Are you looking for Koho credit card reviews? KOHO has only been around for a few years and has quickly become one of the popular fintech companies in Canada.
The concept is simple, Koho is a reloadable MasterCard and app that lets you make better financial decisions.
While there’s no denying that KOHO was great at launch, the company has made some recent changes that make it less appealing.
It’s still one of the best prepaid credit cards in Canada, and you can even get $20 free when you sign up with referral link. However, you’ll want to continue reading my Koho Credit Card Reviews for all the details before signing up.
Table of Contents
What is Koho
KOHO is a free everyday banking account/app designed to empower Canadians with zero-fee banking solutions. Koho is like a checking account with no monthly fees. You load funds into your account, then use your prepaid credit card like you would a debit or credit card.
Plus earn interest on all money loaded onto your KOHO card and get cashback on all your purchases. They also have amazing insights and tools that automatically help you save. Personally I saved over $3,000 in bank fees by switching to KOHO and I haven’t looked back.
KOHO offers a free pre-paid, reloadable card and integrated app that gives real-time insight into your daily spending. This no-fee card by KOHO Easy Edition works like a checking account but with the benefits of a Koho credit card, even giving you cashback on all your purchases.
How KOHO Works
The card is a prepaid MasterCard®, and you use it. It’s easy: Just create an account and add money to your KOHO account via Interac e-transfer from your regular bank account or by setting up automatic payroll deposits.
Then, use your KOHO credit card to shop in person or online. It works just like debit or credit. Use your KOHO Card to order coffee, groceries and pay your monthly bills – wherever Mastercard® is accepted.
Once your transaction is posted in the app, you will get up to 5% cashback.
What Makes KOHO a Good Option?
Before we get to the heart of koho credit card reviews, let’s take a look at why KOHO is the top choice for many Canadians. KOHO’s mission is simple: to help Canadians take control of their finances. They achieve this by giving you access to apps to monitor spending, educational resources, and savings and budgeting tools.
With KOHO you can spend, budget, save, earn cash back, rebuild credit and more. Since it is not a bank, you don’t have to pay high fees or interest to get their products.
Great Credit Card Substitute
Getting a credit card is a rite of passage. But you soon realize that this is a financial trap. According to the Canadian Financial Capability Survey, credit card debt is the second most common type of debt among Canadians.
This is because many credit card issuers charge additional fees for enjoying credit card benefits. If you don’t pay your balance on time, you’ll be charged interest. You may also have to pay an annual fee for your credit card. All these costs add up, and they can leave you in an unstoppable debt cycle.
This is why people are turning to KOHO Prepaid MasterCard It combines the features of debit and credit cards. You spend your own money, which means you don’t have to worry about paying anyone back. Plus, you don’t have to worry about accruing interest on unpaid balances.
Like some credit cards, you’ll earn cashback rewards with the KOHO Prepaid MasterCard. You get these benefits and more at no cost until you opt-in for premium access. But, as you’ll find out in this koho credit card reviews, there are many more benefits to enjoy.
Easy to Use and Convenient
You can use the KOHO prepaid card like a credit card, whether you’re shopping online or in-store. The Koho Prepaid Card is reloadable through Koho e-Transfer. This means that you can top up your account balance at your convenience.
Not only this, you will get a virtual card for online shopping, thereby protecting you from any fraudulent activities. Because the KOHO Prepaid Card works on the MasterCard network, it is accepted at millions of stores. So, you don’t have to worry much about most merchants accepting cards.
Is KOHO safe?
Koho operates in Jedari, a Canadian trust insured by the Canada Deposit Insurance Corporation (CDIC) along with People’s Trust.
The People’s Trust holds the money on behalf of KOHO, meaning KOHO goes out of businessYour money is safe in the unlikely event of an accident.
The Benefits of KOHO
Zero monthly fees: Canadians pay an average of $220 in bank fees per year. GES charges no fees for Koho FourStandard accounts, and Interac e-transfers, bill pay, replacement cards and more are free.
Up to 5% cash-back on purchases: Your traditional bank rarely rewards you when you use your debit card. This means that unless you’re banking with an online-only bank like Tangerine, the idea of earning interest on your checking, or in the case of KOHO, earning cash-back rewards when you spend your “cash” is amazing.
Automatic Savings: The KOHO app ($20 bonus) lets you set savings goals and helps you reach your goals. For example, let’s say you want to save $1,500 for a vacation six months from now; The app will show you how much you need to save on a daily, weekly or monthly basis and debit that amount every day so you can meet your savings goal.
High-interest savings rates up to 2.00%: Earn 0.5%, 1.50% or 2.00% on your entire balance (both savings and spending).
Real-Time Insights: Have you ever wondered where all your money goes at the end of the month? KOHO shows you your spending categories and how much goes into what.
Versatile App: The app makes it easy to complete many transactions that you would normally need your bank for For example, you can easily set up payroll deposits, transfer money to your investment account, automate your bill payments, and more.
Apple Pay: You can use Koho with Apple Pay on your iOS device. Just add KOHO to your Apple Wallet, and you don’t need to bring your physical KOHO card when you shop in stores. Also supports Google Pay and Samsung Pay.
Every time you refer a friend to sign up using your referral link, you both get a $20 bonus. You can refer 50 friends and earn up to $1,000
This begs the question: Is Koho a debit or a credit? So, when checking out at the store, you tell the cashier that you are paying with credit.
There is no doubt that KOHO is legit. While Canada’s best travel credit cards offer plenty of perks, Koho is a great fee-free card/app that encourages Canadians to spend and save in one place. You’ll never spend more than you have to, and you’ll earn some cash-back rewards in the process.
After you provide a little information, KOHO does a soft check on your credit and gives you a balance accordingly. KOHO reports this small amount each month to the credit bureaus as payment history, which helps build a credit history.
You use your KOHO card to make purchases in person or online, just like you would with any old debit or credit card.
Armed with prepaid Mastercard® and mobile app, you’ll be able to budget, spend and save like a pro.
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