My koho review: is Koho Legit for Saving money ?




     Saving money is something that I couldn't get my head around for a while, so i had to find simple ways on

    how I could on my on.With most of the major banking services offering various cashback incentives when

    you use their credit cards really got me thinking, if at all there was a way in which i could save money as

    well as getting great cashback offers without worrying about my credit. I searched the web a couple of

    times and i came across KOHO it is free after all so i decided to give it a try and I've been using it eversince

    then , which is about over 4 months or so.


      In this review I will try to explain how it works as well as the pros and cons I should have known before I

    started using this service.




    Well KOHO is not a banking service but is a visa card service that allows you to save money and track your

    spending, an analogy is you can think of it as a digital piggy bank that gets a small return when you use

    money from it. The tracking of your spending is all done through the KOHO mobile application which also

    gives you access to various other services which will be explained in detail through the course of this post,

    although it is a visa card service you can only register for this if you are located in Canada but it maybe

    available to International users too later on. 




    The answer is yes they are many benefits that come with using this service and one of them is having the ability to personalize

    your card, meaning you can choose from a wide variety of color combinations to suit your style and trust me its worth it because

    the look great and unique.Another benefit is that KOHO offers a 0.5% cashback on all  your purchases, in post it was stated by

    KOHO that the average Canadian that uses this service saves upto $500 within the first  two weeks of using the service .

    In because KOHO allows you to round off your purchases to the nearest $1,$5,$10 depending on  your choice , after each

    purchase you will be able to get a spendable cashback which is referred to as a "power-up" I'll show an  example of this below 



    Another benefit of using the service is that it allows you to deposit your paycheck direcyour KOHO account using a feature known

    as Payroll direct , although this feature is good it may have some complications as i will highlight later on.This service also allows

    for the saving between friends and family members by giving you the ability to create a joint savings account,which makes saving

    for thoses special trips a little bit easier. In addition to that you can use the savings feature that will automate your savings by

    deducting a set amount of money until the entended goal has been reached, this can be seen below for a trip being planned for



    lastly using this service is that you are eligible to use it even when you're travelling to international destinations without attracting

    any additional charges when you use this is mainly due to the fact that it is a visa enabled service.




    Unfortunately the are some limitations with this service but if am being honest they aren't that many but I will mention the

    few.The major issue that i faced was loading my account with money in the sense that you'll have to use interac e transfer

    everytime , which isn't bad because the money is transferred faster but the proccess of loading and reloading your card might

    become troubling.Even though KOHO offers a direct linkage between them and your current banking Institution it may take

    longer for funds to be transferred in this manner, this should be kept in mind when using Payroll direct .




      With the KOHO service you get an option to choose the type of account you would like to have , you have the choice between

    premium and standard which differ in a couple of ways.Although KOHO has no montly fees with the premium package you'll

    have to pay an annual fee of $84. Unlike the standard package,with premium you get the chance to recieve free financial advice

    from within the KOHO mobile  application.

    The premium package also allows you to load more money into your account and has a higher limit of withdrawal when you use

    your card at the ATM. With premium you get upto 2% cashback on all your purchases unlike the standard one where you get

    upto 0.5% cashback I guess this is a good time for my affilate code to chime in  Use code: VIE2QCZW or sign up here to get an

    extra 1% cashback on all your purchases.




       The best way to maximize your potential with KOHO in my opinion is by taking advantage of the various services that KOHO has

    partnered with like Doordash as well as other merchants , when you purchase goods from the named partners you get upto 5%

    cashback on the items you purchase (by using koho).Another way in which you can get more from this service is by using

    the KOHO card as frequently as possible even for smaller purchases, this is because it will enable you to get more of those power

    ups we talked about earlier.Lastly you can also directly deposite your paycheck using Payroll direct which will enable you to get

    an extra % cashback just for that.




       It is pretty simple to sign up for an account all you'll need is a few documents , these will be used to verify your identity. Firstly

    you'll need to log on to the KOHO website and then download the application on to your mobile device, after which you'll be able

    to complete the sign up process from your device its that simple. As mentioned earlier you'll need to provide documents like

    phone bill , Bank statement reference, or you could also use your drivers licence and you'll be all set.


     After you have been approved you can then personalize your card by choosing the color you intend it to be , the downside is

    you'll have to wait 14 days in order for you to recieve it in the mail.The good part is KOHO allows you to load your account prior

    to getting your card which is neat, they also give you a virtual card that you can use to make purchases online.I found this handy

    because i didn't have to enter my physical card details when making purchases from the web.


     The virtual card is linked to your account but has got a different card number which further increases the safety online, below I'll

    show you what the two cards look like.


    Jessica Moorhouse is a youtuber that explains more about how she uses KOHO daily to get cashback offers,watch her short but

    descriptive video below.


    here's a link to her channel for more about personal finance:https://www.youtube.com/channel/UCPYnO91qekBWZExXRUtq2Qw




    In conclusion I honestly think that KOHO is a really good way to go if you want to save money and get more cashback returns on

    your purchases,although it does have some downsides to it they are very minimal. That being said there are also plenty of ways

    in which you could maximize your cashbacks like using Payroll direct as well as by trying to complete as many KOHO offers as

    possible and much more,saving money with this service is also easier because of the savings feature found in the mobile app that

    automatically saves a small amount of money from your account which will go towards a goal which you have set. I'd recommend

    you go for the standard card it is free after all then try to upgrade it to the premium when you get a hold of things, the most

    important thing to note is that the application itself is very easy to navigate through and is not complicated at all.

    Don't forget to use the code : VIE2QCZW or sign up here to get an extra 1% cashback on all your purchases

    I hope you liked my KOHO review , please don't forget to share this content if you found it helpful and beneficial.

    learn more about KOHO on their official site here:www.koho.ca


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