KOHO is a financial technology company that offers Canadians access to a free prepaid cash back card and app.
When you sign up for a new account using our exclusive KOHO referral code (HAFZB43U), you get a $20 bonus.
KOHO’s prepaid credit card combines the benefits of debit and credit cards, giving users the best of both worlds.
Read on to learn how to earn cash back when you shop, get your sign-up bonus, and make $1,000 referring others.
KOHO $20 Referral Code
Opening a KOHO account is easy. Here are the steps to follow in order to take advantage of the $20 sign-up bonus:
- Visit KOHO using this link (automatically applies the HAFZB43U promo code).
- Provide your email address and a new password, and proceed to enter your full name, date of birth, and occupation.
- Agree to the terms and enter your referral code. The “HAFZB43U” should already be populated in the referral code field. If not, enter the code.
- Verify your phone number and choose the card type that catches your fancy.
- Complete a transaction using your virtual or physical card within 30 days of signing up for KOHO.
- Get a $20 cash bonus credited to your balance.
What Is KOHO?
KOHO is one of the challenger banks in Canada that aim to cut bank fees for the average Canadian and simplify cash back rewards.
It offers a variety of financial products, including its popular cash back cards, as well as:
- High interest savings account
- Credit building
KOHO Prepaid Card
The KOHO Card is not a credit card. Rather, it is a reloadable prepaid Mastercard that works alongside a free budgeting app.
The card is available in several formats:
- KOHO Easy Prepaid card
- KOHO Essential Prepaid Card
- KOHO Extra Prepaid Card
- KOHO Everything Prepaid Card
- KOHO Joint Card
The standard KOHO Easy prepaid and joint cards have no annual fees and offer:
- 1% cash back on groceries, gas, and transportation purchases
- Automatic savings using a feature that rounds up your purchases and saves the difference
- Extra cash back (up to 5%) at select partners and brands
- Access to a budgeting app
- Access to KOHO Earn Interest (0.50%)
- Unlimited free Interac e-Transfers and bill payments
You can select from four card colours: Sunkissed skinny dip, Gilded cotton candy, blueberried caviar, and frozen cherry soda.
KOHO Essential: This KOHO card offers extra perks for a $4 low monthly fee. You get:
- 1% cash back on groceries, transportation, food, and drink
- Earn 4.5% interest on your first $500 balance and 2% on anything exceeding that
- 30% off the $10 monthly Credit Building subscription if you sign up for it
KOHO Premium (KOHO Extra): This KOHO Card is an upgrade from the other two and has a $9 monthly fee.
In addition to all the features offered by the standard KOHO card, KOHO Extra also offers:
- 2% cash back on transportation, groceries, and restaurant purchases (0.5% cash back on all other purchases)
- No foreign currency conversion fees when you shop abroad
- Access to free financial coaching
- 1 free ATM withdrawal per month when abroad
- Price matching
- 2% interest on your balance
Power users can sign up for KOHO Everything at $19 monthly to take advantage of extra benefits and perks:
- 2% cash back on groceries, transportation, food, and drink
- 4.5% interest on your entire balance
- 50% off Credit Building (pay only $5 monthly instead of $10)
- No foreign transaction fees
- Real-time e-Transfers, and more
KOHO Earn Interest
All KOHO users can earn interest on their balance.
In addition to the 1% to 2% cash back, you earn up to 4.5% interest on your entire balance.
KOHO Credit Building
If you want to improve your credit score, KOHO can help.
KOHO Credit Building is a separate service you can subscribe to for $5 to $10 per month.
Every month, KOHO reports this transaction to the credit bureaus, and this process can help you increase your credit score within six months.
Note that KOHO does not do a hard credit check on your profile, so using the service won’t damage your score.
KOHO Fees
How much does it cost to use KOHO?
| Service | Fee |
| KOHO Easy Mastercard | $0 |
| KOHO Essential Mastercard | $4 monthly |
| KOHO Extra | $9/month or $84/year ($24 savings) |
| KOHO Joint card | $0 |
| KOHO Earn Interest | $0 |
| KOHO Everything Mastercard | $19 monthly |
| KOHO Credit Building | $5 to $10 per month |
KOHO Referral Bonus ($1,000)
When you refer a friend to KOHO, you both earn $20 when they verify and use the card at least once within 30 days of signing up.
To refer friends, simply send them your KOHO referral code (e.g. HAFZB43U) as shown on your dashboard.
Since you can refer up to 50 people, this referral program is worth up to $1,000.
Is KOHO Safe?
KOHO is a legitimate 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 up to $100,000.
KOHO Referral FAQs
Simply sign up using the links and the $20 KOHO bonus is automatically applied to your new account.
Yes, KOHO is a safe and legitimate company backed by top investors like Power Group, Drive Capital, and People’s Trust.
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.
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.
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.