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KOHO, Neo and Wealthsimple are three of the most searched fintech names in Canada. All three put a card in your phone within minutes, but they are not the same product.
One is a prepaid card, one is a credit card for almost any credit profile, and one is a premium credit card. Here is how they compare on the numbers each company publishes.
Key takeaways
- The KOHO card is a prepaid Mastercard, not a credit card. It builds credit only through its paid Credit Building add-on.
- Neo and Wealthsimple are credit cards with purchase rates of 19.99% or more.
- Wealthsimple pays the most on everyday spending but costs $240 a year unless you meet a waiver.
- The best fintech card is the one that matches your credit profile and your income.
KOHO vs Neo vs Wealthsimple: side by side
| Criterion | KOHO | Neo Mastercard |
|---|---|---|
| Card type | Prepaid Mastercard | Credit card |
| Cost | $0, $12 or $14.75 a month | $0 annual fee |
| Rewards | 1% to 2% on essentials | Up to 15% at Neo partners |
| Interest rate | None (your own money) | 19.99% to 29.99% |
| Approval | Account sign-up | “Instant approval”, no credit score required |
| Criterion | Wealthsimple Visa Infinite+ | Winner |
|---|---|---|
| Cost | $240 a year ($20 a month), waivable | KOHO Essential and Neo |
| Rewards | Unlimited 2% on everything | Wealthsimple |
| Interest rate | 20.99% purchases | KOHO (no borrowing) |
| Approval | $80,000 personal income | Neo |
| Foreign exchange fees | 0% | Wealthsimple |
All figures as of September 2026, from each company’s official page.
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Cost: KOHO Essential and Neo tie
Neo Mastercard has a $0 annual fee. KOHO has three plans: Essential at $0 a month, Extra at $12 and Everything at $14.75. KOHO says you get Essential for $0 when you add $1,000 or more to your account each month.
The Wealthsimple Visa Infinite+ costs $240 a year, billed as $20 a month. The fee is waived if you hold $100,000 or more in individual assets with Wealthsimple, or direct deposit at least $4,000 a month.
Rewards: Wealthsimple wins for most spending
Wealthsimple pays an unlimited 2% cash back on everything, with no categories and no cap. New clients get up to 5% back for the first 30 days.
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KOHO pays 1%, 1.5% or 2% on groceries, transportation and food and drinks, depending on the plan. Everything also pays 0.5% on other purchases. Neo advertises up to 15% cashback at partner merchants; the rate varies by partner.
At 2%, Wealthsimple’s fee is covered by $12,000 a year of spending. Below that, and without a waiver, a $0 annual fee option often comes out ahead.
Interest: KOHO, because you are not borrowing
A prepaid card spends money you load, so there is no interest to pay. That also means no credit limit and no debt.
Neo charges 19.99% to 29.99% on purchases, based on your credit profile. Wealthsimple charges 20.99% on purchases and 22.99% on cash advances. On both, the interest-free window only works if you pay in full: federally regulated institutions must give at least 21 days interest-free on new purchases, but not on cash advances, according to the Financial Consumer Agency of Canada.
Approval: Neo is the most accessible
Neo’s own page uses the words “Instant approval” and says no credit score is required. You can use a virtual card as soon as you are approved. Neo also says you can apply with any credit history or income, with limits of up to $10,000.
Wealthsimple has the highest bar: a personal income of at least $80,000 or household income of at least $150,000, plus an active Wealthsimple chequing account. If you are new to credit, compare our list of fast-decision credit cards you can use right away.
Building credit: KOHO and Neo, in different ways
KOHO’s Credit Building tool lets you make monthly, interest-free payments on a line of credit. KOHO says it does not involve a credit check. It is a paid add-on: Extra gets 30% off and Everything gets 50% off.
Neo gives you an actual credit card account. For a thin or damaged file, Neo also has a secured option that uses refundable security funds and a Build membership at $9.99 a month. Our guide to secured credit cards in Canada compares that route. Canadian scores usually run from 300 to 900 and rise with on-time payments, per the FCAC.
Travel and extras: Wealthsimple
Wealthsimple charges 0% foreign exchange fees on purchases in any currency. KOHO waives foreign transaction fees on its Extra and Everything plans, not on Essential. KOHO also pays 2% to 3.5% interest on your balance, depending on the plan.
Wealthsimple can deposit your cash back into its chequing account, which pays up to 2.25% interest. Our Wealthsimple review covers its investing side, and our list of digital banks in Canada puts KOHO next to Tangerine and Simplii.
Verdict by profile
- Choose KOHO if you want to avoid debt, earn cash back on essentials and add credit building for a monthly price.
- Choose Neo if you want your first real credit card with a $0 annual fee and have little or no credit history.
- Choose Wealthsimple if you meet the income bar, spend a lot every month or travel, and can meet a fee waiver.
How we compared
- Sources: only KOHO’s, Neo’s and Wealthsimple’s official product pages. Every offer was checked on September 23, 2026.
- Criteria: card type, cost, rewards, interest rate, approval requirements, credit building and foreign exchange fees.
- Order: no overall ranking. We name a winner per criterion, and the Quick answer matches each card to a profile.
- Independence: no company paid for placement.
FAQ
Is KOHO a credit card?
No. The KOHO Mastercard is a prepaid card issued by KOHO Financial. You spend money you load. Credit history comes from its separate Credit Building tool.
Does Neo really offer “instant approval”?
Neo uses that phrase on its own page and says no credit score is required. Approval still depends on Neo’s review, and your rate is set from your credit profile.
Is the Wealthsimple credit card worth $240 a year?
At 2% cash back, you need about $12,000 a year in spending to cover the fee. If you meet the asset or direct deposit waiver, the fee is $0.
Which card is best for newcomers to Canada?
Neo is easier to get with no Canadian history, and KOHO needs no credit review for its prepaid card. Also compare the big-bank credit cards for newcomers.
Can I use more than one of these?
Yes. Some people use KOHO for budgeting and a credit card for credit history. Keep every credit balance paid in full.
For the full picture, see our hub Best Credit Cards in Canada 2026, the best credit cards in Canada for 2026 and the best $0 annual fee cash back cards in Canada.
Sources
- KOHO Essential — official page
- KOHO Everything — official page
- KOHO Credit Building — official page
- Neo Mastercard — official page
- Neo Mastercard and secured option — official page
- Wealthsimple Visa Infinite+ — official page
- FCAC — How credit cards work
- FCAC — Credit report and score basics
Ieveera SEO is an independent publisher, not a bank or financial advisor; content is for information only and may include paid affiliate links that never affect our rankings — always confirm current rates and terms with the provider. Rates shown in CAD; verify with the issuer.