cards
To apply for a KOHO credit card, simply hit the "Apply Now" button below any of the featured cards above. Afterwards, you'll be redirected to KOHO's official website to begin the application process. Credit card applications typically ask for your personal information (like your email, birthdate, and address) and financial information (such as your income, when applicable).
Frequently Asked Questions
Yes. KOHO offers three prepaid credit cards. Read more about each card above.
KOHO credit cards can help you build credit if you're willing to pay a monthly fee. These fees very by card tier (Essential, Extra, Everything).
Any credit card can be considered a "good" card if it complements your spending habits. KOHO credit cards are ideal for spenders who shop internationally, collect cashback (especially from select retailers), and want to earn interest on their balance.
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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Abid Salahi
Credit Card Expert
Abid leads the design and engineering of the FinlyWealth website, making sure everything runs smoothly and looks great. He’s a seasoned software engineer who follows best practices and designs interfa...
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Kevin Shahnazari
Credit Card Expert
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
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