Reviews

KOHO Premium Visa Prepaid Card full review: should you get it?

A complete review of one of the most advantageous prepaid cards in Canada, the KOHO Premium Visa: 2% cashback and 0% fee for foreign transfers.

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KOHO Premium Visa Prepaid Card: 2% cashback in the categories that generate the biggest expenses every month!

KOHO Premium Visa Prepaid Card
Learn all about the KOHO Premium Visa Prepaid Card. Source: KOHO

In fact, KOHO is a prepaid card issuer that has been drawing attention since undergoing a revival in Canada in 2021. Thus, one of its main products is the KOHO Premium Visa Prepaid Card.

This card has an excellent cashback program and extremely attractive rates. So, to learn more about this card, read the full review below.

KOHO logo

KOHO Premium Visa Prepaid Card: check out how to apply!

Learn how to apply for KOHO Premium, one of the best prepaid cards in Canada: 2% cashback even for those who don't have a good credit score.

Credit ScoreBad onwards (300 or more)
Annual Fee$84 or $9 monthly ($0 for the first month)
Regular APR0%
Welcome bonusNone
Rewards2% cashback on food purchases (supermarket and restaurants) and transport (gasoline, Uber and others); 0.5% in all other categories

KOHO Premium Visa Prepaid Card: learn more about this financial product

In fact, the KOHO Premium is a prepaid card. This means that you must make a deposit before you can start using your card. Thus, you can only spend the amount that was previously deposited. That way it is impossible to incur new debts with this card.

In fact, the Premium version of the KOHO Card is not a card, but an “upgrade” of the KOHO Visa Prepaid Card product. Therefore, to have access to this enhanced version, you must pay an annuity or divide this amount into monthly installments.

However, what is on the KOHO Premium Visa Prepaid that guarantees payment of an annual fee? An extremely profitable cashback program! So, this is a card aimed at a young audience, especially Millennials. Thus, the scoring categories were selected in such a way that the youth’s lifestyle scored even higher.

That’s why the KOHO Premium gives you 2% cashback on food purchases (supermarkets, restaurants…) and transportation (Uber, gasoline, public transport…). All other purchases offer a 0.5% reward. The KOHO Premium Visa also exempts you from overseas transfer fees.

On most credit cards, this fee is 3%. This card also offers price coverage on your purchases. This means that if, after completing a purchase, the same product is found for a lower price, you will receive the difference in values.

That way, without having to search in infinite sites, you will always have access to purchases with the maximum discount. Also, if you need help with investments or taxes, you can ask questions with KOHO Financial Coaching. Finally, you are still entitled to one free withdrawal per month abroad.

KOHO Premium Visa Prepaid Card features

Young woman shopping online with credit card and laptop while sitting on sofa at home.
Learn more about the card’s pros and cons! Source: Adobe Stock

Indeed, now it’s time for the test by fire! We have separated the main advantages and disadvantages of the KOHO Premium Visa Prepaid. That way, you can decide if this card is really worth it for you. So, take a look at the lists below:

What are the benefits?

  • Cashback program that offers 2% in the categories that generate the highest expenses for the majority of the population;
  • Possibility to apply even with bad credit;
  • 0% fee for foreign transfers;
  • Price protection.

What are the drawbacks?

  • High annual fee ($84 in a single payment or $9 per month);
  • Low reward for purchases in non-selected categories: only 0.5%;
  • There is no welcome bonus;
  • Your maximum cash register withdrawal is capped at $800 per day.

What credit score do you need to get the KOHO Premium Visa Prepaid Card?

KOHO Premium Visa does not make a credit score distinction. That way, even with a bad score, you might be eligible to have that card. This is one of the advantages of most prepaid cards on the market.

How does the KOHO Premium Visa Prepaid Card application process work?

As the KOHO Premium Visa Card is a card aimed at young people, it would be unwise not to allow online applications. By the way, through the official KOHO website, you can do this whole process without having to leave your home.

To find out how the application of this card works, click on the link below and read an exclusive article.

KOHO logo

KOHO Premium Visa Prepaid Card: check out how to apply!

Learn how to apply for KOHO Premium, one of the best prepaid cards in Canada: 2% cashback even for those who don't have a good credit score.

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