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KOHO Easy Mastercard

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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 Extra Mastercard.

KOHO Easy Mastercard Review

KOHO Easy Prepaid Mastercard

$40 sign up bonus after first purchase (use GETCASH promo code during sign-up)

Earn up to 5% unlimited cash back

2.00% savings interest on your entire balance

Free budgeting app

$0 monthly fee

KOHO Easy Mastercard Benefits

The KOHO Easy Mastercard is its entry-level product.

This prepaid card differs from those 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, gas, train or bus tickets, and ridesharing services like Uber. When you shop at KOHO partners, your cashback earning rate can be higher.

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.

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.

KOHO Easy vs. KOHO Essential vs. KOHO Extra Mastercard

Prepaid CardsKOHO Easy MastercardKOHO Essential MastercardKOHO Extra Mastercard
Monthly fee$0$4$9
Cashback rewards1% on groceries, gas, and transportation1% on groceries, restaurants, gas, and public transportation; 0.25% elsewhere2% on groceries, gas, transit, and restaurants; 0.50% elsewhere
Interest earned on balance0.50%VariesVaries
Credit building fee$10/month$7/month$7/month
Physical and virtual cardsYesYesYes
FX Fee1.50%1.50%0%

KOHO vs Neo Financial Prepaid Card

The Neo Money card is the best prepaid credit card in Canada. It offers an average of 5% cash back at over 12,000 retail locations.

Neo Money card

Rewards: Earn up to 3% cash back at Neo partners.

Welcome offer: $10 bonus with $50 deposit; plus $25 bonus if you also get a credit card

Interest rate fee: 0%

Annual fee: $0 (no monthly fees)

Best Credit Offers in April 2025

Grab the top financial account and stop paying costly bank fees ($40 Bonus)

Earn up to 50% unlimited cash back and up to 4% savings interest on your balance.*

Save on fees and access unlimited transactions, eTransfers & bill payments.

Grab a $40 instant bonus after completing your first purchase (SAVVY50 referral code).

Guaranteed instant approval with any credit score, free budgeting app & cash advances.

Stop paying monthly fees with a free chequing account + $300 bonus

Get a $300 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (3.90% interest rate offer).

Earn 3.90% interest on your savings account for 5 months

One of Canada's top high-interest savings accounts offers at 3.90% for 5 months.

Free access to a chequing account with unlimited transactions & e-transfers.

Access to thousands of free ATMs.

No monthly or annual fees.

Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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