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KOHO Easy Mastercard 2023

The KOHO Easy Mastercard is one of the best no-fee prepaid cards in Canada.

It offers cardholders access to cashback rewards when they shop, alongside optional credit-building tools and a savings account.

This KOHO Easy Mastercard review covers how it works, its pros and cons, and a comparison to the KOHO Essential Mastercard and KOHO Premium Mastercard.

KOHO Easy Mastercard Review

KOHO Easy Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 sign-up bonus after first purchase

Earn up to 5% cash back

0.50% savings interest on your balance

$0 monthly fee

KOHO Easy Mastercard Benefits

The KOHO Easy Mastercard is its entry-level product.

This prepaid card differs from some of the ones you purchase at Canada Post. It is reloadable and offers cashback rewards.

The KOHO Easy Mastercard also pays you interest on your balance.

Its top features include the following:

Earn Cashback

This prepaid card pays you 1% cash back on groceries and bill payments.

When you shop at KOHO partners, your cashback earning rate can be as high as 5%.

Cashback earned is added to your balance within days.

KOHO Earn Interest

KOHO Easy users earn 0.50% interest on their balance. This interest is calculated daily and paid out monthly.

Since your KOHO funds are held at a CDIC-member financial institution, your money is protected by up to $100,000.

Access to Credit Building

All KOHO Accounts (Easy, Essential, and Premium) can access an optional credit-building tool, and use it to improve their credit scores.

The KOHO Credit Building service costs $10 monthly with an Easy subscription level. Users with the Essential or Premium subscription pay $7 monthly.

Lower Foreign Currency Transaction Fees.

When you use your credit card to make foreign currency purchases, a 2.5% to 3% FX fee is levied.

If you pay using the KOHO Easy Mastercard, this fee is only 1.50%, saving you up to 1.50% in FX fees.

No Monthly Fees

KOHO Easy does not have monthly or annual fees. You get unlimited, free transactions, including debits and Interac e-Transfers.

Other KOHO Easy Perks

The KOHO app makes it easy to automate your savings. You can use its RoundUps tool and save your spare change. It also offers insights to stay on top of your spending.

The KOHO card is compatible with payment wallets like Google Pay, Apple Pay, and Samsung Pay.

When you sign up here and use our promo code (CASHBACK), you receive a $20 bonus after completing your first purchase.

Downsides of the KOHO Easy Mastercard

The KOHO Prepaid Card does not include insurance benefits, like purchase protection or extended warranty coverage.

Also, it does not offer cashback on all purchases. Apart from the 1% earned on groceries, bills, and services, you get specific offers through the app from partner brands.

How To Apply For The KOHO Easy Card

To qualify for a KOHO Mastercard, you must reside in Canada and be the age of the majority in your province.

This card offers guaranteed approval, meaning you can apply with good, poor, or bad credit.

To get started, click here to visit the KOHO website (includes a $20 offer).

KOHO Easy vs. KOHO Essential vs. KOHO Premium Mastercard

Prepaid CardsKOHO Easy MastercardKOHO Essential MastercardKOHO Premium Mastercard
Monthly fee$0$4$9
Cashback rewards1% on groceries, bills, and services1% on groceries, restaurants, bills, and services; 0.25% elsewhere2% on groceries, gas, transit, and restaurants; 0.50% elsewhere
Cashback at partnersUp to 5%Up to 5%Up to 5%
Interest earned on balance0.50%1.50%2%
Credit building fee$10/month$7/month$7/month
Physical and virtual cardsYesYesYes
FX Fee1.50%1.50%0%
Learn moreVisitVisitVisit

Best Credit Offers in March 2023

Get the best no-fee cash back credit card in Canada ($100 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $100 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer and purchase protection insurance.

No annual fees to use the card; cashback is paid out monthly.

Get up to 5% cashback and grow your savings ($20 bonus)

Best free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Earn up to 5% cash back at over 10,000 retail locations ($25 Bonus)

Get a $25 bonus when you are approved for the Card.

No annual account fees.

Earn up to 5% unlimited cash back at 10,000+ participating stores.

Guaranteed instant approval credit card.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • 10% cashback on $1,000 spent in first 2 months ($100 value).*
  • Earn 2% unlimited cashback in 2 categories and 0.50% back on everything else.
  • No annual fees!
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Cash Back Credit Card
Best No Annual Fee Cash Back Card
Get 10% cashback on up to $1,000 spent in first 2 months ($100 value).* No annual fees!
*Limited time offer. Terms and conditions apply.