Published 02/21/2024 Updated 02/10/2026 | BeCred

KOHO Mastercard

ADS

KOHO is a fintech company based in Canada that offers a variety of financial services through its app. Among its features, the credit building tool stands out as a premium feature aimed at improving users’ credit histories.

✅ No interest charges — since it’s prepaid, you never pay interest.

✅ Earn up to 2% cashback with select KOHO plans (e.g. groceries, transportation, restaurants).

✅ Free standard account or optional premium plans for extra perks.

Discover the PC Financial Mastercard

Earn PC Optimum™ points on everyday purchases like groceries and fuel. Apply for the PC Financial Mastercard and start earning rewards wherever you shop.

APPLY NOW * You will remain on the current website
HOW TO APPLY

Pros: Why People Choose Koho

  • Low-cost, transparent pricing: The Essential plan has no monthly fee and the app is straightforward to use.
  • Competitive interest: Koho pays more interest on held balances than many big banks, and it pays interest on money even while it sits in a spendable account.
  • Cashback rewards: Earning up to 2% on all spending (and more at partner merchants) makes everyday purchases work harder.
  • Modern app experience: Better budgeting and savings automation tools than many legacy banks.
  • Useful for couples: Joint accounts make family spending transparent and easier to manage.
  • Convenient payments: Direct deposit, e-transfers, and peer-to-peer payments function like bank features most people need daily.

Safety and Regulation

Bank charter in progress: Koho has indicated it is working toward becoming a registered bank. If achieved, that could expand offerings and regulatory standing.

CDIC coverage: Customer deposits held by People’s Trust are CDIC-insured up to prescribed limits (for example, CDIC rules typically protect eligible deposits up to $100,000—confirm current limits and eligibility).

Payment protection: Koho’s prepaid Mastercard transactions are protected through Mastercard networks.

Optimizing Your Credit Score

To maximize the benefits of KOHO’s credit building, it’s important to address any outstanding financial issues that might be affecting your credit score. This includes paying off overdue bills and managing debt responsibly.

Additionally, using credit monitoring services like TransUnion can provide insights into your credit status and help you identify areas for improvement. While such services might come with a fee, they offer valuable information that can aid in making informed financial decisions.

Sign Up for KOHO Now and Get Your Free Mastercard!

HOW TO APPLY

Credit card approval in Canada typically depends on your credit score, income, existing debts, and credit history. Lenders review your financial profile to determine whether you qualify and what credit limit they can offer.

Many basic credit cards can be approved with a score around 600 or higher. Premium cards may require a stronger score, often above 700. Some secured credit cards are available for people with little or no credit history.

Yes. Many Canadian banks offer special credit card programs for newcomers who may not yet have a Canadian credit history. These programs often include starter credit limits to help build credit over time.

You can build your credit score by paying your balance on time every month, keeping your credit utilization low, and avoiding missed payments. Responsible use over time helps strengthen your credit profile.

Paying the minimum keeps your account in good standing, but interest will continue to accumulate on the remaining balance. Over time this can increase the total amount you pay for your purchases.

Some credit cards charge annual fees in exchange for rewards, travel benefits, or higher credit limits. However, many Canadian banks also offer no-fee credit cards with basic features and cashback options.

CREDIT CARD

Discover the PC Financial Mastercard

Earn PC Optimum™ points on everyday purchases like groceries and fuel. Apply for the PC Financial Mastercard and start earning rewards wherever you shop.

APPLY NOW * You will remain on the current website

More options:

RBC Cash Back Preferred World Elite Mastercard

If your goal is to earn solid cash back on everyday purchases without complicated rules, the RBC Cash Back Preferred World Elite Mastercard stands out…

TD Double Up Credit Card

If the goal is to have one reliable credit card for nearly all purchases, without rotating categories or complicated reward rules, the TD Double Up…

Wealthsimple Credit Card

The Wealthsimple Credit Card is designed as a modern, flat-rate cashback card built around simplicity and automation. Instead of rotating categories or complicated reward structures,…

DISCLAIMER: BeCred is not a bank. BeCred strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

PARTNERS: We earn from ads and partner referrals. Partners may influence what we feature, but our evaluations are impartial.
Information may differ from what is found on financial institution websites. Financial products are displayed without a guarantee of being current. Read all terms before applying.

© 2026 BeCred - TIMO MIDIA 62.179.475/0001-44