KOHO Essential Prepaid Mastercard
Cash Back1.0¢ exact
$0 annual feeCredit tier: None (prepaid)
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KOHO Essential is the entry tier of KOHO's prepaid reloadable Mastercard, earning 1% cash back on groceries, dining, and transportation, plus 2% interest on your balance and a free credit score. The $48/yr fee is waived with a recurring direct deposit or $1,000+ monthly deposit.
Earn Rates
All purchases1x
💡 1% cash back on groceries, eating & drinking, and transportation (transit, rideshare, gas); 0% on other categories. $4/month ($48/yr), waived with a recurring direct deposit or $1,000+ deposited monthly. Up to 6.5% extra at select rotating partner merchants; 2% interest on your balance.
Best For
Budget-conscious Canadians who want a low/no-fee everyday card with modest cash back and free credit-score monitoring.
Strengths
- ✓Fee waivable via direct deposit
- ✓Free credit score
- ✓2% interest on balance
- ✓CDIC insured
Weaknesses
- ×Earns 0% outside three categories
- ×Charges FX fees
- ×Prepaid (no credit building)
- ×Rate trails real cash-back credit cards
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