The EQ Bank Card and KOHO Prepaid Mastercard are two of the best prepaid cards in Canada.
If you want to save on bank transaction fees and earn rewards while using a debit card, KOHO and EQ Bank’s financial accounts are excellent choices.
This EQ Bank vs. KOHO comparison examines their cash back offerings, savings, rates, fees, perks, and downsides.
EQ Bank vs. KOHO Overview
EQ Bank
EQ Bank is an online bank owned by Equitable Bank, the seventh-largest bank in Canada.
It has over $7 billion in deposits and serves more than 290,000 customers.
EQ Bank offers various accounts, including savings, Guaranteed Investment Certificates (GICs), international money transfers, and mortgages.
KOHO
KOHO is a financial technology company founded in 2014. It is affiliated with Peoples Trust and offers several prepaid cards and a credit-building program.
As of this writing, it serves over 500,000 Canadians.
EQ Bank Card vs. KOHO Mastercard
| Features | EQ Bank Card | KOHO Essential Mastercard | KOHO Extra Mastercard |
| Monthly fee | $0 | $0* or $4 | $12 |
| Sign up bonus | None | $40 bonus | $40 bonus |
| # of transactions | Unlimited | Unlimited | Unlimited |
| Cash back rewards | 0.50% cash back on all purchases | 1% cash back on groceries, gas, and restaurants; Up to 5% cash back at partners | 1.5% cash back on groceries, gas, transportation, and restaurants; 0.50% on everything else; up to 5% cash back at partners |
| Savings interest rate | Up to to 4.00% | 2.50% | 3% |
| ATM fees in Canada | None (reimburses fees charged by other operators) | No KOHO fees | None from KOHO (reimburses one international ATM monthly) |
| FX fees | 0% | 1.5% | 0% |
| Quebec? | No | Yes | Yes |
| Optional credit building | No | Yes | Yes |
| Learn more | Apply | Apply | Apply |
EQ Bank Card Explained
EQ Bank Card
Earn up to 4.00%* interest on your balance
0.50% cash back on purchases
No monthly account or FX fees
Free ATM withdrawals
The EQ Bank Card offers these benefits:
No Monthly Fee: There is no account maintenance fee, and you can sign up for a free card by opening an EQ Bank Personal Account.
Earn Interest: Your card balance earns interest at a rate of up to 4.00%, which is one of the highest savings rates in Canada. This interest is calculated daily and paid monthly.
Earn Cashback: The EQ Bank Mastercard pays 0.50% cash back on all purchases. This makes it a top no-fee cash back card.
Free ATM Withdrawals: You can make withdrawals at any ATM in Canada. If the ATM provider charges a fee, EQ Bank will reimburse you within ten (10) business days.
No Foreign Currency Conversion fee: The foreign currency conversion charge that costs up to 3% is waived when you make payments in a different currency. You also earn cash back on foreign currency purchases.
Unlimited Reloads: This reloadable prepaid card can be used indefinitely. To load funds, simply transfer cash from your savings account.
Note: This card is not available in Quebec.
KOHO Prepaid Mastercard Explained
KOHO has three prepaid cards:
- KOHO Essential Mastercard
- KOHO Extra Mastercard
- KOHO Everything Mastercard
KOHO Essential Mastercard
KOHO Essential Prepaid Mastercard
$40 sign-up bonus after first purchase (use GETCASH bonus code)
Earn up to 5% cash back on purchases
Earn 2.50% interest on your balance
$0* monthly fee (waived when you meet requirement)
This card has a $0 monthly fee if you meet the requirements. It offers the following:
- 1% cash back on groceries, bills, eating and drinking, and up to 5% cash back at participating retailers.
- Earn 2.50% interest on your entire balance.
- Access to credit building for a fee (optional).
KOHO Extra Mastercard
KOHO Extra Prepaid Mastercard
$40 sign up bonus after first purchase (use GETCASH promo code during sign-up)
Earn 5% cash back
3% savings interest on balance
Unlimited transactions, no FX fees
Free financial coaching
$12 monthly fee
The KOHO Extra Mastercard costs $12 monthly ($144 annually), and it includes:
- 1.5% cash back on groceries, transportation, and restaurants, plus 0.25% cash back on all other purchases (up to 5% at partner stores).
- 0% FX fees (a savings of up to 3%)
- One free international ATM withdrawal monthly
- Earn interest on your entire balance
- Optional credit building at $7/month
EQ Bank Card vs. KOHO Mastercard: Which is Better?
If you already have an EQ Bank Personal Account, you’ll appreciate its solid, non-promotional (i.e., not short-lived) interest rates. Getting the EQ Bank Card is a no-brainer.
This card is excellent with no maintenance fees, 0.50% cash back on all purchases, high-interest savings rates on balances, no ATM fees, and no FX fees when spending abroad.
KOHO offers three cards that you can add to your wallet for higher cash back rates and competitive savings rates.
With the entry-level KOHO Essential Mastercard, you earn up to 5% cash back on purchases and your balance is rewarded with a 2.50% savings rate. It also comes with a $40 bonus offer.
Other considerations: The KOHO Mastercard and EQ Bank Card are not credit cards and do not impact your credit score directly. That said, if you want to improve your credit score or establish a credit history, KOHO’s credit building program makes it easy.
So, which is better? It depends. I find it useful to keep both in my wallet.
Hi there, I am considering getting the EQ card for use on vacation overseas, so I can avoid foreign exchange fees. I have read reviews of other cards (like Brim) where the cardholder has had it rejected by businesses and hotels while out of country. Have you heard about any issues with users having the EQ card rejected in other countries? I cannot find many user reviews because it is so new! Thanks from a fellow Manitoban!
@Purple: I haven’t used the card abroad myself and can’t say. It’s very new, so it may take a while to see such reviews. Since it is kinda like a “prepaid” card, it is possible some merchants may not accept it. For example, I was able to use the Wise debit Visa abroad (Europe) without issue in most places, but it did not work at some tolls. Cheers.