When I click on the "buy" button, it takes me to the Checkout page where I can enter my CC details. Underneath the box for the CC details, there's the details for the actual purchase.
There's the book graphic on the left; there's a "BUY NOW" button on the right; in between, I can see "have a promo code?" - that's where you'd enter the code before you hit the "BUY NOW" button.
Now, I haven't actually bought a book from Kobo yet, so it may well be that your experience is different; for example, perhaps once you've given them your credit card details, that they're missing this step inadvertently. I've forwarded this comment on to my contact at Kobo for comment.
Rachel
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