Exploring KOHO: A Credit Card Alternative

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KOHO is a Canadian fintech company offering a mobile based banking service designed to simplify personal finance. It’s a modern financial app paired with a prepaid Mastercard, aiming to provide a full suite of banking services without the usual fees and complications of a regular credit card. KOHO’s mission is to make financial products more accessible, transparent, and rewarding. There are 2 solutions to your needs, one being the virtual card that is received upon sign up, and second being the physical card that you can acquire by verifying your account.

Key Features of KOHO

No Monthly Fees

KOHO does not charge any monthly maintenance fees. This is a significant advantage over traditional credit cards, which often impose various charges for account maintenance and transactions. With the free plan, you can expect to receive 1% cash back on purchases and a 3% interest. There are paid plans where if you pay a monthly fee, you will receive perks such as higher cashback (up to 5% I believe) and a higher interest rate (5% or higher). The paid plans include a $4, $9, and a $19 plan that have better earnings, savings, and credit.

Real-Time Spending Insights

KOHO provides real-time notifications and insights into your spending habits. This helps you keep track of your spending habits.

Savings:

With KOHO, you are able to track your cashback and interest in real-time. This allows for a seamless savings experience allowing you to allocate financial resources accordingly.

Early Payroll Access

Sign up for early payroll access and receive your payroll up to two days earlier than traditional banks. This is a great feature for those who need access to their funds sooner.

Bill Payments and Interac e-Transfers

You can pay bills and send or receive money through Interac e-Transfers directly from your KOHO account. The transfers are quick, easy, and are deposited instantly.

Credit Building

KOHO’s Credit Building feature allows users to improve their credit score with a paid plan. This is beneficial for individuals looking to build or repair their credit history in a controlled and affordable manner.

Security

Security is a top priority for KOHO. They use bank-level encryption to protect your data and offer features such as instant card lock/unlock through the app in case you lose your card.

How to Get Started with KOHO

Download the App

KOHO is available for both iOS and Android. Simply download the app from the App Store or Google Play Store.

Sign Up

The signup process is straightforward. You’ll need to provide some basic information, verify your identity (if you want access to a physical card, you will always have your virtual card), and link a funding source to start using your KOHO account, I find Interac e-Transfer is best.

Order Your Card

After signing up and verifying your account, you can order your KOHO prepaid Visa card. The card generally arrives within 7–10 business days.

Start Using KOHO

Once your card arrives, activate it through the app, and you’re ready to start spending, saving, and managing your finances more efficiently.

Uses:

Daily Spending/Savings: Use your KOHO card for everyday purchases like groceries, dining, and transportation, and earn cashback for your purchases. On top of that, keep a balance and earn interest daily.

Travel: KOHO is excellent for travel, offering competitive foreign exchange rates.

Budgeting: With its real-time insights and spending, KOHO is a powerful tool for anyone looking to maintain a budget and track their expenses accurately.

Building Credit: For those new to credit or looking to rebuild, KOHO’s Credit Building feature is an invaluable resource for improving your credit score over time.

KOHO is a great credit card that offers the tools and support to help you manage your money better. Whether you’re looking to use your credit card for daily spending, cashback, interest, or building credit, KOHO provides a great alternative to traditional credit cards. Give KOHO a try, and experience a smarter way to handle your finances. Use code Z1IDLV7P at sign up and receive $50 with a $50 deposit. I will also receive a small compensation for the referral.