KOHO Mastercard

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.

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!