KOHO Essential
4.0 Ratehub rated
Cash back
Card highlights
Annual fee
Number of perks & insurances
Ratehub’s review
Natasha Macmillan
The KOHO Essential card is a reloadable prepaid Mastercard that offers cash back on the most common types of everyday spending, as well as the added benefit of an interest-earning account.
Pros
- No limit on cash back earnings: There is no cap on how much you can earn from your spending in any of the cash back categories
- Low fees: The low $48 annual fee can be reduced to $0 with a recurring direct deposit or monthly contribution of $1,000
- Flexible cash back redemptions: You can redeem cash back directly to your KOHO account with a few taps, and there’s no minimum or maximum redemption amount
Cons
- No cash back outside select categories: For all purchases that aren’t categorized under groceries, transportation, or dining, you won’t earn any cash back
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Rewards & bonuses
See what you could earn based on how you spend.
Earn rates
1%
On gas, groceries, eating & drinking, and transportation, restaurants (including fast food & drinks)*
Monthly spending caps apply where shown. Rewards are earned on eligible purchases only, see the card’s terms for full details.
Your earning potential
First year reward
Based on spending $2,200/mo after $48 annual fee
Second year reward
Based on spending $2,200/mo after $48 annual fee
These numbers are based on estimations and the calculation breakdown below.
Adjust your spending
First year reward†
- If you spend $2,200/month, you’ll earn
- Annual fee
- First year reward
Second year reward†
- If you spend $2,200/month, you’ll earn
- Annual fee
- Second year reward
† Estimate calculated by Ratehub.ca and is based on current offers and a monthly spend of $2,200. It is for illustrative purposes only.
Perks & insurance
Perks and insurance coverage included with the card.
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Extended warranty | Not included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
| Insurance | Details | |
|---|---|---|
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Details & eligibility
Fees
- Annual fee
- $48
Rates
- Purchase interest
- 19.99%
- Balance transfer rate
- N/A
- Cash advance rate
- N/A
Type
- Provider
- KOHO Financial Inc
- Card type
- Cash back
- Payment network
- Mastercard
- Minimum deposit
- $1,000
Eligibility
- Minimum personal income
- N/A
- Minimum household income
- N/A
- Minimum credit score
- 300+