Eligibility requirements for Koho high interest card
☑️ Be 18 years or older
☑️ Have a legal Canadian residence
☑️ Hold an active Koho account via app or website
☑️ Have a valid phone number and email address
Documents required to apply
📄 Government-issued photo ID (passport or driver’s license)
📄 Proof of Canadian residence
📄 Personal information for identity verification
📄 Active email account for registration
Approval depends on meeting these requirements, and Koho may request additional documents as needed.
How to apply for Koho high interest card
Applying for the Koho high interest card is quick and entirely online. Simply visit the official Koho website or download the app. After creating your account, select the Everything plan and complete registration with your personal information and documents.
Once approved, activate the 4% interest feature directly in the app to start earning. If your application is not approved immediately, you can reapply later following the same steps.
How to manage monthly payments for Koho high interest card
Since the Koho high interest card is a prepaid product, there are no traditional monthly bills. You’ll need to keep a sufficient balance to cover purchases and subscriptions.
Top-ups can be made via e-Transfer, direct deposit, or bank transfer. Purchases are automatically deducted from the available balance, and there are no fixed due dates.
Fees and costs
The Koho high interest card has a monthly fee of $22, offering 2% cashback on groceries, dining, and transportation, and 0.5% on all other purchases. It includes an annual interest of 4% on the total account balance. Credit Building is available as an add-on for $5 per month.
There are no fees for international transactions or e-Transfers. Deposits are protected by CDIC up to $100,000 when interest is activated. ATM withdrawals may have fees from the ATM provider, but Koho itself does not charge extra withdrawal fees.
A tip for your wallet
To maximize benefits from the Koho high interest card, activate the 4% interest as soon as you set up your account and maintain a consistent balance to earn more. Focus spending on categories like groceries, transportation, and dining to gain higher cashback.
Use Koho’s RoundUps feature to save small amounts with every transaction automatically. Setting up recurring deposits also ensures consistent use and benefits. For safe online shopping, always choose the virtual card option within the app to protect your data.
Start using Koho high interest card today!
Want to unlock all the perks of Koho high interest card? Click below to apply now!