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KOHO offers a spending account with a reloadable prepaid Mastercard. You need to put money into your account, making it similar to a debit account verses a traditional credit card. Yet unlike a debit card, you earn cash back on all your purchases and can use your card wherever Mastercard is accepted (such as online, or worldwide in-store).The Perks
You can get your paycheque deposited directly into your KOHO account, or periodically put money into your account. Since you can’t spend more than what’s in your account, KOHO helps you spend smarter, save more, and avoid credit card interest! The KOHO app helps you manage your money by giving you real-time insights into your spending. There are also savings features that help you to stash away savings without realizing it.
KOHO is a Canadian based Fintech company that provides financial solutions with no hidden fees. They're partnered with MasterCard and Peoples Trust to ensure KOHO's products can be utilised all over the world.
There are a lot of reasons why you should use KOHO. Some examples include:
KOHO is completely free for everyone. Users can register and get their virtual card right away. The KOHO premium membership costs $9 monthly or $82 annually with all the KOHO features in addition to earning 2% instant cashback on three specific categories and 0.5% cashback on everything else. KOHO Premium users also pay no fees on foreign transactions. They can also access financial coaches and price match services.
To get started with KOHO, you need to go to their website and sign up, which takes less than 5 minutes. Joining KOHO will not affect your credit score as they only perform a soft credit check to verify your credit file.
KOHO is partnered with People Trust Company which is a federally regulated financial institution to ensure your funds are safe. They are also partnered with MasterCard's Zero Liability policy to ensure you are protected in case anyone accesses your card or account. Additionally, when you