The KOHO debit card is pretty awesome. In this blog post, I break down the best features KOHO has packed into it so you can get the most out of your KOHO experience.
1) It's a debit Card
KOHO is a debit card, but works like a credit card. This is pretty awesome because it allows you to pre-pay and still have the convenience of using a credit card.
2) You earn 2% Cashback
You earn 2% on the x categories and 0.5% on the rest of the categories.
It's smart to avoid potential interest charges by using a credit card, but is' just plain smart to earn cashback on every purchase. The “Big 5” Banks in Canada don't need to offer cashback – but that means that the smaller companies like KOHO, have to be innovative and offer features that Canadians actually like.
3) Earn 1.3% Interest
KOHO has an option to earn 1.3% interest (calculated daily) on the money you have loaded on your card. This allows you to easily save some extra money without doing any work. One caveat is that you need to link a direct deposit account to your KOHO. A workaround is linking a Paypal account to your KOHO. I did this, but never fund the KOHO from my Paypal – simply because I use my Paypal account exclusively for business.
But linking this account activates this feature.
Earn $20 for referring other Canadians.
Yep, you can earn $20 cash for creating your KOHO account. And they pay you $20 every time you refer somebody to KOHO. All you need to do is to fund the account and make a purchase in your first 90 days. Boom! Hello Queen Elizabeth!
4) You can personalize your card
Want to express that lovely personality that you are inside? When you order your KOHO, you get to choose from one of 4 awesome cards that showcase your personality. Yes, who wants to use a boring TD Card? Life should be lived with flair, don't you think?
Which one will you choose?
5) Round Ups
Moka pioneered the concept of Round-Ups and I love it! With KOHO, you can pick an amount to round up to the next dollar, $2 dollars, $5 dollars or $10 dollars for every purchase – and KOHO takes it out of your spending account and puts it in your savings account.
I love this method as a way of easily saving – without noticing it. I have this activated on my account. You can also cash out easily in one-click over to your spending account.
6) Lightning Fast e-Transfers
KOHO e-transfers are instantaneous. At least from RBC they are and I'm not being hyperbolic. It's literally instant – as soon as I send an e-transfer to my KOHO, I get a notification on my iPhone that it's already on my card and ready to spend.
This is different from the MOGO card, which I have used also – and the difference is you can fund your card in a checkout line with the KOHO. As fast as using a debit card, but with the added perks of real cashback.
7) No Foreign Transaction fees
If you have KOHO Premium, KOHO does not charge any FX fees, which typically are 2.5-3.5% on top of the bank making even more money on the FX conversion. You skip that with KOHO, so it's essential to use when travelling – this will save you so much money.
Hey, I'm Andrew. I moved to Lisbon, Portugal from Canada. Follow my journey here.
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