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KOHO Essential Mastercard Review

This isn't just any credit card—it's your key to unlocking a world of financial freedom and convenience.

KOHO Essential Mastercard
Source: KOHO Essential Mastercard

Designed with simplicity and accessibility in mind, this card offers a host of essential features that cater to your everyday needs. Whether you’re a student navigating your first credit card or a seasoned pro looking for a reliable payment solution, the KOHO Essential Mastercard has you covered with its seamless blend of functionality and benefits.

This card puts you in control of your money like never before. With features like automated savings, real-time spending insights, and instant notifications, managing your finances has never been easier or more rewarding.

Join the thousands of satisfied users who have already embraced the KOHO Essential Mastercard and experience the convenience and peace of mind that comes with having a trusted financial companion by your side!

KOHO Essential Mastercard
KOHO Essential Mastercard
Unlimited e-Transfers Up to 5% extra cash back
Earn more on the essentials your wallet cares about
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Benefits of KOHO Essential MasterCard

With the KOHO Essential MasterCard, you can save time and money while enjoying the convenience of using a prepaid card with all the benefits of a traditional credit card. Here are they:

  • 30 days’ free trial

The KOHO Essential MasterCard is the perfect choice for you. It comes with a 30 days’ free trial, allowing you to explore all the amazing features it has to offer. The KOHO Essential MasterCard offers an array of benefits such as cashback rewards, no-fee transactions, and MasterCard safety features. 

With this card, you can easily manage your finances and enjoy the convenience of having a prepaid card that is accepted worldwide. Plus, its free trial period gives you enough time to decide if it’s the right card for your needs. Try out the KOHO Essential MasterCard today and experience its amazing features!

  • 1% cashback on groceries and bills payments
KOHO Essential Mastercard
Source: KOHO Essential Mastercard

Earn Interest on Prepaid Balance

Earn an impressive 4.5% interest on every dollar of your prepaid balance, up to the first $500, and then 2% on anything beyond that. That’s a rate that rivals many traditional savings accounts, and unlike a savings account, your money remains easily accessible for spending whenever you need it.

Improve Your Credit with Credit Building

While prepaid cards typically don’t contribute to your credit score, KOHO offers a solution with its Credit Building add-on. By opting in and maintaining a minimum balance of $7 in your account, KOHO will report your responsible payment behavior to a credit bureau over the next 6 months. This not only helps improve your credit score but also provides you with access to your credit score so you can track your progress. Alternatively, you can pay a one-time fee of $42 upfront for this service, offering an affordable and straightforward way to boost your creditworthiness.

Lower Foreign Exchange Fee

While most cards charge a 2.5% fee for purchases made in currencies other than Canadian dollars, the KOHO Essential Mastercard offers a more affordable option with only a 1.5% fee. This means you can shop and travel internationally without worrying about excessive fees eating into your budget, making it the perfect companion for your next overseas adventure.

$20 bonus for referrals

One of the best features of the card is its $20 bonus for referrals. With this bonus, you can earn extra cash just by referring your friends and family to join the KOHO community. Not only will they get all the benefits of using the card, but you’ll also get a $20 bonus for each successful referral. So, if you’re looking for a great way to save money and earn rewards, then signing up for the KOHO Essential MasterCard is definitely worth considering!

$0 charge per transaction

With no charge per transaction, you can make payments without worrying about extra fees or costs. You can also use it to manage your money and budget more effectively. Plus, you get access to exclusive rewards and cash back offers. With the KOHO Prepaid MasterCard, you can enjoy all the benefits of a credit card without any of the hassle or risk associated with traditional cards.

No minimum balance

Are you looking for a prepaid card with no minimum balance? The KOHO Essential MasterCard is the perfect solution. With this card, you can enjoy the convenience of a debit card without having to worry about maintaining a minimum balance. Plus, you get access to great benefits like cash back rewards and budgeting tools. So if you’re looking for an affordable and convenient way to manage your finances, the KOHO Essential MasterCard is the perfect choice.

No Credit Checks Required

Say goodbye to the hassle of credit checks! With our KOHO prepaid card, there’s no need to worry about your credit score when you apply. Everyone is welcome, making it easier than ever to get your hands on the financial freedom you deserve.

Application Requirements

When applying for the KOHO Essential Mastercard, you should be aware of several key requirements:

  • Age: You must be of legal age in your province or territory.
  • Nationality/Residency: Generally, Canadian residency is required.
  • Income: While specific income requirements were not detailed, financial stability is usually a factor in such applications.
  • Credit Score: A range of credit scores is considered, but exact details were not specified.

Applying for the KOHO Essential: Step-by-Step

To apply for the KOHO Essential Mastercard, follow these steps:

  1. Visit the KOHO website.
  2. Navigate to the application section.
  3. Click on “Start Application”.
  4. Enter required personal and financial information.
  5. Agree to the terms and conditions.
  6. Submit your application.
  7. Upon successful submission, you’ll see a confirmation page.

Frequently Asked Questions (FAQs)

What are the main benefits of the KOHO Essential Mastercard?

The card offers no annual fees, cashback rewards on purchases, and an app for tracking spending and savings. It also features real-time transaction notifications and a RoundUp feature for automatic saving.

Are there any drawbacks to using the KOHO Essential Mastercard?

The card doesn’t offer credit building opportunities and has limited reward options compared to other cards. It may also have international withdrawal and transaction fees.

Can I earn rewards with the KOHO Essential Mastercard?

Yes, you can earn up to 1% cash back on groceries, transportation, food, and drink, and collect 0.25% on everything else. Plus, there’s an option to earn interest on your savings.

Is there a fee for the KOHO Essential Mastercard?

Yes, there’s a small monthly fee of $4 or $48 annually.

KOHO Essential Mastercard
KOHO Essential Mastercard
Unlimited e-Transfers Up to 5% extra cash back
Earn more on the essentials your wallet cares about
APPLY NOW You will be redirected

Sam Nascimento

Graduated in law Specialist in economics, investment and personal finance. Its focus is to change people's financial lives.