KOHO Review 2026
An in-depth look at KOHO's features, eligibility, and how it compares to other options in Canada.
Visit KOHOWhat Is KOHO?
KOHO is a Canadian fintech offering a modern prepaid spending card with features typically reserved for premium bank accounts: cashback rewards, automated savings tools, budgeting features, and optional credit building — all without a traditional credit check.
The KOHO app replaces the need for a traditional bank account for many users. You can receive direct deposits, set up automatic savings roundups, and earn cashback on every purchase. The prepaid model means you can't overspend — you only spend what you've loaded.
KOHO's Credit Building program ($10/month) is designed for Canadians who want to build credit without taking on debt. It reports a monthly tradeline to Equifax, helping establish or improve your credit history.
Card Type
Prepaid Visa
Cashback
Up to 5%
Credit Building
$10/month add-on
Users
Many Canadians
Pros & Cons
Pros
- No credit check required
- Cashback on every purchase (0.5%–5%)
- Automated savings and budgeting tools
- Credit building without debt ($10/month)
- No monthly fee for basic plan
- Early payroll access
- CDIC-protected deposits
Cons
- Not a credit card — doesn't build credit by default
- Credit building requires $10/month subscription
- Equifax only (doesn't report to TransUnion)
- No overdraft or lending features
- Some features require premium plans
How to Get Started
Download the KOHO App
Get the KOHO app from the App Store or Google Play — it's free to download.
Create Your Account
Sign up with your personal details and verify your identity. No credit check required.
Load Funds
Add money to your KOHO account via direct deposit, e-Transfer, or bank transfer.
Eligibility
- Must be a Canadian resident
- Must be 18+ years old (or age of majority in your province)
- No credit check required
- Valid government-issued ID for verification
- Canadian phone number and email address
Credit Building
KOHO's Credit Building program works differently from traditional credit cards. For $10/month, KOHO opens a small line of credit in your name and makes payments on your behalf, reporting the activity to Equifax each month.
This creates a positive tradeline on your credit report without requiring you to take on any debt. It's ideal for newcomers to Canada, young adults, or anyone rebuilding credit.
Frequently Asked Questions
How does KOHO credit building work?
KOHO opens a small line of credit in your name, makes payments on it automatically, and reports the activity to Equifax. You don't take on any debt — KOHO handles everything for $10/month.
Can I use KOHO as my main bank account?
Many Canadians use KOHO as their primary spending account. You can receive direct deposits, set up bill payments, and use the Visa card everywhere. However, it doesn't offer chequing or overdraft.
Does KOHO report to TransUnion?
Currently, KOHO's Credit Building program reports only to Equifax, not TransUnion.
Common Questions Canadians Ask About KOHO
Is KOHO worth it in Canada?
For Canadians who want a no-fee spending card with cashback and budgeting tools, KOHO is a strong option. The Credit Building add-on ($10/month) is also one of the most affordable ways to build credit without debt.
Can I get KOHO with bad credit?
Yes. KOHO is a prepaid card, so no credit check is required. Anyone in Canada who is of age can sign up regardless of credit history.
Does KOHO really build credit?
Yes, but only with the $10/month Credit Building add-on. KOHO opens a small line of credit in your name and reports payments to Equifax. Without the add-on, KOHO is a prepaid card and does not affect your credit.
Is KOHO a real bank?
KOHO is a fintech company, not a bank. However, your funds are held at a CDIC-member institution, so your deposits are protected up to $100,000.
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Editorial Note: Our content is reviewed by financial experts for accuracy. We may receive compensation from partner lenders, which does not influence our rankings or recommendations. Read our full disclosures
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