Reloadable Prepaid Mastercard®, Cashback, Interest Earning, No Fees
FEATURES
All the KOHO account has the following features:
● No Fees: All of the perks are accessible for free and there are no hidden fees or surprise charges (unlimited e-transfer)
● Minimum of 0.5% cashback on every purchase, and up to 6% when shopping with KOHO brand partners
● 1.2% saving interests on the entire account balance (no minimum requirement, no regular deposit requirement.
Users can also opt-in and subscribe to the following features:
Premium Account has all the above features and more ($9/month or $84/year):
● 2% cashback on groceries, eating & drinking, and transportation
● No FX fees and 1 free international ATM withdrawal per month
● Financial coaching - Premium account users can access our financial coach. Our financial coaches are members of Accredited Financial Counsellor.
● Price matching - Premium account users can claim price matches for their purchases. They just need to send the receipt and our team will find deals and match a lower price for our user.
Credit building ($10 a month over 6 months for a total of $60.)
On average, we see the credit building users improve their score by 20 pts over 6 months. Users can also see their credit score being updated in-app on a monthly basis.
Merchant Cash Back: Earn additional cash back with merchant partners.
Other Benefits and Details
● Refer friends to KOHO and earn extra PowerUps. You and the friend you refer each earn 1% extra PowerUps on every purchase for 90 days. You can refer up to 10 friends to KOHO, which means you can earn up to 10% in PowerUps for referring friends
● Receive both a physical and virtual card. For new users, you can start adding funds and shopping online while you wait for your physical card to arrive in the mail. No need to budge from your couch to make online purchases! Just use your virtual card instead of getting up to find your wallet. Plus, it uses a different card number to help protect your physical card number when you’re shopping or booking services online
● Add your KOHO card to Apple, Samsung or Google Pay
● Access your payroll up to 3 days early with the Early Payroll feature
● Automate your savings with Goals and RoundUps. Rounding up every purchase lets you stash away some savings, while Goals make it easier to save for whatever it is that makes you happy
● Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance
● Create custom budgets and track your spending habits. Know where you're at in real time with instant notifications every time you spend.
Fees & Interest
Purchase Interest Rate: $0 - you can only spend your own funds with KOHO
Cash Advance: You are able to withdraw up to $600 of your own funds in cash per day. KOHO does not charge any fees but you may incur a fee from the ATM provider
Balance Transfer: Load your KOHO account via e-transfer, direct deposit, or Mastercard direct load
| Annual Card Fee: | $0 | | Credit Score: | N/A |
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| Extra Card Fee: | N/A | | Purchase Interest Rate: | 0.00% |
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| Minimum Personal Income: | $0 | | Balance Transfer Interest Rate: | 0.00% |
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| Minimum Household Income: | $0 | | Cash Advance Interest Rate: | 0.00% |
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Part 1: KOHO Cashback Value per Canadian Dollar
- Cashback: Directly equivalent to Canadian dollars. 1 Cashback Dollar = $ 1 CAD
- Merchandise or Gift Cards: When redeemed for merchandise or gift cards, the value remains 1 Cashback Dollar = $ 1 CAD
Part 2: KOHO Cashback Value per 100 Canadian Dollars
- Cashback: 100 Cashback Dollars = $ 100 CAD
- Merchandise or Gift Cards: 100 Cashback Dollars = $ 100 CAD in value
Part 3: Summary for Best Value
To get the best value from KOHO Financial's cashback rewards:
- Direct Cashback: The most straightforward and often the best option for maximizing value is to redeem cashback directly to your account or apply it as statement credits, as it maintains a 1:1 value.
- Spend on Essentials: Use the cashback on essential spending like groceries, transportation, or dining where you earn cashback, effectively reducing your out-of-pocket expenses.
- Automatic Savings: Utilize KOHO's features like RoundUps to automatically save your cashback, compounding your savings over time.
- Enhance Rewards with Partners: Check for KOHO's partner offers where you can earn extra cashback or discounts, increasing your overall savings.
Part 4: KOHO Cashback Earned per $ 1000 Spending by Category
- Groceries, Eating, and Drinking: 10 Cashback Dollars per $ 1,000 spent (1% cashback)
- Transportation: 10 Cashback Dollars per $ 1,000 spent (1% cashback)
- All Other Purchases: 5 Cashback Dollars per $ 1,000 spent (0.5% cashback) - Note that this can vary with different KOHO plans like KOHO Extra or Everything which offer higher rates on these categories.
NOTE : The value conversions may not be up to date. Please calculate your own conversion to Canadian dollars to ensure accuracy.
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