Estimated reading time: 24 minutes
Experience the benefits of KOHO, a Canadian company focused on financial literacy and savings.
Use the KOHO Pre-paid Mastercard to stay on budget and earn cashback on your purchases.
With a KOHO Prepaid Mastercard, unlike a credit card, you can only draw from funds already yours.
This fundamental difference makes KOHO members spend more mindfully and effectively save more.
Koho is connected to a smart budgeting app that simplifies day-to-day finances with spending insights and balance updates after each purchase.
As a result, the average KOHO member saves 7% of whatever money they load into their account.
Reviewing KOHO For Canadians
Recently, I was contacted by KOHO, a Canadian company, to see if I’d be interested in testing their KOHO Pre-paid Mastercard.
Yes, KOHO is 100% a legitimate Canadian company interested in helping Canadians with their financial literacy and savings.
I wanted to learn first-hand since I’m a frugal, living, budgeting blog with readers who may rely on services such as KOHO.
Plus, it’s got a budgeting feature that also piqued my interest for those of you who prefer a budget app.
Savings, Education, and Budgeting With KOHO
What is KOHO?
KOHO is a reloadable Mastercard and budgeting app perfect for Canadians seeking financial literacy and savings.
With KOHO, earn cashback on purchases and stay on budget!
KOHO assists users in budgeting and managing money while earning cashback on their purchases.
Canadians And Their Approach To Debt
Although the Canadian household debt ratio has dropped from 175% to 158% in the second quarter of 2020, this is still high.
This means the average Canadian household owes $1.58 for every dollar of disposable income.
Since COVID-19, Canadians have had a harsh realization of how bad their financial situation can be with limited or decreased income.
This has caused many people not to shop as much, and besides going out, shopping is limited, and not everyone shops online.
As a KOHO user, I want to take you through the process of everything this incredible card has to offer in this exclusive Canadian Budget Binder KOHO review.
Below is my opinion of the product.
Related: 20 Habits Of A Debt Free Family
Is KOHO Free?
Each of the three KOHO plans has different perks; one is being free by completing one of two options. Pretty easy though.
This product is a mobile app that offers financial transparency and financial awareness for the consumer.
Offered in both French and English, the KOHO mobile app provides valuable financial tools and cool features.
What Is KOHO?
For those who have never heard the name KOHO, it’s a fantastic reloadable pre-paid Mastercard.
KOHO is a Fintech company rooted in the belief that better financial solutions exist for all Canadians. We’ve set out to build it for all Canadians, from Tofino to Fogo Island.
A KOHO card is a great way to practice owning a credit card using a budget and only making purchases you plan for.
How Does It Work and How Do You Sign Up For KOHO?
KOHO is free to sign up for with no credit checks.
Users download the app, can complete their signup within 3 minutes or less, and have a physical card mailed the next day.
KOHO offers Canadians a chequing account with a reloadable prepaid Mastercard and a fully integrated app.
The signup process took me about 5 minutes, and I even got to choose which type of KOHO Mastercard I wanted.
Everyday Account
Once you complete the Registration and KYC clearance, funds can be added to their KOHO account.
The KOHO Mastercard is ready to use in person or online once funds have been added.
KOHO acts as an everyday account that assists users as any other bank would without being a bank.
- Set up Direct Deposit and have your paycheque automatically deposited onto KOHO.
- Pay bills using your KOHO account.
- Send e-Transfers
- Load using an existing credit card.
- Connect to PayPal to either send or receive funds.
- Make online purchases using your KOHO card or Virtual Card.
Members can use KOHO for everyday spending and savings- all from one account.
You can earn cash back, earn interest on the entire account balance, and use in-app features to help you manage money like a pro.
Ways KOHO Helps You Save Money
- You can easily fund your investment account using your KOHO account.
- Round to the nearest dollar with RoundUps, which I explain below.
- Spend tracking and category Insights so you know where your money is going.
- Save with our Goals function because financial goals are essential to economic success.
Plans Offered By KOHO
KOHO is a better way to manage your money.
We are your everyday account and money management app, with a Mastercard for spending and many clever savings tools.
KOHO has three plans to choose from:
- Essential, Extra, or Everything.
Each plan offers something different and depends on how you want to use KOHO.
Members can bundle each plan with financial tools like Cover, Credit Build, and Free Credit Score reporting to build their ideal KOHO plan.
Payroll Deposit: Essential
For the KOHO Early Payroll or government benefits feature, you must sign up with KOHO, but if you need cash fast, you’ll want to get involved.
As you’ve read on the blog before, I’m not a fan of payday loans, but I like the Early Payroll feature on KOHO.
Bringing Your Money Home: Transfer $1000 monthly and get Essential for $0 monthly.
Earn as you spend with high cashback rates and 3.5% interest on every dollar.
Messaging: Try Essential for 30 days and keep it free by depositing $1000 monthly to your KOHO account.
Once you sign up, you must set up a direct deposit by filling out a direct deposit form.
Have your employer payroll department or government agency direct all or a portion of your pay to your KOHO account by using the exact info on the direct deposit form.
Direct Deposit can also be referred to as Pre-Authorized Credit (PAC) or Direct Load.
This cash advance system costs the user NOTHING up to 3 days before your paycheque is deposited in your bank account.
There are no ridiculous interest rates or charges for you to pay back like those payday loan centers, which I hope you stay away from.
User Advantage: This Early Payroll system helps Canadians who may be struggling for cash between paychecks to pay bills or everyday needs without worry.
Essential KOHO Perks
- Get this plan for $0 per month when you set up a recurring direct deposit.
- Cashback on categories + up to 50% cashback with our merchant network.
- Access up to $250 with KOHO Cover*
- Grow your credit in up to 3 months with Credit Building for $10/month.
- Your perfect no-fee account with cashback on everything Essentials like groceries and transportation.
- All KOHO plans come with a 30-day trial.
- Earn when you spend cashback on eating and drinking.
- 3.5% interest on your entire account balance.
- Earn a $20 bonus when you sign up for a Koho account and spend $20 within 30 days of registration.
- Access your credit score for free.
Your Essentials, Elevated- Make Every Dollar Count
Unlock the potential of daily financial management with Essential, designed for the savers and the smart spenders.
This plan turns your daily transactions into opportunities for financial growth.
With 3.5% interest and tailored cash back on the necessities, Essential is more than just a plan—it’s your ally in building a stronger financial foundation.
Say goodbye to financial stress with perks that pay off.
No Cost For Essential- Earn Essentials For Free
Unlock Essential for $0: KOHO has introduced a straightforward way for members to enjoy all the benefits of Essential without the monthly fee.
Each member must complete one of these two actions:
Direct Deposit: Set up a recurring direct deposit, like your paycheque or government benefits.
OR
Monthly Contributions: Ensure a total of $1000 or more into your KOHO membership each month via e-transfer and transfers from other accounts count.
Everyday Banking Opportunities
Here’s how members can take control and transform everyday banking into an opportunity for financial progress at no extra cost:
- Direct Deposits: Set up your paycheque or government benefits as a direct deposit into your KOHO Essential membership.
- Try Essential for 30 days and keep it free by setting up a direct deposit.
- Bringing Your Money Home: Transfer $1000 monthly and get Essential for $0 monthly. Earn as you spend with high cashback rates and 3.5% interest on every dollar.
- Try Essential for 30 days and keep it free by depositing $1000 monthly to your KOHO account.
Extra By KOHO Perks
- High cashback on categories our members love + up to 50% cashback with our merchant network.
- All plans come with a 30-day trial.
- 30% off Credit Building products, access to your credit score for free.
- Access up to $250 with KOHO Cover*
- Your perfect tool for daily savings with high cashback on groceries and transport.
- High base cashback rates on all purchases.
- 4% interest on your entire balance.
- There are no foreign exchange fees on any purchases.
- Only $9 monthly or $108 per year.y.
Extra Benefits, Extraordinary Value- Maximize Your Cash Back
- Elevate your spending with the Extra membership.
- Get higher cash-back rates on your daily expenses.
- It’s not just about spending; it’s about earning extra with every swipe.
- Extra links to a world of benefits, connecting the dots between saving and thriving.
Everything KOHO Perks
- High cashback on categories our members love + up to 50% cashback with our merchant network.
- 50% off Credit Building products + free access to your credit score.
- Access up to $250 with KOHO Cover* ● Highest base cashback rates on all purchases.
- Your perfect tool for travel with the highest cashback rates on eating and drinking and no FX fees.
- The highest cashback rates are for daily necessities like groceries and tracking.
- 5% interest on your entire balance.
Unlock Everything – Exceptional Rewards for Everyday Efforts
The Everything membership is where exceptional rewards meet everyday efforts.
With the highest cash-back rates, comprehensive financial tools like Credit Building and Cover, and exclusive perks, this membership anticipates and exceeds your needs.
Embrace the full power of KOHO with a membership built to build your money.
Your Credit Score
Does KOHO affect my credit score?
Well, you’re in luck because KOHO is nothing more than a card you have control over. It does not connect with your credit score.
That also means it will not affect your credit score in any way, shape, or form.
Although keeping a good credit rating is essential, and you should review it yearly, you won’t have to worry about it with KOHO.
Does KOHO Build Credit?
KOHO can also help you build credit, which helps manage your money.
Members can take out a line of credit, repay it on time, and build their credit history.
As a permanent resident who struggled to build credit in Canada, I believe this feature will be valuable for new Canadians.
Free Financial Coaching
Free Financial Coaching is another perk you get with your premium KOHO card, which I adore.
If you need to know something about your budget or why something isn’t working with your money, you have a free coach to ask.
This is like having a financial advisor on your doorstep whenever you need them.
Finance is so important. Otherwise, I wouldn’t be here trying to find the best ways to save money for my family and other Canadians.
With so many different products on the market, it’s essential to find one that fits your lifestyle, and with free coaching, you can’t beat that.
What you do get from the KOHO professionals is advice on some of the most important financial topics.
- Budgeting and saving money
- Tackling debt
- Credit Score information
- Investments
Ask yourself whether your bank offers you the financial assistance you’d get here.
Do you need help with your financial situation, and how far are you willing to go so you can eliminate debt and start saving?
Will I Be Protected With KOHO?
YES!
KOHO is covered under the CDIC through the People’s Trust account, like any other bank.
The money is held in the People’s Trust, which CDIC regulates.
KOHO is partnered with Peoples Trust, a federally regulated, CDIC-insured banking institution.
It’s where all the money in your KOHO account is held—including your spendable, round-ups and savings goals.
KOHO Review Pros and Cons
Like any bank, whether brick-and-mortar or an online bank such as KOHO, there will always be good and bad.
Below, I highlight the pros and cons I found as a KOHO customer so you’ll better understand what you’re signing up for.
Pros Of Signing Up For KOHO
- It is easy to sign up for KOHO.
- You can opt into the payroll or government deposit feature.
- Financial coaching for those who need it
- Opportunity to track and follow
- No ATM fees
- Three Plan Options
- Cash Back
- No NSF Non-Sufficient Funds charges
- E-transfers
- Helps members build credit
Cons Of Using KOHO
- It could be better for travelers if there were more incentives, although you can book hotels, flights, and rental cars.
Overall Thoughts Of The Program
I believe a big market of consumers would benefit from using the KOHO Pre-paid Mastercard, as we do.
I’d consider all of the above, and if you feel like KOHO will work for you, sign up for KOHO. It’s free.
Please Note: Information regarding Koho, Koho Programs, and interest rates may change anytime.
Mr.CBB
Please note that the information in this post can change at any time. Use this as a guideline, and visit KOHO for more info.
