KOHO is easily one of the best cash back sites in Canada.
Using the free KOHO prepaid Visa Card, you earn 0.50% cash back on all purchases or up to 2% cash back when you upgrade to a premium account.
There is also a $20 cash bonus when you sign up for a new account using our KOHO referral code (CASHBACK) or link.
That’s not all. KOHO users earn a 1.20% high interest rate when they deposit their paycheque or other direct deposit (e.g. government benefits) in their account.
KOHO $20 Referral Code
Here’s how KOHO’s referral sign-up bonus works:
- Create a new account here (exclusive link).
- The link automatically applies the CASHBACK promo code.
- You can view your virtual KOHO Card using the app and KOHO also sends you a physical card to use in-store and at ATMs.
- Make a purchase using your card within 30 days of joining.
- A $20 cash bonus is credited to your account balance.
As a KOHO member, you can share your KOHO referral code or link with others. When they join, you both get a $20 bonus. You can earn up to $1,000 in referral bonuses.
What is KOHO?
KOHO is a cash back platform founded in 2017. It includes a budgeting app and reloadable prepaid Visa Card.
The financial technology company has the backing of big financial investors including Portag3, Drive Capital, and Power Group.
Its cash back card is also powered by Visa and Peoples Trust. Learn more in this KOHO review.
How Does KOHO Work?
A regular free KOHO account offers several benefits including:
- 0.50% cash back on all purchases.
- 1.20% savings interest rate on your entire balance.
- Access to Early Payroll – get $100 of your paycheque 3 days early
- Up to 5% cash back at select stores
- Automatic savings plan.
- Unlimited free Interac e-Transfers, withdrawals, and bill payments.
- No monthly account fees.
- Joint savings accounts
- Free budgeting app.
Earning cash back is easy. Simply use your KOHO Card when making purchases online or in the store.
The KOHO Card is accepted at millions of locations where Visa Cards are accepted.
The standard KOHO account is free and offers all the benefits listed above.
You don’t pay monthly account fees, NSF fees, e-Transfer fees, or interest charges.
Power users can upgrade to a KOHO Premium account and earn up to 2% cash back when they spend on transportation, groceries, and restaurant purchases.
In addition, KOHO Premium offers:
- Free financial coaching
- No foreign currency transaction fees
- Price matching
- 1 free international ATM withdrawal per month
KOHO Premium costs $84 per year (or $9/month).
Is KOHO Legit?
Yes, KOHO is a legit company. It is also safe as they keep your deposits with a Canada Deposit Insurance Corporation (CDIC)-member financial institution.
This partner bank, Peoples Trust, has been around since 1985.
CDIC-membership means your deposits are protected by up to $100,000 if KOHO or Peoples Trust Company go bankrupt.
KOHO vs. Tangerine
Tangerine Bank is a popular bank in Canada. It is a subsidiary of a much bigger bank, Scotiabank.
Tangerine offers a large variety of financial products including savings, chequing, mortgages, loans, and a cash back credit card.
Like KOHO, Tangerine offers free and unlimited Interac e-Transfers and bill payments.
However, its savings interest rate is much lower at 0.10%.
KOHO vs. STACK
STACK is a financial technology company in Canada. It offers a prepaid Mastercard that waives foreign currency transaction fees and has no monthly fees.
KOHO vs. Mogo
Mogo is a fintech company based in Vancouver, Canada. It offers several financial products including Bitcoin trading, free credit scores, personal loans, identity fraud protection, and a prepaid card (MogoCard).
The Mogo Visa Platinum Prepaid Card pays 2% cash back in bitcoin on all purchases.
KOHO Referral Code FAQs
The $20 bonus is credited to your account when you make your first purchase using the card within 30 days.
No, KOHO is not a credit card, and it does not affect your credit score.
When you sign up using any of the links above, a $20 KOHO referral code is automatically added to your new account. You can also use CASHBACK.