In collaboration with KOHO
Thanks to inflation, the price of everything makes your dollar bills feel more like Monopoly money. KOHO is here to help you bust out of inflation jail, pass go, and collect more money in more ways than ever before. KOHO is a financial services company that might just be the only one you need to manage your money on your terms, and get richer in the process.
With KOHO, you get attractive cash back rewards, industry-leading interest on deposits, new travel perks, and the list goes on. Sign up for the KOHO Premium subscription to save and earn even more. Let’s talk about KOHO and how their kickass features can help you crush your personal finance goals, no matter what they are.
KOHO helps you build credit history
For those who want to improve their credit history or build it from scratch, KOHO offers a Credit Building subscription to help move your credit history from zero to hero. There is no credit check required and your approval is guaranteed. That’s almost unheard of among other prepaid card providers. But KOHO isn’t like the other guys.
For $7 a month, KOHO will report your subscription payment to the credit bureaus every month, for 6 months. As long as there is $7 in your spendable account each month, you’ll get the benefit of on-time payments reporting to your credit file. Alternatively, you can pay $42 upfront to cover the 6 month reporting period, and never worry about a monthly balance in your account. At the end of the 6 months, reporting will stop but you have the choice to re-subscribe for another 6 months. You also get monthly in-app credit updates to keep you on track.
Why is the KOHO Credit Building subscription a game-changer? Good credit unlocks lower interest rates and better loan terms. Bad credit does the opposite and kills your wealth. It can even prevent you from getting an apartment, your own cell phone, or even your dream job. You’re human and a few curveballs were tossed your way. It happens. Mishaps don’t define you but they can put your life on hold if you don’t address them.
Unfortunately, there are few options available to rehabilitate your credit when the unexpected happens. Those new to credit or looking for damage control are often subject to a security deposit, crazy-high interest rates, or a buzz-killing co-signer. The Credit Building subscription from KOHO gives you a cost-effective way to start building your credit without sacrificing your dignity; no hard pulls to your credit and no horrendous interest rates.
Is KOHO Premium worth it?
Your current bank account package: what benefits are you getting in return? Do they make you richer? Let me guess, the answers are “none” and “no.”
For the best deal, switch to KOHO Premium and pay $84 for the year upfront. You can opt to pay $9 per month if that’s better for your budget, but you’ll end up paying $108 annually. Now subtract the $84 annual KOHO Premium fee from the $170 in bank account fees the average Canadian pays in a year. You’ll save about $86 just by making the switch. And we haven’t even gotten to the cash back rewards yet.
Almost all your KOHO account transactions are already free. But here’s the extra stuff you get with a KOHO Premium Subscription:
Cash back and price matching
Your KOHO Premium subscription gives you better cash back rates on the most common spending categories. You’ll earn 2% cash back on gas & transportation, groceries, and dining out. When you use your KOHO prepaid card to shop with partner retailers, you’ll earn up to 6% cash back. KOHO Premium also offers a price match guarantee for purchases made with your KOHO prepaid card. Upload your receipt through the app, and KOHO will look to see if that item is being undersold somewhere else. Take that information back to the retailer to get the benefit of their price match policy if there is one.
Less fees, more freedom
Whether you love to travel or buy stuff online you can’t get in Canada, KOHO Premium includes more free transaction perks. There are no foreign transaction fees when you use your KOHO card outside Canada, or when you shop online with foreign merchants. You’ll also get one free international Automated Teller Machine (ATM) withdrawal per month. The KOHO prepaid card is accepted everywhere most credit cards are accepted and can be used to shop online, in-store, and abroad.
Crush your goals faster
Your KOHO Premium subscription will kick your personal finance goals into high gear, no matter what they are. You’ll get access to real-life, in-house KOHO financial coaches for a personalized financial plan to get out of debt, spend less, save more, and grow your wealth.
Pack your bags with KOHO Travel
Travel perks are only for real credit cards, right? Wrong. Introducing the new KOHO Travel feature that offers travel benefits and aggressive cash back for jet setters. Here’s why you should put on real pants and use your KOHO prepaid card to plan your long-awaited getaway through KOHO’s new travel page.
Special cash back rates
Use your KOHO prepaid card to book travel plans and you’ll get even more cash back. Hotel rooms booked through Booking.com will get you up to 6% cash back. Group vacation packages booked on Contiki.com will get you 5% cash back. Safer, cheaper, easier, yes please!
When you have a KOHO Premium account, you won’t be charged pricy conversion fees when you use your KOHO prepaid card abroad. You also get one free international ATM withdrawal a month if you need quick access to cash. Your KOHO prepaid card comes with the standard zero-liability policy offered by most major credit cards to protect you from fraudulent use of your lost, stolen, or skimmed card.
With a prepaid card, fraudsters only have access to the funds you’ve preloaded, not all the money in your private bank account. And they can’t run up a massive credit card bill, drown you in debt, and ruin your credit score either. If something happens to your card, you can lock it from the mobile app and contact support. You can also add your KOHO card to your mobile wallet to use it anytime, anywhere. Your KOHO prepaid card is accepted almost everywhere major credit cards are accepted. It also has built-in budgeting features to prevent overspending, so you don’t blow your budget while on holiday.
KOHO: the way to go for any budget
If you’re not ready to dive right into the KOHO Premium subscription, no worries. You can sign up for free and enjoy standard account features that still put money in your pocket. You can upgrade to the KOHO Premium free trial later, after you’ve fallen in love.
With a standard KOHO account, you’ll get all the same bank account features you’re used to, but almost all of them are free. When you use your KOHO prepaid card, you’ll get 0.5% cash back on every purchase, plus bonus cash back when you shop at KOHO partner retailers. You’ll earn 1.2% interest on all your KOHO deposit accounts when you set up a direct deposit. Other standard KOHO features include in-app budgeting tools, automated savings functions, and early access to your paycheque or qualified government benefits. That means you can get quick cash without a loan, credit check, or ridiculous interest rates.
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About The Author: Heidi Unrau
Heidi Unrau is the senior Finance Journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she got her first bank job as an entry-level teller. She moved up the ranks to Credit Analyst, Loans Officer, and now a Personal Finance Writer. In her spare time, you'll find her hiding in the car listening to Freakonomics podcasts, or binge-watching financial crime documentaries with a pint of Häagen-Dazs. When she's not chasing after her two little boys, she's in the hot tub or arguing with her husband over which cash back card to use for date night. She’s addicted to coffee, crypto, and obsessively checking her credit score on Borrowell.
Fun Fact: Heidi has lived in five different provinces across Canada, loves her free Tangerine bank account, and will never cut back on Starbucks. Like ever.
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