KOHO Referral Code and Review 2024 ($20 Bonus)

Last Updated on February 26, 2024 by Canadian Reviews

KOHO is a free, prepaid Visa card with a feature rich mobile application that provides real-time insights and tools to help you save and grow your money.

It is similar to a credit card and a chequing account combined. A credit card you are borrowing money and getting rewards. With a chequing account you are spending your own money, but not being rewarded. KOHO takes these two products and smashes them together. Use your own money… and get rewards!

Read our review below to learn more about KOHO and you can also receive a $20 bonus when you sign up. If you are just looking for a KOHO referral code, here is ours: KOHOBONUS

About KOHO

The fintech company KOHO was founded in 2014 and officially launched in 2017. They partnered with Peoples Trust to provide their banking services and VISA for their card offering.

They are also backed by established investors like the Power Group, Drive Capital and Portag3.

They advertise no hidden fees or fine print. KOHO is rooted in the belief that better financial solutions for all Canadians exist. And are working to make that happen.

KOHO Features

No Fees: KOHO does not change any fees for their basic accounts. Including the KOHO Visa, and Joint Accounts.

  • $0.00 – Monthly account fees
  • $0.00 – NSF fees
  • $0.00 – e-Transfer fees
  • $0.00 – Interest charges

The only fees are for their premium account subscription, or credit building services.

0.5% cash back – Get 0.5% cash back on all your purchases. Although not as high as a credit card, this is straight forward and simple. No points, limits, or category juggling. Just real cash back in your pocket.

And much better then using your debit card that offers no cash back at all.

Premium users can get up to 2% on select categories. You can also use in-app or partner offers to get additional cash back boosts up to 5%.

Interest – In addition to the cashback, you earn interest on your balance. Right not that interest is an amazing 4.5%. This is significantly more then most big banks.

Automatic Saving – This feature lets you roundup all your purchases to the nearest $1 and automatically puts this money into savings for you. This helps you save your money without really thinking about it or missing that small amount. But it really adds up over time.

Have a big purchase you are saving up for? KOHO lets you create savings goals and helps you save for that big trip or purchase.

Budgeting – KOHO provides tools to help you budget and stay on track with your financial goals. Preload your spending money to make budgeting easy, get balance updates after each purchase, and use spending insights to stay on track.

You can even get access to free financial coaching

Early Payroll: If you have direct deposit set up. You can get access to your funds up to $100 three days before your payday. This free feature is available to help their customers out if you need your money just a bit sooner.

Payday loan companies are significantly more expensive. KOHO wants to help you keep your money in your pocket. They do not change any fees or interest for this service.

KOHO Credit Building – If you want to improve your credit score, KOHO offers a credit building service that you can subscribe to for $5 to $10 per month.

Every month, KOHO will report this transaction to the credit bureaus. This will help you slowly build your credit score in around six months.

Also, KOHO does not do a hard credit check, so using the service or signing up for this card won’t impact your score.

Is KOHO Safe?

Yes. KOHO is a company backed by several leading financial institutions in Canada.

The funds in your account are held in a Canadian bank (Peoples Trust Company) that is a member of the Canada Deposit Insurance Corporation (CDIC).

CDIC membership means your money is insured against insolvency for up to $100,000.

How do I sign up for KOHO?

Signing up for a KOHO account is fast and easy. Here are the steps to take advantage of the $20 sign-up bonus:

  1. Visit KOHO using this link (automatically applies the KOHOBONUS promo code).
  2. Provide your email address and a new password, and proceed to enter your full name, date of birth, and occupation.
  3. Agree to the terms and enter your referral code. The “KOHOBONUS” should already be populated in the referral code field. If not, enter the code.
  4. Verify your phone number and choose the card type that catches your fancy.
  5. Complete a transaction using your virtual or physical card within 30 days of signing up for KOHO.
  6. Get a $20 cash bonus credited to your balance.

KOHO Verdict

  • No Fees
  • Earn 0.5% on all your transactions
  • Earn bonus powerup cash back at partners
  • Earn 1.2% interest on your balance
  • Apple Pay, Google Pay Compatible
  • Real-time spending insights
  • Automatic RoundUp and Savings

    KOHO Referral FAQ

    How do I get a valid KOHO code?

    Simply sign up using a KOHO referral link or use the code “KOHOBONUS” and the $20 KOHO bonus is automatically applied to your new account.

    Can I trust KOHO?

    Yes, KOHO is a safe and legitimate company backed by top investors like Power Group, Drive Capital, and People’s Trust.

    KOHO vs. STACK?

    Which is better? KOHO offers a specific cash back reward (0.50% – 2%) on purchases, while the STACK Mastercard only provides cash back on a few purchases. Both are prepaid cards.

    Does KOHO affect my credit score?

    No, a regular KOHO account does not affect your credit score since it is a prepaid card. If you’d like to improve your score, you can subscribe to KOHO Credit Building.

    Is KOHO better than a bank?

    KOHO can help you save on banking fees through free Interac e-Transfers, bill payments, and unlimited free transactions. There’s no monthly fee for a regular KOHO account.



    KOHO is a free, prepaid Visa card with a feature rich mobile application that provides real-time insights and tools to help you save and grow your money. Get a $20 sign up bonus when you use a KOHO referral code.

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