KOHO is a prepaid Mastercard with credit-builder add-on — great for budget control and post-bankruptcy rebuild. Neo is a credit card with merchant-partner cashback (up to 15% at specific stores) plus mortgages, invest, and banking. Different fintech bets.
★ QUICK VERDICT ★
Skip to the answer
PICK KOHO IF...
You're rebuilding credit (post-bankruptcy)
You overspend — want hard limits
You're a newcomer building Canadian credit
You want early payday (3 days)
PICK NEO IF...
You shop at major partner brands
You want 2.25% HISA for free
You want a real credit card (build credit)
You want mortgage + invest on same platform
★ HEAD-TO-HEAD ★
The 6 numbers
METRIC
KOHO
NEO
WINNER
Card type
Reloadable Mastercard (prepaid)
Credit card OR Neo Money debit
NEO
Base cashback (free tier)
1% on groceries + transit
1-5% via partners
NEO
Monthly fee (free option)
$0
$0
TIE
HISA rate
0% free · 4.5% paid
2.25% Neo Money
KOHO
Credit building
KOHO Credit Building reports
Neo Card builds credit normally
TIE
No-FX on purchases
✓ Free tier
✓ Free tier
TIE
★ FULL FEATURE MATRIX ★
Everything compared
FEATURE
KOHO
NEO
TFSA / RRSP
✗
✓ Neo Invest available
Mortgage product
✗
✓ Neo Mortgage
Reloadable Mastercard
✓ Prepaid
✗ (Neo is credit)
Standard credit card
✗
✓
Merchant rewards (10%+)
Limited
✓ At 13,000+ partners
Direct deposit
✓
✓
Early payday
✓ Up to 3 days
✗
Credit-building product
✓ Credit Builder ($10/mo)
✗ (use Neo Card directly)
Interest on balance
Free tier: 0%
Free tier: 2.25%
CDIC insurance
✓ Via partners
✓ Via Concentra Bank
Mobile app rating
4.7 stars
4.5 stars
★ VERDICT BY USE CASE ★
Who wins for you
CREDIT REBUILDERKOHO
KOHO Credit Builder reports to Equifax. Pay $10/mo for 6 months → score boost. Neo just gives a normal credit card.
CASHBACK MAXIMIZERNEO
Neo's 13,000+ partner network gives 5-15% cashback at specific merchants. KOHO's 1% across the board.
BUDGETING / SPEND CTRLKOHO
KOHO is prepaid — can't overspend. Built-in vaults + spending categories. Neo Card is credit, can rack up debt.
FREE HISA + CARDNEO
Neo Money: 2.25% on balance, free. KOHO free tier pays 0% on cash balances.
For most Canadians, Neo Financial is the better fintech — 2.25% interest free, real credit card, mortgage + invest bundled, and 13,000+ partner cashback. Pick KOHO only if you specifically need credit rebuilding, hard spending limits, or early payday access.