Is Koho Good For Saving Money
Budgeting and Saving money has become easier due to the growth of the
information that we have been given via the internet, Learning this skill is very
important as it helps you learn how to put your needs before your wants.
However finding a service that helps you spend money and a decent return may
not be quite as easy to find the right one, numerous banking services offer various
cash bank incentives on their credit card accounts in order to help you save more
money when you spend. That being said having to find a way in which you can
get great cashback offers without having to worry about going into debit is a much
safer option and this is what makes Koho different from the rest.
In this informative post you will find out more about Koho and how you can
maximize your finances with it which, can definitely help you reach your financial
goals when it comes to being more effective with your money.
Note : Please not that this information is not financial advise and that the
information is sole based on Experience.
Tip : The key to creating a Good Budgeting strategy is to make sure that you
separate the things you want from the things you need its very important.
What is Koho ?
Seeing that the Koho service is fairly new to the scene the best thing for us to do
is to know what exactly it is, so to begin with KOHO is not a banking service even
though it allows you to perform various financial actions like other banks.However
it is just a Visa card service which means that this can be used anywhere in the
world there for providing ease of access and mobility.Getting to use this service is
fairly easy which will be shown later but in order to do so you have to be located
in Canada, but might expand as time goes by.
The visa card works well with the Koho application which you can download from
the respective app store for your device.
Does Koho Build Credit & Is it A Credit Card ?
Even though it has got various monetary options it is only a prepaid Visa card
which means it cannot be used to buildcredit and it cannot be used to repair your
credit score, so being a prepaid card it can only be used to load money into
it.Thereby making this card an able for creditingservices because it is limited
based on the money that you put into it.
What Are the Benefits of Using Koho ?
Even though the first thing that you hear when you see a Koho advert is the great
cashback offers that you can get, there are various kinds of advantages when it
comes to using this visa cardservice.Here are just some of the advantages that
you get when you choose to use it.
1. Koho Has Great Cashback offers
As this is the most pronounced thing about using this it will be the first benefit that
will be discussed,cashback offers are a percentage of money returned to you after
you have spent it on a purchase.This is a very important thing to remember
because Koho allows its customers to round up there purchases to the nearest
$1,$5,$10 depending on the option that you have chosen during the initial set
up,this option can be changed later if you want to switch your preference making
this a great option if you’d like to increase your return.
How does This Cashback Process happen ?
The money that you get back after your purchases is received as spendable
money in the form of a power up which can be directly deposited into your
balance with just a simple tap, Koho offers upto 0.5% returns on all your
purchases that you have made which can be quite a good amount.In a post on the
Koho website it stated that the average Canadian that has engaged with this
service has saved over $400 within the first two weeks of using it, making this
even more of a great selection when it comes to saving money.
2. Card Personalization
One of the most important things in life is to be able to personalize your
experience and this is a place where Koho allows you to do that,Upon signing up
you will be able to choose which colour you want your card to be.Which is
definitely a plus because it makes you look even more unique ,they offer you a
wide range of color combinations which means there is something for everyone.
3. Using Direct Deposit
In terms of receiving your pay check the moment you get paid, this service has a
feature that will enable you to do so called Payroll direct. In order to set it up all
you need to do is simply link your payroll information with your Koho account
which is very quick and simple to do and you’d be all set to go, this can be very
convenient if you want to make sure you save the most out of your money.
4. Saving Money With Ease
One of the main problems as to why people fail to save money is because some
of the services that they might be using aren’t automated,with this you do get the
chance at using a feature that is called savings.The savings feature will help you
save money by deducting a specific amount of money from your account which
will then be put towards the goal that you would like to achieve.
This feature does come in handy when you’re trying to save for that special
family vacation or that dream home, another advantage is that you can now
create a joint savings account which even makes setting a certain amount of
money between to people even better. An Example is shown below.
5. Visa Enabled & Worldwide Usage
Having the ability to move with your card even when you travel abroad is a huge
plus as it make accessing funds easy,this is what is offered here as well , this is
due to the fact that the card is visa enabled which makes international
transactions easier to do without attracting any additional fees.
6. koho Offers Virtual Cards
The ability to protect your information whilst you are shopping online is a must and
creating a Koho account comes in handy, by signing up for this service you not
only get a physical card to use but you are given a virtual card as well.
This virtual card has got a different card number than your physical one which
makes giving the details of your actual card irrelevant, this virtual card can be
used when shopping online as well as for loading your card with funds if you’ve
got accounts like Paypal e.t.c With this service you are
also able to remotely block your card from being used in case you dropped it
,which might came in handy because these cards do have the Tap to pay feature.
Disadvantage of Using Koho ?
The major problem that has been faced when it comes to using this service is
loading the money into your account. Although Koho does offer e money transfer
by using interac, sometimes the process may become strainous as you’ll have to
use it multiple times for different transfers.However they do offer direct banking
transactions but these may take longer than the e transfer,this is the main problem
of using this service.
How to Get Started With Koho ?
The process of signing up for this service is very simple and quick to do , here are
some of the steps you might want to know to get you prepared for the sign up.
You’ll need to log on to the Koho website where you can download the mobile
application to your phone or you can just head over to your respective mobile
store, as this is available for both Iphone and android.
After you download it you’ll need to create an account and start to verify your
identity, this could be done by sending them either your current phone bill , bank
statement or even your drivers license. When this is completed you will be able to
personalize your card.
You’ll just have to wait for your card to be shipped to you which can take upwards
to two weeks depending on your location, but the good thing is you can still load
your funds and use the virtual card that is provided. That’s how simple getting this
card is , However Koho is now offering a premium service which will look at below.
What is Koho Premium ?
Signing up for Koho is free, however it does have a premium version that you can
opt for which you can uses as soon as you start.Here are some of the perks that
you can get when using the Premium version.
1) The premium package allows you to receive free financial advise from withing the application
2) You are able to load more money into your account and withdraw larger amounts at the ATM when compared to the standard version
3) Unlike the standard version you get upto 2% cashback on all purchases as compared to the standard version where you get 0.5%
4) Because this is the premium option you’ll have to pay an extra $84 as an annual fee.
5) Price checking is only available for premium and this feature allows you to save even more money by allowing you to scan receipts of items you had purchased to see if the prices have changed to give you the best deals.
Note : This feature is only available for specific stores you can find out more on the Koho website.
You can use code VIE2QCZW or sign up here to get an extra percentage added
to your cashback whenever you purchase items.
How to maximize Your Koho Earnings ?
So those are the major things that you need to know about the Koho Visa Card
service , but I’d also like to talk about how you can maximize your cashback
opportunities.Here are some of the ways you can increase your potential earnings
with this service.
Take Advantage of Powerups
Remember that power ups supercharge your account with spendable money, so
its important to make sure that you are consistently using your card in order to get
more from it.For instance if you are going shopping online or buying groceries at
the store, it definitely has to be an essential.
This card is also great if you are using it for smaller Items such as vending
machines, that way it becomes even easier for your power ups to accumulate
without you even paying attention to them.
Using Koho Partner Applications
One of the good things about using this service is that it has some merchants that
it has partnered within the country and this gives you the opportunity of getting
additional returns on your purchases, it has partnered with merchants that provide
different services that and these are companies such as Foodora, Well.ca ,
Chef plate , Frank and Oak as well as Fresh u to mention but a few.
When you use your card at these stores you will become eligible to get an extra
cashback that ranges from 1.5% to even more than 4% , this is very useful when
buying large ticket items and great for nights when you eat out.
In addition to those tips you might as well try and link your paycheck by using
payroll direct feature that was mentioned earlier on, as this can also increase your
return by quite alot.So having said that it is important that you get the most out of
your experience with this service in order for you to enjoy it .
I hope this review about the Koho Visa card was helpful to you and made it easier
for you to decide whether or not this service was the one for you . Don’t forget to
use code VIE2QCZW or sign up here to get an extra percent bonus that will be
added to your cashback which will increase the rate of your return.
Note : When You Use The Link to sign up , I do Recieve A commission please see
Post By Lifestyle'N'stuff
Date : 09 AUG 2020