KOHO is Canada's most popular prepaid Visa — over 1 million users, cash back on everyday purchases, and a Credit Building feature that actually works. Is KOHO right for you? Updated March 2025.
Credit Building add-on: Available on all plans for $10/month — reports to Equifax to build your credit score.
KOHO is a prepaid Visa card — meaning you load money onto it and spend only what you have. There is no credit line, no minimum payment, and no interest charges. This fundamental difference makes KOHO available to every Canadian over 18, regardless of credit score, income, or banking history.
Unlike a debit card, KOHO earns cash back and looks and works exactly like a credit card everywhere Visa is accepted. Unlike a traditional credit card, you can never go into debt beyond what you've loaded.
KOHO is issued by KOHO Financial Inc. in partnership with Peoples Trust, an FDIC-equivalent Canadian institution. Your balance is protected.
KOHO's Credit Building feature is the most compelling reason to choose KOHO if you have no credit history or a low credit score. For $10/month, KOHO opens a small, secured credit line in your name, makes automatic on-time payments, and reports those payments to Equifax — one of Canada's two main credit bureaus.
Results from KOHO users:
At $10/month ($120/year), this is one of the most affordable credit-building tools in Canada — cheaper than most secured credit card deposits, and with no risk of late payment fees or interest since KOHO manages the payments automatically.
Join over 1 million Canadians. No credit check, no annual fee, earn cash back on groceries and transit. Use our exclusive referral code for a bonus.
Sign Up for KOHO — Code 45ET55JSYA| Feature | KOHO Free | KOHO Essential | Tangerine | Rogers Red |
|---|---|---|---|---|
| Annual Fee | $0 | $108/yr | $0 | $0 |
| Credit Check | No | No | Yes | Yes |
| Cash Back — Grocery | 1% | 2% | 2% (if chosen) | 1.5% |
| Credit Building | +$10/mo | +$10/mo | Yes (by use) | Yes (by use) |
| No FX Fee | No | Yes | No | Yes |
| Travel Insurance | No | No | No | Limited |
| Spending Insights | Yes | Yes | Basic | Basic |
KOHO is one of the best financial tools for newcomers to Canada. New immigrants often face a "catch-22": Canadian financial institutions want Canadian credit history to approve a credit card, but you can't build Canadian credit history without a credit card. KOHO breaks this cycle by providing immediate card access with no credit history required, then helps build that history through the Credit Building add-on.
KOHO's app is available in English and French, supports all major Canadian bank transfers (Interac e-Transfer), and works seamlessly from day one of arriving in Canada.
KOHO is one of the most important financial products available to Canadians who don't have access to traditional credit cards. For newcomers, students, those rebuilding credit, or anyone who wants to avoid debt entirely while still earning cash back, KOHO is an outstanding choice. The Credit Building feature is the key differentiator — at $10/month, it's one of the most cost-effective credit-building tools in Canada. Use referral code 45ET55JSYA when signing up.
Both KOHO and Neo Financial are popular with Canadians who can't access traditional credit cards, but they take different approaches to credit building. KOHO is a prepaid card with an optional Credit Building add-on ($10/month) that specifically creates a credit account and reports to Equifax. Neo Financial is a true credit card that reports to credit bureaus through normal use — no extra fee required for credit building. If the goal is purely credit building with no debt risk, KOHO's Credit Building is better because you literally cannot go into debt. If you're confident you can manage a small credit balance responsibly, Neo's automatic credit building at no extra cost is more efficient.
Beyond the card itself, KOHO offers a high-interest savings account feature called "KOHO Save." Available at higher tiers, it earns competitive interest on your KOHO balance — in some periods, significantly higher than traditional savings accounts. For Canadians who keep a spending float on their KOHO card, this turns idle balance into earning. Combined with cash back on spending, KOHO can be a genuinely competitive everyday financial product even for Canadians who qualify for traditional credit cards.
Signing up for KOHO takes about 5 minutes: Download the KOHO app (iOS or Android). Click "Get Started" and enter your email address. Enter referral code 45ET55JSYA in the referral field to claim your signup bonus. Verify your identity (name, address, date of birth — standard KYC process). Choose your plan (free or premium). Your virtual card is available immediately for online purchases. Your physical Visa card arrives by mail in 5–10 business days. Activate the card in the app when it arrives. Start spending and earning cash back from day one.
Q: Is KOHO a real bank? A: KOHO is not a bank — it's a financial technology company. Your money is held by Peoples Trust, a federally regulated Canadian trust company covered by CDIC deposit protection. Your balance is safe.
Q: Can I use KOHO internationally? A: Yes — KOHO works wherever Visa is accepted. On the free plan, a 1.5% foreign transaction fee applies. On the Essential plan ($9/month), no FX fee.
Q: Does KOHO do a credit check? A: No — KOHO never does a credit check for the prepaid card. The Credit Building add-on creates a credit account, which may involve a soft inquiry only.