How to Apply for the KOHO Mastercard
The KOHO Mastercard is a prepaid, reloadable Mastercard designed for Canadians who want spending control, budgeting tools, and easy access without relying on traditional credit approval. This guide explains who the KOHO Mastercard is best for, how to apply step by step, eligibility requirements, how to close the account if needed, and answers to the most common questions.
Who Is This Card For?
The KOHO Mastercard is ideal for users who want a simple, accessible financial tool without the risks of credit debt. It is best suited for:
People with no credit or poor credit history
Students and young adults managing their first financial accounts
Freelancers and gig workers with irregular income
Newcomers to Canada without an established credit file
Anyone who wants to control spending and avoid interest charges
Users interested in optional credit-building without borrowing money
Less Suitable For:
People looking for traditional credit cards
Users who want high travel or premium rewards
Those who prefer in-branch banking services
Individuals who need access to credit or financing
How to Apply
Applying for the KOHO Mastercard is fully digital and takes only a few minutes.
1. Create a KOHO Account
To begin, you will need to:
Download the KOHO mobile app
Register using a valid email address
Create secure login credentials
No credit check is required at any stage of the process.
2. Provide Basic Personal Information
During registration, KOHO will request:
Full legal name
Date of birth
Canadian address
Phone number
Government-issued identification
This information is used solely for identity verification and regulatory compliance.
3. Choose Your KOHO Plan
KOHO offers multiple plans with different features:
Essential Plan with no monthly fee
Paid plans with higher cash-back rates and added benefits
You can upgrade or downgrade your plan later through the app.
4. Fund Your Account
Before using the card, you must add money to your KOHO account. Funding options include:
Direct deposit from an employer
E-transfer
Linked bank account transfers
Only available funds can be spent, ensuring you never carry a balance.
5. Start Using Your Card
Once your account is active:
A virtual KOHO Mastercard is available instantly
You can add the card to Apple Pay or Google Pay
Online and contactless purchases can be made immediately
Your physical card is mailed shortly after registration.
Tips to Maximize Value
To get the most out of the KOHO Mastercard, consider the following strategies.
1. Use It for Everyday Spending
KOHO is most effective when used for:
Groceries
Transportation
Dining
Subscriptions and recurring expenses
These categories often qualify for cash-back rewards.
2. Activate Partner Offers
Check the app regularly for:
Rotating partner cash-back deals
Limited-time spending bonuses
Activating offers before purchasing can significantly increase rewards.
3. Enable Budgeting Tools
Use built-in tools to:
Track spending categories
Set monthly limits
Monitor habits in real time
These features help improve financial awareness and discipline.
4. Consider the Credit Building Feature
KOHO offers an optional credit-building feature for a monthly fee.
Key benefits include:
Reporting to Canadian credit bureaus
No borrowing required
Helps establish or rebuild credit history
This feature is especially useful for long-term financial growth.
5. Avoid Inactive Accounts
Using the card regularly ensures:
Continued access to rewards
Up-to-date account activity
Better overall app functionality
Keeping funds moving helps maximize the platform’s value.
How to Close Your KOHO Account
If you decide KOHO no longer fits your needs, closing the account is simple.
1. Withdraw Remaining Funds
Transfer any remaining balance to:
A linked bank account
Another personal financial account
Ensure the balance is zero before closing.
2. Cancel Through the App or Support
Account closure can be requested via:
In-app support chat
KOHO customer support
Follow the instructions provided by the support team.
3. Confirm Account Closure
Request confirmation that:
The account is fully closed
No fees or balances remain
Personal data handling follows KOHO policies
Keep confirmation records for reference.
FAQ
Q: Is the KOHO Mastercard a credit card?
A: No. It is a prepaid Mastercard and does not provide credit.
Q: Does KOHO require a credit check?
A: No credit check is required to open an account.
Q: Is there an annual fee?
A: The Essential plan has no annual fee. Paid plans are optional.
Q: Can KOHO help build credit?
A: Yes, through an optional paid credit-building feature.
Q: Does KOHO charge foreign transaction fees?
A: Foreign exchange fees apply, with partial cash-back on some plans.
Q: Can I add KOHO to a digital wallet?
A: Yes, Apple Pay and Google Pay are supported.
Q: Does cash-back expire?
A: No, cash-back is applied directly to your account balance.
Important Notes
KOHO is designed for spending control, not borrowing
It works best as a daily spending and budgeting tool
It does not replace premium credit cards or lending products
Conclusion
The KOHO Mastercard is a practical and accessible financial solution for Canadians who want simplicity, spending control, and modern digital tools. With no credit check, no interest, and real-time money management, it offers strong value for users focused on budgeting and financial discipline.
For students, newcomers, freelancers, and anyone avoiding credit debt, KOHO stands out as one of the most user-friendly prepaid Mastercard options in Canada.