KOHO Extra Review

Base Rewards Earning Rate
Annual Fee
or 9$/month
Foreign Transaction Fees
Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account with GREEDYRATES referral code.

KOHO Premium is now KOHO Extra.

As the upgrade to the KOHO Prepaid Mastercard® we’ve come to know and love, KOHO Extra promises to bring Canadians even more cash back saving. The KOHO Extra account brings with it a trove of other fun perks and benefits that can help you save money and become smarter with your finances.

What is KOHO Extra?

If you’re not yet familiar with KOHO, our review will cover all you need to know about this exciting card and account combo. Essentially, KOHO functions as a reloadable card linked to an account that earns you cash back on your purchases. Sounds great, right? Well, with KOHO Extra, it gets even better.

KOHO Extra takes the cash back earnings a step further by offering 2% cash back. The 2% cash back doesn’t apply to all your purchases, but rather those in three specific categories: transportation, groceries, and eating and drinking. You’ll also earn up to an extra 6% cash back at partnered merchants.

Aside from the increased earning potential, KOHO Extra also gives you added benefits, like waived foreign exchange fees.

Pros and Cons


  • Up to 6% cash back at partnered merchants
  • 2% cash back on the transportation, groceries and eating & drinking; 0.5% on everything else
  • Waived foreign transaction fee
  • One free international ATM withdrawal per month


  • $84 (or $9/month)
  • Need an extra paid subscription to use KOHO to build your credit

How Does It Work?

KOHO Extra works like a credit card and like a chequing account that includes a built-in cash back rewards system. You earn your 2% cash back rewards from the categories you spend the most on. For example, your transportation charges will cover things like gas or Uber expenses. Food and dining covers everything from high-end restaurants to take-out and delivery. Unlike other rewards credit cards, you’re not limited to which grocery stores, restaurants, or gas stations are eligible.

In order to start using KOHO Extra, you can either upgrade from your existing KOHO Prepaid Mastercard® or apply from scratch through the app. You’ll get a 30-day free trial of KOHO Extra, which includes access to all the features.

Key Features

Higher Cash Back Rates

We’ve already talked a bit about this, but since it’s the card’s main selling point, it’s worth dedicating a little more time. Compared to KOHO Easy, the KOHO Extra account can really help you earn cash back.

If you know you spend somewhere in the realm of $10,000 a year on expenses like groceries, restaurants, and take out, then that’s already a cash back earning of $200 with KOHO Extra. That’s comparable, or even better in some cases, to some of the best cash back credit cards in Canada from the big banks.

No Foreign Transaction Fees

With KOHO Extra, all foreign transaction fees for purchases abroad or from international merchants are completely waived.

Most of the bigger banks charge between 2-3% in foreign exchange fees, and the standard KOHO Easy account charges a rate of 1.5%. With KOHO Extra, you won’t need to think about what your credit card will charge you when you’re at dinner on vacation. You’ll also get one free international ATM withdrawal a month.

Here are some other features worth mentioning, as well as ones that come standard with the free KOHO Easy

  • Virtual card available to shop everywhere without worrying about lost/stolen card
  • Earn more cash back from select brands or retailers
  • Increased interest-earning threshold with KOHO Earn Interest, up to 2.00% depending on if you have KOHO Easy, KOHO Essential, or KOHO Extra
  • RoundUp feature to save more money
  • Handy app to track your spending

Apply for KOHO Extra

Fees and Rates

KOHO Extra carries $84 (or $9/month) annual fee. The higher cash back earning potential can more than make up for the annual fee when compared to the standard KOHO Easy. For an additional $10 every month for 6 months, KOHO can also help increase your credit score with the Credit Building feature.

With KOHO Extra, that feature is only $7 a month.

Who Is Eligible?

Pretty much anyone of legal age in Canada can use KOHO. In order to be eligible, you’ll need proof of ID for verification. KOHO doesn’t run a credit check when you apply; you can use KOHO even if you have a low credit score.

If you’re already using KOHO’s free plan, then there are no additional eligibility requirements to meet in order to upgrade to an Extra account. Simply sign up and start paying the monthly fees and you’re good to go.

Is KOHO Extra Worth the Price?

In short: yes.

Considering the extra savings you can earn with KOHO Extra, the cash back will easily cover the fee. It may seem small, but your spending and cash back earnings can add up. Not only that, but why not take advantage of the 2% cash back if you’re still going to end up earning more than the membership fee?

Here’s a better breakdown of KOHO’s plans compared to the Extra plan.

CategoryKOHO EasyKOHO EssentialKOHO Extra
Annual Fee$0$48 (or $4/month)
$84 (or $9/month)
Foreign Exchange Fees1.50%1.50%None
Earn saving interests on your entire KOHO account balance0.50%1.50%2.00%
Foreign ATM FeesPersonal & Joint: 1.50%1.50%1 Free international ATM withdrawal per month

Should You Go With KOHO Extra?

That really depends on you and your spending habits. If you don’t spend a lot on groceries, restaurants, or transportation, then the cost of this card can outweigh the benefits. If you spend at least $350 a month in these categories on your KOHO card, you’ll cover the annual $84 (or $9/month) fee in cash back. And if you travel frequently, the KOHO Extra card can be a great addition to your wallet.

Final Word

If you’re new to KOHO, it could be worth starting with KOHO Extra right off the bat. You’ll get a 30-day free trial that will allow you to see if the fee is worth it. If you already have a free KOHO Easy account, upgrading to Extra could be really worth your while if you travel internationally or simply want to earn more cash back on the items you buy frequently.

KOHO Extra may not be the best option for everyone but if you’re working to become fiscally responsible while easily earning cash back, KOHO Extra is a safe bet.

Sign up and get a $20 instant cash bonus (once you load your account and make your no minimum first purchase within 30 days) right to your KOHO account with GREEDYRATES referral code.


KOHO is a financial service, not a bank. They’ve partnered with Peoples Trust, a CIDC-insured federally regulated bank to hold your money. If anything happens to KOHO, you can rest assured that your money is still safe and that you can always access it.
KOHO acts like a Mastercard® debit card; you can’t spend more than what you load into your account but you can use your card wherever Visa is accepted. Since you’re only spending what you have, you’ll never get hit with interest charges.
Nope! If you’re happy with your current KOHO card, there’s no need to change it. Once you upgrade, your account will be enabled with all the Extra features. If you do want the snazzy new KOHO Extra card, you can always request it through the app.

Author Bio

Alicia Schneider
Montreal-born Alicia Schneider is a digital nomad that specializes in freelance content and travel writing. She has experience writing about financial topics such as invoicing and accounting as well as business technology and software. When she's not writing, she's exploring a new destination that most likely includes sun and a beach. You can see more of her work at aliciaschneider.com.

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