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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 Extra Mastercard credit card is a great option for Canadians who want a card that offers rewards and additional benefits. In this review, we will discuss the earning potential, list four benefits and two drawbacks of using this card, and share some additional relevant information for potential users.

Earning potential with the card

The KOHO Extra Mastercard credit card allows you to earn cash back on every purchase, with no limit on the amount you can earn. The card offers a base earning rate of 0.5% cash back across all categories of spending, including dining, travel, groceries, and more. In addition, you can earn additional cash back from the purchase of select PowerUps from partner merchants.

Benefits

1. Simplicity in Rewards: The first major advantage of this card is its simplicity in earning rewards. With a flat cash back rate across all spending categories, you don’t have to worry about strategizing your spending or keeping track of rotating bonus categories.





2. User-Friendly Mobile App: The second major advantage of this card is its user-friendly mobile app, allowing you to manage your account conveniently from your smartphone. The app features real-time notifications, balance updates, transaction tracking, and the ability to freeze your card if necessary.





3. No Fees (Annual or Foreign Transaction): The third major advantage of this card is its lack of fees. There are no annual fees or foreign transaction fees associated with this card, making it an affordable option for a wide range of users.





4. Free Financial Coaching: The fourth major advantage of this card is that it offers free financial coaching, giving you access to personalized advice and guidance on how to improve your financial situation and make the most of your money.

Drawbacks

1. Low Base Cash Back Rate: A significant drawback of this card is that the base cash back rate of 0.5% is relatively low compared to other reward credit cards available in the Canadian market.
   
   Although it is possible to increase your cash back potential by redeeming PowerUps from partner merchants, the 0.5% base rate might not be as rewarding for someone who spends across a variety of categories.





2. Lack of Additional Benefits: Another significant drawback of this card is that it does not offer additional benefits such as insurance coverage, extended warranties, or travel assistance that are common with many other credit cards.

Additional information

The KOHO Extra Mastercard credit card also offers early pay periods, allowing you to access your paycheck up to two days before it’s normally deposited. Moreover, the card provides a referral bonus, where you can earn extra cash back for every successful referral to friends and family.

In conclusion, the KOHO Extra Mastercard credit card can be a good option for individuals who want a straightforward and fee-free credit card with the ability to earn cash back on every purchase.

However, if you are interested in a higher cash back rate or additional benefits such as insurance coverage, you may want to explore other options in the Canadian credit card market.

Not the right fit? You could consider the KOHO Easy Mastercard. Or, if you’re looking for other options check out the ManulifeMONEY+ Visa Infinite, and the Amazon.ca Rewards Mastercard.

FAQ

Key benefits

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