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.
Build your credit without a credit card
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.
earn up to 3.5% interest on your entire balance
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.

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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