Budgeting and Saving money has become easier due to the growth of the information that we have been given via the
internet, Learning this skill is very important as it helps you learn how to put your needs before your wants.However
finding a service that helps you spend money and a decent return may not be quite as easy to find the right one,
numerous banking services offer various cash bank incentives on their credit card accounts in order to help you save
more money when you spend.
That being said having to find a way in which you can get great cashback offers without having to worry about going into
debit is a much safer option and this is what makes Koho different from the rest.
In this informative post you will find out more about Koho and how you can maximize your finances with it which, can
definitely help you reach your financial goals when it comes to being more effective with your money.
Note : Please not that this information is not financial advise and that the information is sole based on
Tip : The key to creating a Good Budgeting strategy is to make sure that you separate the things you want from the
things you need its very important.
What is Koho ?
Seeing that the Koho service is fairly new to the scene the best thing for us to do is to know what
exactly it is, so to begin with KOHO is not a banking service even though it allows you to perform various financial
actions like other banks.
However it is just a Visa card service which means that this can be used anywhere in the world there for providing ease
of access and mobility.Getting to use this service is fairly easy which will be shown later but in order to do so you have to
be located in Canada, but might expand as time goes by.
The visa card works well with the Koho application which you can download from the respective app store for your
Does Koho Build Credit & Is it A Credit Card ?
Even though it has got various monetary options it is only a prepaid Visa card which means it cannot be used to build
credit and it cannot be used to repair your credit score, so being a prepaid card it can only be used to load money into it.
Thereby making this card an able for crediting services because it is limited based on the money that you put into it.
What Are the Benefits of Using Koho ?
Even though the first thing that you hear when you see a Koho advert is the great cashback offers that you can get, there
are various kinds of advantages when it comes to using this visa card service.
Here are just some of the advantages that you get when you choose to use it.
Has Great Cashback offers
As this is the most pronounced thing about using this it will be the first benefit that will be discussed, cashback offers are
a percentage of money returned to you after you have spent it on a purchase.This is a very important thing to remember
because Koho allows its customers to round up there purchases to the nearest $1,$5,$10 depending on the option that
you have chosen during the initial set up,this option can be changed later if you want to switch your preference making
this a great option if you’d like to increase your return.
How does This Cashback Process happen.
The money that you get back after your purchases is received as spendable money in the form of a Power up which can
be directly deposited into your balance with just a simple tap, Koho offers upto 0.5% returns on all your purchases that
you have made which can be quite a good amount.In a post on the Koho website it stated that the average Canadian
that has engaged with this service has saved over $400 within the first two weeks of using it, making this even more of a
great selection when it comes to saving money.
One of the most important things in life is to be able to personalize your experience and this is a place where Koho
allows you to do that,Upon signing up you will be able to choose which colour you want your card to be.Which is
definitely a plus because it makes you look even more unique , they offer you a wide range of color combinations which
means there is something for everyone.
In terms of receiving your pay check the moment you get paid, this service has a feature that will enable you to do so
called Payroll direct. In order to set it up all you need to do is simply link your payroll information with your Koho
account which is very quick and simple to do and you’d be all set to go, this can be very convenient if you want to make
sure you save the most out of your money.
Saving Money With Ease
One of the main problems as to why people fail to save money is because some of the services that they might be using
aren’t automated,with this you do get the chance at using a feature that is called savings. The savings feature will help
you save money by deducting a specific amount of money from your account which will then be put towards the goal
that you would like to achieve.
This feature does come in handy when you’re trying to save for that special family vacation or that dream home, another
advantage is that you can now create a joint savings account which even makes setting a certain amount of money
between to people even better. An Example is shown below.
Having the ability to move with your card even when you travel abroad is a huge plus as it makes accessing funds
easy,this is what is offered here as well , this is due to the fact that the card is visa enabled which makes international
transactions easier to do without attracting any additional fees.
Koho Offers Virtual Cards
The ability to protect your information whilst you are shopping online is a must and creating a Koho account comes in
handy, by signing up for this service you not only get a physical card to use but you are given a virtual card as well.This
virtual card has got a different card number than your physical one which makes giving the details of your actual card
irrelevant, this virtual card can be used when shopping online as well as for loading your card with funds if you’ve got
accounts like Paypal e.t.c
With this service you are also able to remotely block your card from being used in case you dropped it ,which might
came in handy because these cards do have the Tap to pay feature.
Disadvantage of Using This Service ?
The major problem that has been faced when it comes to using this service is loading the money into your
account. Although Koho does offer e money transfer by using interac, sometimes the process may become strainous as
you’ll have to use it multiple times for different transfers. However they do offer direct banking transactions but these
may take longer than the e transfer, this is the main problem of using this service.
How to Get Started With Koho ?
The process of signing up for this service is very simple and quick to do , here are some of the steps you might want to
know to get you prepared for the sign up.
You’ll need to log on to the Koho website where you can download the mobile application to your phone or you can just
head over to your respective mobile store, as this is available for both Iphone and android.
After you download it you’ll need to create an account and start to verify your identity, this could be done by sending
them either your current phone bill , bank statement or even your drivers license. When this is completed you will be
able to personalize your card.
You’ll just have to wait for your card to be shipped to you which can take upwards to two weeks depending on your
location, but the good thing is you can still load your funds and use the virtual card that is provided.
That’s how simple getting this card is , However Koho is now offering a premium service which will look at below.
What is Koho Premium ?
Signing up for Koho is free, however it does have a premium version that you can opt for which you can uses as soon as
you start.Here are some of the perks that you can get when using the Premium version.
The premium package allows you to receive free financial advise from withing the application
You are able to load more money into your account and withdraw larger amounts at the ATM when compared to the standard version
Unlike the standard version you get upto 2% cashback on all purchases as compared to the standard version where you get 0.5%
Because this is the premium option you’ll have to pay an extra $84 as an annual fee.
Price checking is only available for premium and this feature allows you to save even more money by allowing you to scan receipts of items you had purchased to see if the prices have changed to give you the best deals
Note : This feature is only available for specific stores you can find out more on there website.
You can use code VIE2QCZW or sign up here to get an extra percentage added to your cashback when ever you
How to maximize Your Koho Earnings
So those are the major things that you need to know about the Koho Visa Card service , but I’d also like to talk about how
you can maximize your cashback opportunities.Here are some of the ways you can increase your potential earnings with
Take Advantage of Powerups
Remember that power ups supercharge your account with spendable money, so its important to make sure that you are
consistently using your card in order to get more from it.For instance if you are going shopping online or buying
groceries at the store, it definitely has to be an essential.This card is also great if you are using it for smaller Items such
as vending machines, that way it becomes even easier for your power ups to accumulate without you even paying
attention to them.
Using Koho Partner Applications
One of the good things about using this service is that it has some merchants that it has partnered with in in order to
give you the opportunity of getting additional returns on your purchases, it has partnered with merchants that provide
different services that and these are companies such as Foodora, Well.ca , Chef plate , Frank and Oak as well as Fresh u
to mention but a few.When you use your card at these stores you will become eligible to get an extra cashback that
ranges from 1.5% to even more than 4% , this is very useful when buying large ticket items and great for nights when
you eat out.
In addition to those tips you might as well try and link your paycheck by using payroll direct feature that was mentioned
earlier on, as this can also increase your return by quite alot.So having said that it is important that you get the most out
of your experience with this service in order for you to enjoy it .
I hope this review about the Koho Visa card was helpful to you and made it easier for you to decide whether or not this
service was the one for you .
Don’t forget to use code VIE2QCZW or sign up here to get an extra percent bonus that will be added to your cashback