If you haven’t heard of KOHO, it’s a Canadian reloadable Visa card and app that gives you real-time insights on your spending while helping you reach your financial goals by automating some of your savings. This no fee card even gives you 0.5% cash-back on your purchases which is amazing since most prepaid cards give you nothing for your spending.
Interested in the card? If you use my referral code CASHMONEY20, you’ll get $20 when you activate your card. You’ll get another $40 for a total of $60 in free cash when you set up a direct load to your account. Now before you sign up, you’ll want to keep reading my KOHO review to find out how the card works and if it’s the right fit for you.
- No annual fee
- $20 Activation bonus with CASHMONEY20 referral code
- 0.5% cash-back on all purchases
- Automated savings goals
- Round up each purchase to the nearest $1, $5, or $10
- Real-time spending insights
First off, KOHO is not a credit card, it’s a reloadable Visa card so it can be used wherever Visa is accepted. You won’t improve your credit score by using KOHO, but you’ll only spend money that you have available.
There are a limited amount of benefits that come with this no fee card, but that’s not a bad thing since the idea here is to help you understand your spending. That being said, you’ll earn 0.5% in “power up” cash-back on all purchases you make which is impressive since this isn’t a credit card.
Every purchase you make can be rounded up to the nearest $1, $5, or $10. This microsavings is then applied to your savings goal e.g. concert tickets, a new tv, a vacation etc. The idea is that you won’t notice this small transaction, but they’ll add up pretty quickly. You can set up as many savings goals as you want with an amount and KOHO will estimate how long it’ll take you to reach those goals. It’s basically teaching you delayed gratification.
As mentioned, if you use my referral code CASHMONEY20, you’ll get $20 for free when you activate your card. You can earn an additional $40 if you set up a direct load to your account for a total of $60. That’s free money, so don’t miss out on it!
How KOHO works
With KOHO, you get a physical card that comes with a chip and PIN so your information stays secure. The Peoples Trust Company is partnered with KOHO so know that your funds are being securely held.
To load funds onto your KOHO card, all you need to do is send an e-transfer or link your bank account to your card. Your money will show up and be ready for use shortly after. Since you can only spend what you have, you never need to worry about going into overdraft.
What makes KOHO interesting is that it acts like savings account which tracks your spending. With the app (available on the App Store and GooglePlay), you’ll get instant notifications about your purchases and what categories you’re spending your money on. What’s interesting is that you can create custom spending categories so you know exactly what you’ve spent money on.
You’ll even get tips on spending your spending patterns relative to other KOHO users. For example, you may get a tip saying that coffee at McDonald’s is cheaper than Starbucks or a cable plan will cost you less with Rogers compared to say Bell. Those are just random examples to give you an idea of what kind of tips you’d get.
As you continue to use KOHO, you’ll get data on your spending patterns. It’ll show you your average spending for the day or week is. If the app sees that you’re spending above average, you’ll be alerted which will hopefully encourage you to spend less.
My KOHO review is positive. Although the best travel credit cards in Canada offer a ton of benefits, KOHO is a great no fee, card/app that encourages Canadians to be smarter with their money. You’ll never spend more money than you have and you’ll earn some cash-back rewards in the process. Sign up with my referral code CASHMONEY20 now to get $20 for free!