About KOHO 📖
KOHO is a Canadian, no fee, reloadable Visa card with an associated app which allows you to keep track on your spending. Simply load money onto the KOHO Visa card and you are then able to use it just like any other debit or credit card. As it is a prepaid card, it helpfully means that you cannot go overdrawn and spend money that you do not have. KOHO is partnered with The Peoples Trust Company bank which means that your money is secure.
What Is KOHO and How Does It Work? 👨🏫
KOHO helps to control both your outgoings and your savings. It essentially works as a bank account which helps you to keep better track of your spending. You are able to load money onto the card in a number of different ways. You can do this by either depositing money from your latest paycheck directly, setting up an e-transfer, and soon you will be able to link your KOHO card to a bank account to transfer cash. To load money onto a KOHO card is easy, and your money can be transferred and will be ready to use almost instantly.
Your KOHO card once you are ready to use it can then be linked to the dedicated app. This helps you to track your spending efficiently, along with giving you cash-back and enabling you to set a savings goal. You will also have a virtual KOHO card through the app with allows you to gain access to your money completely online. This is a great option for making most of your online purchases or for easily paying recurring bills. A KOHO account is free to use with no associated fees unless you sign up to premium and comes with free cash back and extra perks.
The KOHO App 📱
An interesting feature of KOHO is that it operates in the same way as a savings account as it can track your spending in real time. There is an app which can be downloaded from the App Store and Google Play. The app will give you instant notifications on all your purchases and you can personalize spending categories helping you to manage your money. The app helpfully also gives you advice on where you can find deals and discounts. KOHO tracks your average spending across the week and alerts you if you are spending more than usual.
KOHO Safety and Security 🔒
Being partnered with Peoples Trust and Visa KOHO offers a protected way of managing your money. KOHO gives you a card with a chip and PIN facility so your information stays secure. If the worst should ever happen, you would be eligible to claim your money back from the Peoples Trust bank.
KOHO Key Features ⚙️
Cashback
The biggest bonus of using KOHO is that you get to earn cash-back when you spend. You can earn 0.5% cash-back every time you use it and earn extra cash-back at specific retailers on the app.
RoundUps
KOHO has an optional RoundUps facility which, allows you to ‘round up’ your spending to the nearest $1, $2, $5, or $10, which it will then save for you.
Savings App
In the app, you are able to set savings goals and every week save money towards your goal. It helps you to be in full control.
Does KOHO Affect My Credit Score?
No, KOHO does not affect credit score in any way. KOHO reports your spending and saving habits to Equifax Canada under a separate entity that doesn’t include any of your personal information. The only reporting agency they use is Equifax Canada, which means your credit report will always contain the same exact information no matter which financial institution you choose to bank with. For this reason, it is a great idea to check out what is on your credit report so that you are aware of how good or poor your current standing is. You can easily do this by purchasing a copy of your credit report for around $20 from one of the three major Canadian credit agencies: TransUnion Canada, Equifax Canada and Experian Canada.
How KOHO Compares To Others… Why Go With KOHO?
KOHO is a unique and innovative financial service that offers users access to some of the best features available in the market today. Unlike traditional banks, KOHO ensures that customers get more value out of every dollar they spend by connecting them directly to their money through real-time insights and analytics. Some of the key benefits of using KOHO include:
- Instant notifications and alerts for all transactions, so users always know where their money is going.
- Zero fees on all ATM withdrawals, no minimum balance requirements, and easy deposits without any hassles.
- Powerful budgeting tools and spending insights to help manage your finances more effectively.
- Advanced payment solutions, including intuitive P2P.
Can I get a KOHO card?
There is no definitive answer to this question, as it depends on a variety of factors such as your personal finances, credit history, and other factors that may influence whether or not you are eligible for a KOHO card. That said, there are some steps you can take to improve your chances of getting approved for a KOHO card, such as maintaining good credit and managing your finances responsibly. Additionally, you may want to speak with customer support or reach out to other users who have successfully obtained a KOHO card in order to get additional tips and advice on how to maximize your eligibility. Ultimately, the best way to find out if you are eligible for a KOHO card is to apply and see if you get approved
What Is The KOHO Premium Cost?
In order to get started with a premium KOHO account, you will need to pay an initial fee that can range anywhere from $5 to $15 per month. This amount typically includes unlimited transactions and access to all of the features that come with a KOHO account. Ultimately, the amount that you will pay will depend on how much money you want to transfer into your funds each month as well as what type of perks and bonuses you want access to. To start off with a small monthly fee, however, is generally recommended as it allows you more time to become familiarized with the account before committing fully to it.
Signing Up For KOHO… How Do I Get An Account?
How to sign up for a KOHO account
- To sign up for a KOHO account, go to the official website and click on the “Sign Up” button in the top right corner of your screen.
- You will then be asked to provide some basic information about yourself, including your name, email address, date of birth, and phone number.
- Finally, choose a password and security question to complete your registration. Once you’ve finished these steps, you’ll be asked to complete identity verification. If successful your account will be accepted and then you are ready to start using your KOHO account and enjoy all of its benefits!
KOHO Early Payroll 💸
KOHO Early Payroll is a new innovative feature that offers help and support to Canadians who experience cash shortages in-between pay checks, get by with everyday spending. This feature is extremely handy in months where customers may be hit by unplanned spending such as home emergencies, travel emergencies and a whole host of other bills that can spring up unplanned. KOHO Early Payroll is expected to be available to all Canadian customers from July 27th 2020. To find out more and sign up, click here.
Advantages of KOHO 👍
- No annual fee to pay
- 2% cash back with the premium account on travel, entertainment and food & drink.
- Save money on credit card and banking fees. KOHO lets you transfer money, pay your bills, and get money out of an ATM all for free. You can save on paying interest on your card if you fail to pay your balance on time as the KOHO card is not a credit card. So, there is no worrying about your balance and amassing big interest charges.
- You can make use of your KOHO Visa card when you travel around the world. KOHO only charges a fee of 1.5% on international transactions. This is low in comparison to many banks and credit cards which typically charge a 3% fee for international purchases.
- It is possible to have either a personal or joint account which makes this a good card for couples who thinking about starting to share their savings.
Disadvantages of KOHO 👎
- There is only a small amount of flexibility. Depending on your banking requirements you might still need to have a traditional bank account. That means that you would then still have to pay any banking fees.
- It is not possible to improve your credit score when you use your KOHO card, as you can only spend your own money which you have made available for yourself.
- There are some small foreign transaction fees when used overseas.
Conclusion 💭
Overall KOHO is a useful no fee card with a handy app that encourages you to save and keep track of your spending. It will be impossible to spend more money than you actually have so you can avoid any costly fees, and when you use it you will be earning cash-back rewards as you go.
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