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Wealthsimple Cash Card Alternative

5 min read

Quan Vu

Written By

Quan Vu

Wealthsimple Cash Card Alternative which is KOHO Prepaid Mastercard

Looking for alternatives to the Wealthsimple Cash Card? Whether you're seeking higher cash back rewards, better interest rates on your savings, or additional features like credit building, there are several prepaid card options worth considering.

In this guide, we'll compare three of the best alternatives available to Canadian consumers: KOHO, EQ Bank Card, and Neo Financial.

We'll examine their cash back rates, interest earnings, credit building capabilities, foreign exchange fees, and more to help you find the right fit for your financial goals.

1. KOHO

KOHO stands out as the most comprehensive Wealthsimple Cash Card alternative, offering flexible plan options, competitive rewards, and valuable financial tools.

Overview

KOHO provides a prepaid Mastercard with three distinct tiers—Essential, Extra, and Everything—allowing you to choose the plan that best matches your spending habits and financial priorities.

Each tier unlocks progressively better benefits, making KOHO suitable whether you're just getting started or want premium features.

Cash Back Rates

KOHO's cash back structure rewards consistent use:

  • Essential Plan: 1% cash back on groceries, transit, and dining

  • Extra Plan: 1.5% cash back on groceries, transit, and dining

  • Everything Plan: 2% cash back on groceries, transit, and dining

Beyond base rates, KOHO members can earn up to 6.5% extra cash back at partner merchants.

Interest Rates on Savings

Your KOHO account doubles as a high-interest savings solution:

  • Essential Plan: 2.5% interest

  • Extra Plan: 3% interest

  • Everything Plan: 3.5% interest

These rates apply automatically to your entire balance, meaning your money grows while sitting in your account.

Credit Building

One of KOHO's standout features is its credit building program, available for $5-$10 monthly depending on your plan. This service reports your payments to Equifax, helping you establish or improve your credit history without a traditional credit card.

KOHO members using Credit Building have seen their credit scores increase by an average of 31+ points in just 4 months¹.

Foreign Exchange Fees

International spending policies vary by plan:

  • Essential Plan: Standard FX fees apply

  • Extra Plan: Zero foreign exchange fees

  • Everything Plan: Zero foreign exchange fees

If you travel frequently or make purchases from international retailers, upgrading to Extra or Everything eliminates the typical 1.5% foreign exchange fee.

International Money Transfers

Sending money across borders can be expensive and full of surprises. With KOHO, International Money Transfer is always fast and secure with no hidden markups or other-worldly fees.

Whether you're helping family back home, paying for services abroad, or sending money to friends–we've made it simple, affordable and fast.

Virtual Card

All KOHO plans include a virtual card that you can add to Apple Pay, Google Pay, or other mobile wallets.

This provides instant access to your funds before your physical card arrives and adds an extra layer of security for online shopping.

Rent Reporting

KOHO offers rent reporting service, allowing you to build credit through your monthly rent payments—an expense you're already paying.

Turn your rent into a credit building opportunity. Get tenant insurance and earn cash back on your rent payments.

Who KOHO is best for

  • High cash back rates among prepaid cards (up to 2%)

  • Competitive interest on your balance (up to 3.5%)

  • Build or improve your credit history

  • Zero foreign exchange fees

  • Flexibility to choose a plan that matches your needs

2. EQ Bank Card

EQ Bank has built its reputation on offering some of Canada's most competitive interest rates.

Overview

The EQ Bank Card connects to your EQ Personal Account, combining everyday spending capabilities with high-yield savings in a single platform.

Cash Back Rates

The EQ Bank Card gives back 0.5% cash back on every purchase.

Interest Rates on Savings

Users must add or maintain qualifying direct deposits of at least $2,000/month to a personal account or joint account are eligible to earn a bonus interest rate of 3.00% (base rate is 1.00% plus an additional 2.00%)

Credit Building

The EQ Bank Card does not include credit building features.

If improving your credit score is a goal, you'll need to pursue that independently through other products.

Foreign Exchange Fees

EQ Bank does not charge any additional FX fees or markups.

International Money Transfers

EQ Bank introduced a new international money transfer service where there are no markups, paying only once, and cheaper than traditional options.

Virtual Card

You can connect your EQ Bank card to your mobile wallets.

Rent Reporting

EQ Bank does not currently offer rent reporting services to help build your credit history through monthly rent payments.

3. Neo Mastercard

Neo Financial has entered the fintech space with an emphasis on high cash back rewards and partnerships with popular retailers.

Overview

Neo Financial offers a three different types of cards: Mastercard, World Mastercard, and World Elite Mastercard.

Cash Back Rates

Neo Financial offers:

  • Neo Mastercard: 1% cash back on groceries & gas

  • Neo World Mastercard: 2% cash back on groceries, gas, recurring payments, and 0.5% on everything else

  • Neo World Elite Mastercard ($125/year): 5% cash back on groceries, 3% on gas, 4% recurring payments, and 1% on everything else

Interest Rates on Savings

Neo Financial offers interest on your account balance, though they have 3 different accounts:

  • Neo Everyday: Earn 0.1%

  • Neo High Interest Savings account: Earn 2.25%

  • Neo Cash Account: 2.25%

Credit Building

You can build credit history with their secured credit cards and they all report to Equifax and Transunion. However, it does require a monthly fee and refundable security funds to set credit limit.

Foreign Exchange Fees

Neo Financial charges foreign exchange fees on international transactions.

International Money Transfers

Neo Financial does not emphasize international money transfer capabilities with its card.

Virtual Card

Neo Financial provides a virtual card that works with mobile wallets, allowing for immediate use and enhanced security for online transactions.

Rent Reporting

Neo Financial does not currently offer rent reporting services to help cardholders build credit through their monthly rent payments.

Which alternative should you choose?

The best Wealthsimple Cash Card alternative depends on your priorities:

Choose KOHO if you want:

  • The most comprehensive feature set

  • High cash back rates on groceries, transit, and dining (up to 2%)

  • Competitive interest rates on your entire balance (up to 3.5%)

  • Credit building program

  • Zero foreign exchange fees (Extra/Everything plans)

  • International money transfer

  • Rent reporting to build credit

  • Access cash advance

Choose EQ Bank if you want:

  • Interest on savings above all else

  • Simplicity without rewards complexity

  • Minimal fees and straightforward banking

Choose Neo Financial if you want:

  • High rewards at specific partner merchants

  • A growing network of retail partnerships

Making your decision

For most Canadians seeking a Wealthsimple Cash Card alternative, KOHO has high cash back rates, competitive interest on your balance, credit building program, and zero foreign transaction fees on Extra/Everything plans.

The Essential plan offers an excellent starting point with 1% cash back and 2.5% interest, while the Everything plan maximizes your benefits with 2% cash back, 3.5% interest, and zero foreign exchange fees.

Remember, every KOHO plan has free and unlimited e-transfers, so you never have to worry about extra charges when you need to send money to anyone.

Ready to find a better alternative to the Wealthsimple Cash Card? Consider which features matter most to your financial situation and choose the solution that aligns with your priorities.

¹Based on users with a starting score of 500 or less and who signed up for credit building in October 2024. Credit Building is not a credit repair tool and does not guarantee an improvement in credit score. Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores and missed or late payments may cause credit scores to decrease. Outcomes may vary among users.

Note: KOHO product information and/or features may have been updated since this blog post was published. Please refer to our KOHO Plans page for our most up to date account information!

About the author

Quan works as a Junior SEO Specialist, helping websites grow through organic search. He loves the world of finance and investing. When he’s not working, he stays active at the gym, trains Muay Thai, plays soccer, and goes swimming.

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