Maria L.Toronto, ON · Mar 2026
★★★★★
Credit went from 540 to 670 in 9 months using KOHO Credit Building. Got approved for Amex Cobalt last month. Genuinely life-changing for me.
Overview
The KOHO Visa is the prepaid card from KOHO Financial, Canada's second-largest fintech behind Wealthsimple. Like the EQ Bank Card, it's technically prepaid not credit — but the feature set delivers more value than most paid credit cards.
Load funds from your KOHO account, then spend with the Visa anywhere globally. 1% cash back on all purchases (2% with KOHO Extra subscription), 0% FX markup, 3.50% interest on balance (5% with Extra), free Interac e-Transfers, and budgeting/spending insights in the app.
The unique angle: KOHO Credit Building ($7/month) reports payment history to credit bureaus, helping users build or rebuild credit scores. Independent user reports show 25-60 point increases over 6 months. Combined with the prepaid Visa, KOHO becomes a complete credit-rebuilding + spending toolkit.
Welcome bonus
★ NEW CARDHOLDER OFFER
No traditional welcome bonus
KOHO runs occasional promotional offers ($20-50 cash bonuses) for new sign-ups. Check their site for current promos.
Variable promos
Occasional sign-up promos
≈ $20-50 typical
Rewards & earn rates
Here's exactly what you earn per dollar across every category — and where this card pulls ahead of the field.
1%x
All purchasesFlat 1% on every Visa transaction
2%x
With KOHO Extra subscriptionBoosted earn with $9/mo subscription
3.5%x
Interest on card balanceUnspent funds earn interest
Benefits & perks
Beyond the rewards, here are the perks worth knowing about.
🏗️Credit Building ($7/mo)
Reports payment history to credit bureaus. Independent reports show 25-60 point credit score increases over 6 months.
💱0% FX markup
Saves 2.5% on every international purchase vs standard cards.
🔁Free Interac e-Transfers
Send/receive money for free via KOHO account.
📊Spending insights + budgeting
In-app categorization, automated round-up savings, scheduled transfers.
Fees & rates
The numbers that show up on your statement.
ANNUAL FEE$0Base plan
KOHO EXTRA$9/monthOptional · 2% cash back + 5% interest
CREDIT BUILDING$7/monthOptional add-on · reports to credit bureaus
FX MARKUP0%★ Industry-leading
CARD TYPEPrepaid VisaLoad from KOHO account
Pros and cons
✓ PROS
- 0% FX markup matches EQ Bank Card
- 1% cash back baseline + 2% with Extra
- Credit Building feature genuinely improves credit scores
- 3.50% interest on card balance
- $0 base annual fee
- CDIC backing via Peoples Trust partner
✗ CONS
- Prepaid — Visa itself doesn't build credit (Credit Building add-on does, separately)
- KOHO Extra $9/mo only break-even at $20k+ avg balance
- No welcome bonus typically
- Smaller fintech vs Wealthsimple/EQ Bank
Who it's for
★ APPLY IF
- Newcomers building Canadian credit
- Students learning financial responsibility
- Credit rebuilders with poor scores
- International travellers wanting FX-free without fee
✗ SKIP IF
- Established credit holders seeking rewards (use Cobalt)
- Premium card seekers
- Anyone needing actual credit card features
How it compares
We pitted this card against its closest rivals.
How to apply
The eligibility checklist before you hit the application button.
MIN CREDIT SCORENot required (prepaid)
MIN INCOMENo requirement
OTHER ELIGIBILITYCanadian resident · 18+
DECISION TIME3-5 business days · card arrives
Editor's verdict
8.5/10
★★★★★
FINAL VERDICT
Best fintech card for credit rebuilders.
KOHO Visa's unique value proposition is Credit Building combined with the prepaid card. For newcomers, students, or credit rebuilders, no other Canadian card offers this combination. EQ Bank Card matches the spending features at lower cost but doesn't help build credit. For pure credit building + spending, KOHO is the answer.
Apply for KOHO Visa ↗User reviews
What current and former cardholders are saying. Aggregated from Trustpilot, Reddit (/r/PersonalFinanceCanada), and our own community comments.
4.4 / 5 ★
1,567 reviews
Kwame O.Calgary, AB · Feb 2026
★★★★★
New to Canada. KOHO was my first card. 1% cash back + FX-free + Credit Building got me a 700+ score within a year. Helped me get a mortgage approval recently.
Sara K.Vancouver, BC · Jan 2026
★★★★★
Use it alongside Amex Cobalt for international travel. 0% FX is amazing. Don't need Credit Building but the card alone is solid.