Are you looking for a way to manage your finances better? If so, we have the perfect solution for you. KOHO cards are a great way to manage your money and track spending.KOHO offers a reloadable prepaid card for free. This free reloadable prepaid card lets you track your spending and control it, just like a credit card.With KOHO, you earn cashback on all your purchases and get instantly updated information on your spending by seeing your purchase details in an instant.KOHO combines a credit card’s convenience and spending power with money management features to help you manage your money better.This article will outline everything you need to know about why the KOHO card is an excellent alternative to other cards on the market.
KOHO Prepaid Visa Overview
KOHO is a prepaid reloadable Visa card that helps Canadians spend more innovative and achieve their goals sooner. It is a Visa card that’s safer and simpler than credit cards, but with all the perks. Whether you’re interested in a Prepaid Visa Card with cashback rewards, or a prepaid Visa card that comes with a free mobile app tracking system, KOHO has the card for you. This is not a credit card or debit card; it’s a reloadable prepaid Visa card. You can track your spending in minutes and receive instant cashback on every purchase. When you pick a KOHO card, you’re not just getting a prepaid card. You’re joining a community of people who are taking control of their finances and living their best lives.Whether you are saving up for a vacation, Christmas gifts or whatever your fancy may dictate, carrying a KOHO card with you as an alternative to your credit card will help you save money every day.With KOHO, you have access to real-time insights and data, plus personalized advice from your finance coaches. Get started today by choosing the card that’s right for you.
How Does the KOHO Prepaid Card work?
It takes just a few minutes to sign up for KOHO. To open an account, you will have to provide an email address and a password. Signing up through a referral code might earn you a bonus.Following that, you will need to provide information about yourself, such as your full name, contact information, and occupation.Your identity must first be verified before you can receive your KOHO card. The process is similar to what you would do at a bank. The entire process takes place online.It won’t take long to receive your card. To begin using the card, you’ll need to add funds to your KOHO account.It’s also recommended that you set up direct deposit to deposit your paychecks onto the card automatically. If you want, you can still use the card without connecting it to your bank account, but then funds would only come from transfers made manually through the app.Once that’s done, you’ll be able to make purchases in person or online with your KOHO card. Using it is similar to using debit or credit.With the KOHO app, you can track your budget and receive automatic categorization of your spending. If it is empty, you have to reload it.
Is the KOHO Prepaid Visa Worth it?
KOHO Prepaid Visa is designed for those with bad or no credit who want to save on every purchase without paying a monthly fee. You can use the cards anywhere in Canada, and unlike most other prepaid cards, it offers an attractive cashback rate like any other credit card.However, the cashback associated with KOHO is tied to your spending, not the amount of money you put on the card.Since it doesn’t depend on your bank account, the KOHO Prepaid Visa is an excellent choice for those who don’t want to carry a balance while building their credit. The fact that you can make purchases online using your card also makes it attractive to those who love the idea of shopping online and want to pay as little as possible.The only disadvantage of Prepaid cards is that they don’t post to your credit report, which doesn’t help your score.
KOHO Credit Cards Types
As mentioned previously, KOHO offers two major credit cards: Prepaid Visa and Premium Prepaid Visa.
Let’s take a look at them one after the other:
1. KOHO Prepaid Visa
This is a reloadable Visa card with 0.5% cashback on all purchases and 1.2% interest on your KOHO balance.
KOHO Prepaid Visa doesn’t charge fees and allows you to lock your account any time and track your spending on the go.
Furthermore, you can also round up your spending with the KOHO Prepaid Visa and access free financial coaching and early payroll.
However, you can upgrade to KOHO Premium Visa to enjoy advanced features and more cashback on your purchases.
2. KOHO Premium Prepaid Visa
This is an advanced prepaid Visa with top-notch features and low fees.
Even though KOHO charges $9 monthly fees (or $84 annually), it offers 2% cashback on eligible purchases. This cashback rate will grow your savings faster than the KOHO Prepaid Visa cashback rate.
However, the KOHO Premium 2% cashback is only applicable to restaurants, groceries, and transportation. 0.5% is the cashback rate of other purchases.
Unlike the Prepaid Visa account, KOHO Premium offers one free international ATM withdrawal monthly and doesn’t charge foreign transaction fees.
3. KOHO Joint
This is a joint account with 0.5% cashback on all purchases. Like the regular Prepaid Visa account, this account doesn’t have monthly fees, helping you save more.
KOHO Joint is ideal if you want to share your expenses or savings goals with your spouse, friend, roommate, or sibling.
That said, when either of you goes shopping, you will receive a notification about your goals.
How Do I Put Money on My KOHO Card?
You can load money on your KOHO card through e-Transfer from your main bank account, an existing Visa Debit, or direct deposit (i.e., a paycheque for your payroll).
The following are the steps on how to load money to your KOHO account through Visa Debit:
- Navigate to the “Add Funds” section on the KOHO app
- Press Visa Debit
- Provide your Visa Debit card details
- Enter the amount you want to transfer
- Press “Add Funds”
How Much Can You Put on a KOHO Prepaid Visa Card?
KOHO has a daily and monthly loading limit. It also has a limit on daily and monthly loading.
The following table highlights the range of maximum account balance of KOHO credit cards:
|Load Amount (Daily)||$20000|
|Load Amount (Monthly)||$40000|
|Number of Loads (Daily)||34|
|Number of Loads (Monthly)||120|
What are KOHO Credit Card Transaction Limits?
The following table highlights KOHO card transaction limits:
|Daily ATM Limit||$600 ($300 per withdrawal)|
|Daily POS Limit||$4000|
|ATM Count Withdrawal||5|
Depending on your spending goals, the above transaction limit may not be enough for you. As a result, you may want to consider the KOHO alternative.
Verdict on KOHO Credit Card
Cutting your expenses and increasing your savings is the fastest route to financial freedom. KOHO helps you achieve just that by automating savings and spending.
In addition to cashback and zero/low fees, KOHO helps you stay on top of your finances by offering the real-time data and financial coaching you need.
With the combination of some debit and credit cards features, KOHO credit cards help you boost your savings and improve your overall finance.
Thus, my KOHO credit card review is positive, and I recommend it to anyone looking to stay on top of their finances in Canada.
KOHO Credit Card FAQs
Where Can I Use My KOHO Card?
You can use your KOHO card at restaurants, car rentals, hotel reservations, and any place that accept Visa.
That said, ensure you select your form of payment as “credit.” You can also have your KOHO card registered as a credit card by the merchant when making a purchase.
How Much Does KOHO Cost?
KOHO charges no monthly or annual fees for its regular premium or a joint account. However, the premium account costs $84 annually or $9 per month. The fee is worth it, considering the 2% cashback you will get on eligible purchases.
Is KOHO a Good Card?
Absolutely. KOHO Visa cards combine some debit and credit cards features to give you the best experience.
Thus, you can earn 0.5% cashback on the regular KOHO card and 2% cash back on the premium card. This is a cost-effective way of cutting your expenses and increasing your savings.
Is KOHO a Credit Card or Debit Card?
KOHO is neither a credit card nor a debit card. Instead, KOHO offers reloadable Prepaid Visa cards that combine some debit and credit cards features to give you the best experience.
Does KOHO Build Credit?
Yes, KOHO builds credit scores through its Credit Building tool. With a monthly subscription of $7, KOHO helps you improve your credit score within 6 months.
All you need is to subscribe to the Credit Building, and KOHO will do the hard job for you by reporting your progress to a credit bureau.
How Long Does it Take to Get a KOHO Card?
KOHO issues credit cards within 10 days of application.
If you have more questions about KOHO credit cards, drop them in the comment section.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
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