KOHO Financial is a fintech company that aims to empower Canadians to save more, spend less, earn more, make better financial choices, and improve their credit ratings.
KOHO can save you money while allowing you to earn cash back rewards.
The card’s contactless payment system allows you to pay for goods and services on the go by simply placing your card against the item you are purchasing.
Are you looking for information about KOHO Financial? I’ve put together this complete review so you can make an informed decision on whether or not KOHO is right for you.
Key Card Details
- No annual fees
- Unlimited e-transfer
- Cashback earnings
- Reloadable prepaid visa
- No purchase interest rate
- No foreign transaction fee (terms and conditions apply)
- Apply through this secure for a $35 cash back rebate
Koho Financial Benefits
Koho Financial is a popular and well-known online financial service provider in Canada. It provides various financial products and services like prepaid cards, savings accounts, financial coaching, etc.
Koho offers several benefits to its customers, including:
1. No annual fee
Koho is an excellent option for anyone who wants to earn cash rewards on their purchases but doesn’t want to pay an annual membership fee. No signup fee for the KOHO card. Also, there are no account fees, card replacement fees, Interac Electronic Transfer fees, and ATM transaction fees.
2. Cashback on every purchase
Koho is a financial service that allows you to earn cash back on every purchase.
You’ll earn 0.5% cash back on every purchase, including gas, groceries, and more. So, the more you spend, the more cash back you get! For example, if you’re spending $1000 per month, that’s $5 in cash back! If you sign up for KOHO Premium, you can earn up to 2% cash back. Plus, you can earn up to 6% when shopping with KOHO brand partners.
3. Flexibility
With the KOHO prepaid card, you can purchase online or offline, just like a credit card. You can also reload the KOHO prepaid card with KOHO e-transfer. This means you can top up your account balance whenever you want.
Moreover, you will receive a virtual card to use for online purchases, protecting you against fraudulent activities. What’s more? KOHO prepaid cards are accepted in millions of stores worldwide because they are linked to the Visa network.
4. Saving and Budgeting Features
If you want to categorize your spending, KOHO is your best friend. It allows you to set up categories for groceries, entertainment, and more to track the money you spend on each one. This feature can help manage your finances and prevent overspending by setting limits on specific categories, such as groceries or gas costs.
The app also allows you to set up savings goals and track how close you reach them.
What’s more? On your KOHO savings account, you’ll earn 1.20% interest. This is one of the best rates for savings accounts in Canada.
5. Helpful Customer Support
Koho’s customer service team is available 24/7 through phone and email, and they’re very helpful at resolving any questions or issues you might have with your account.
Koho Financial Downside
The main downside of this card is that you can’t use it to build a credit score. Since it’s a prepaid card, you can only spend your own funds.
KOHO Premium
In addition to KOHO’s free service, the company offers a premium service with additional benefits. These benefits include 2% cash back on purchase, no foreign transaction, free financial coaching, etc. For Koho premium, you’ll be charged an annual fee of $84 or $9 per month
In conclusion
KOHO may not be the financial institution with all the bells and whistles. Their services may not be as robust as some of their competitors. And they may not even be close to being the cheapest online fintech out there. But without a doubt, they can help you save a lot in fees with free Interac e-Transfers and more.