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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The KOHO Easy Mastercard is a cash back credit card designed to provide a seamless and rewarding experience for cardholders. Its earning structure allows users to accumulate cash back on everyday spending categories, such as dining, travel, and groceries.

In this review, we will be discussing the earning potential of the card, its four major benefits, and two drawbacks, along with additional relevant information.

Earning potential with the card: 

The KOHO Easy Mastercard offers a simple cash back system of 0.5% uncapped cash back on all eligible purchases. This means that cardholders can earn cash back on everything from dining to travel and groceries without having to worry about categories or quarterly promotions.

The simplicity of earning potential makes the KOHO Easy Mastercard an attractive option for those who prefer hassle-free rewards.

Benefits

1. Straightforward Earning System: The first major advantage of the KOHO Easy Mastercard is its straightforward earning system. Instead of worrying about whether a specific purchase will qualify for rewards or navigating tiered reward rates, cardholders have the ease of knowing that they’ll earn 0.5% cash back on all eligible purchases.





2. No Annual Fee: The second major advantage of this card is that it has no annual fee. This makes it accessible to a wide range of users without adding any financial burden, allowing them to maximize their cash back earnings throughout the year.





3. User-Friendly Mobile App: The third major advantage of the KOHO Easy Mastercard is its user-friendly mobile app. The app allows cardholders to easily review transactions, access real-time balance updates, set spending limits, save automatically with features like RoundUps, and receive personalized financial insights.





4. No Foreign Transaction Fees: The fourth major advantage of this card is its ability to be used internationally without any foreign transaction fees. This allows cardholders to earn cashback on purchases made outside of Canada without incurring additional costs, making it an excellent choice for frequent travellers.

Drawbacks

1. Lower Cash Back Rate: A significant drawback of the KOHO Easy Mastercard is its lower cash back rate when compared to other cash back cards. While 0.5% cashback is consistent across all spending categories, competitors may offer higher cash back rates for specific categories or higher rewards overall.





2. Lack of Additional Benefits and Perks: Another significant drawback of this card is the lack of additional benefits and perks, such as travel insurance and concierge services, that may be offered by other cash back credit cards, specifically those with annual fees.
   
   For potential cardholders looking for additional benefits alongside their cash back rewards, this might not be the best choice.

Additional information

Despite its drawbacks, the KOHO Easy Mastercard is a good choice for individuals who prefer a simple and fee-free cash back credit card without the extra perks and benefits that often come with a higher annual fee. Its straightforward earning system, no foreign transaction fees, and user-friendly app make it a solid option for Canadians looking for a hassle-free credit card experience.

Is the KOHO Easy Mastercard not convincing you? Consider the Vancity enviro Classic Visa (Low Rate Rewards) or the Amazon.ca Rewards Mastercard. Still not the right credit card? Make sure not to miss the Stack Prepaid Mastercard.

FAQ

Key benefits

• Issued by Peoples Trust Company





• Mastercard network for worldwide acceptance





• Virtual card for convenient mobile wallet use





• Personalized spending categories for tracking





• FDIC-insured up to $100,000





• Biometric account security options





• In-app chat for customer support





• CYSA anti-fraud technology





• Up to 5 supplementary cards per account