KOHO Metal Card Review: Cash Back Rewards and 16gms of Premium Goodness

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by Enoch Omololu


Advertiser Disclosure

KOHO is a prepaid card that works like a hybrid between a free chequing account and a credit card.

Using your KOHO Visa card, you can pay for purchases online and in-store wherever Visa credit cards are accepted worldwide.

In addition, you get a 0.50% to 2.00% cash back instantly after every purchase which is a perk that’s hard to come by these days…even for premium credit cards that come with high fees.

KOHO offers its users access to a premium limited edition metal card that looks great in your wallet and weighs 16 grams.

Learn more about the KOHO metal credit card, its benefits, price, and how to earn cash back on your everyday purchases.

Who is KOHO?

KOHO is one of Canada’s top challenger banks.

Founded in 2017, the company offers a prepaid reloadable Visa card and app you can use to pay your bills, cash your paycheque, save on foreign exchange fees, and more importantly, earn cash back all day long!

When you open a KOHO account, you receive a prepaid Visa card you can reload and an app that has budgeting capabilities.

Their plastic Visa card comes in various colour combinations depending on your liking, including a:

  • Sunkissed Skinny Dip card
  • Gilded Cotton Candy card
  • Blueberried Caviar card, and
  • Frozen Cherry Soda card

KOHO is partnered with several well-established financial institutions including Portag3, Peoples Trust, Drive Capital, and Visa.

You can learn more about KOHO in this review.

KOHO Prepaid Visa Credit Cards

Sign up to get a $20 bonus.

KOHO Metal Card Accounts

KOHO recently introduced its one-of-a-kind metal card in a Gilded Cotton Candy colour combination. This card is one of a few metal cards available in Canada and it weighs 16 grams.

You can open various KOHO accounts and get a metal card.

  1. KOHO Regular Account: Has $0 monthly fees and you earn 0.50% cash back on all purchases.
  2. KOHO Joint Account: Has a $0 monthly fee, you earn 0.50% cash back, and can share savings goals with a partner.
  3. KOHO Premium Account: You pay $9 per month ($84/year) and get an additional 1.50% cash back when you make purchases in three categories of spending. This account also offers other perks detailed below.

KOHO Metal Card Benefits

In addition to having a snappy metal card in your wallet, a KOHO account offers the following privileges:

  • Earn 0.50% cash back on every purchase when you pay with your KOHO Visa
  • No account fees for regular KOHO or Joint accounts
  • Earn extra cash back (up to 5%) at participating retailers
  • Get spending insights and budget using the KOHO app
  • Access to a physical and Virtual Prepaid Visa card
  • Free access to KOHO Earn Interest (1.20%)
  • Roundup feature that saves your spare change
  • CDIC insurance to protect your funds
  • Ability to pay bills, send Interac e-Transfers, and invest your money using the app
  • Earn extra cash back when you refer friends (up to $1,000)
  • Access to a physical and Virtual Prepaid Visa card
  • Access to Early Payroll and a portion of your paycheque 3 days early for free

If you opt for a KOHO Premium account, you pay $0 per month and additionally enjoy:

  • 2% cash back on grocery, restaurants, and transportation purchases
  • 0% FX fee when you make purchases in a foreign currency
  • 1 free international ATM withdrawal per month
  • Price matching
  • Free financial coaching

As per the company, the average KOHO user reduces their spending by 15% and saves almost $500 within weeks of joining KOHO.

Related: KOHO Credit Building Review

KOHO Metal Card Price

The KOHO metal card has a one-time price tag of $159 and the fee is significantly reduced by $109 when you refer at least two friends to the app.

To qualify for the rebate, your referrals must sign up using your KOHO referral code and make a purchase using their card within 30 days of opening an account.

With two referrals, you pay $50 for a KOHO Metal Card.

You can retroactively claim your rebate if you are able to get two referrals within 60 days of purchasing your metal card.

To purchase the KOHO metal card, open a free account and place an order in-app.

KOHO Metal Card

Get KOHO here and use the promo code CASHBACK for a $20 cash bonus.

Is KOHO Safe?

KOHO keeps your funds with People’s Trust, a CDIC-insured financial institution based out of Vancouver.

The protection provided by CDIC is up to $100,000 per depositor.

Downsides of the KOHO Metal Card

The metal card is expensive at $159. Instead of paying this fee upfront, open a regular free account and refer two friends to pay a much more palatable $50.

If you lose your metal card, you will have to purchase a new one at a cost of $100.


A regular KOHO account has no fees. If you open a KOHO premium account, you pay a $9 monthly fee.

All users can choose from a selection of four colour-coded plastic cards and get a free virtual card as well in-app to make purchases easy via Apple Pay or Google Pay.

In addition, you can opt to purchase a KOHO metal card at a cost of $159 or $50 when you refer at least two friends.


Another prepaid card option in Canada is the STACK Mastercard.

Similar to KOHO, STACK offers cash back at several retailers, however, you don’t earn cash back on all purchases.

Users of the STACK card do not pay FX fees and the app also helps you track your spending and budget.

STACK does not have a metal card. You can get more details about this card in my STACK Mastercard review.


KOHO helps Canadians save on bank fees.

If you are leery of credit cards because they increase your chances of getting into debt and overspending, a KOHO prepaid Visa card solves that problem.

Even with their regular no-fee card, you earn a significant 0.50% cash back on all purchases.

And, if you want to feel good with a spanky premium card, consider adding a KOHO metal card to your wallet.

KOHO Metal Card Review


A KOHO prepaid Visa card gives you up to 2% cash back on all purchases. Spice up your wallet with the KOHO metal card and enjoy the benefits of a hybrid between a credit and debit card.

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

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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