KOHO Everything Mastercard Review

Get ready to experience a revolutionary way to manage your money, earn rewards, and build your credit with the KOHO Everything Mastercard! 

The KOHO Everything Mastercard is an all-in-one solution for savvy Canadians who demand the absolute best from their financial partner. Imagine earning high-interest on your entire account balance, getting accelerated cash back on your most essential purchases like groceries and transportation, and enjoying a suite of powerful tools designed to help you save and budget smarter—all within one seamless app.

CREDIT CARD

KOHO Everything Mastercard

4% interest on your entire balance No FX fees

Choose Everything if you like

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Benefits: Your All-Access Pass to a Better Financial Life

1. High-Interest on Your Entire Balance: This is a game-changing feature! You’ll earn a premium interest rate (e.g., 4%) on every dollar in your entire KOHO account—both your spendable and savings balances. It’s like having a high-interest savings account and a chequing account rolled into one, making all your money work for you, all the time.
2. Accelerated 2% Cash Back: Your everyday spending has never been more rewarding. With the Everything plan, you earn an impressive 2% cash back on three major spending categories: groceries, food & drink (restaurants, bars, food delivery), and transportation (gas, public transit, rideshares).
3. Solid 0.5% Base Cash Back: The rewards don’t stop there. For all other eligible purchases that don’t fall into the 2% bonus categories, you’ll still earn a reliable 0.5% cash back, ensuring every single transaction is putting money back into your account.
4. Optional Credit Building at a Discount: Build a positive credit history without the risk of a traditional credit card. The Everything plan gives you a 50% discount on KOHO’s Credit Building feature (e.g., $5/month instead of $10). KOHO reports your progress to a major credit bureau, helping you improve your credit score over time.
5. Early Payroll Access: Get your paycheque up to 3 days early when you set up a direct deposit to your KOHO account. This “Early Payroll” feature is a fantastic perk that improves your cash flow and gives you access to your hard-earned money sooner.
6. Partner Cash Back Offers: Boost your earnings even further! In addition to your standard cash back, you can earn extra cash back (up to 6.5% or more) by shopping with hundreds of partnered brands through the KOHO app, effectively “stacking” your rewards.
7. Free e-Transfers and No NSF Fees: Enjoy modern banking without the annoying fees. Your KOHO account comes with free and unlimited Interac e-Transfers®, and you’ll never be charged a non-sufficient funds (NSF) fee.
8. Advanced Budgeting & Savings Tools: Take control of your finances with powerful in-app tools. Use features like “RoundUps” (which saves your spare change from purchases), set specific Savings Goals, and use “Vaults” to lock away money you don’t want to accidentally spend.
9. Instant Virtual Card & Real-Time Notifications: Get spending securely right away! Upon signing up, you get immediate access to a virtual card for online purchases. You’ll also receive real-time notifications for every transaction, helping you track spending and monitor for fraud.
10. Free International ATM Withdrawal: Enjoy greater access to your cash while traveling. The Everything plan includes one free international ATM withdrawal per month, saving you on costly ATM fees when you’re abroad.

Who Can Apply: Eligibility Criteria

The eligibility requirements for opening a KOHO account are designed to be highly accessible to Canadians:

• Age of Majority: You must have reached the age of majority in your province or territory of residence.
• Canadian Resident: You must be a resident of Canada.
• Geographic Restriction: KOHO’s services are generally available across Canada, but you should always verify availability in your specific province or territory as services can change.
• Identity Verification: You must be able to verify your identity with a valid Canadian ID (like a driver’s license or passport) and have a Canadian phone number and email address.
• No Credit Check Required: Since it’s not a credit card, there is no credit check required to open a KOHO account and get a card.

How to Apply: Your Steps to a Better Financial Hub

Signing up for the KOHO Everything plan is a quick, digital process.

1. Download the KOHO App or Visit the Website: Start by downloading the KOHO app from your smartphone’s app store or by visiting the KOHO website (koho.ca).
2. Begin the Sign-Up Process: Click to sign up and begin the application.
3. Provide Your Personal Information: Fill out the required fields with your name, address, contact information, and other personal details for identity verification.
4. Verify Your Identity: Follow the prompts to securely verify your identity, which may involve taking a photo of your ID and a selfie.
5. Choose Your Plan: Once your account is created, select the “KOHO Everything” subscription plan. You’ll typically get a free 30-day trial.
6. Fund Your Account: Once your account is active, you can load money into it via Interac e-Transfer or by setting up a direct deposit.
7. Start Spending: Your virtual card is available to use immediately for online purchases, and your physical card will be mailed to you.

Frequently Asked Questions (FAQ)

1. What is the fee for the KOHO Everything plan?
   The fee is typically $19 per month if billed monthly, or a discounted rate of $177 if you pay for the full year upfront (which works out to $14.75 per month).
2. Is this a credit card? Will it affect my credit score?
   No, it is a prepaid reloadable Mastercard, not a credit card. Signing up for a standard KOHO account does not involve a credit check and does not affect your credit score. The optional Credit Building feature is what helps you build credit history.
3. How does the Credit Building feature work?
   It’s an optional add-on service. KOHO provides you with a line of credit that you don’t spend from. You pay a small monthly subscription fee for the service, and this consistent payment activity is reported to a credit bureau to help build your credit history.
4. How is cash back redeemed?
   It’s redeemed automatically. The cash back you earn is added directly to your spendable balance as cash, usually within 1-2 business days.

CREDIT CARD

KOHO Everything Mastercard

4% interest on your entire balance No FX fees

Choose Everything if you like

APPLY NOW You will be redirected