Aug 18 · 6 min read

Saving money by spending it is something that i couldn’t really get my head around, with most of the major banking services offering cashback incentives when you use their credit cards really got me thinking. If there was a way in which i could save money as well as getting great cashback offers without worrying about my credit, so i searched the web for a while and i came across KOHO which I’ve been using for a couple of months. With that being said this is my detailed review of KOHO were I try to explain how it works as well as its pros and cons .

Firstly I’ll start by explaining what KOHO is seeing that it is fairly new , well KOHO is not a banking service but it is a pre paid visa card service that allows you to save money and track your spending I’d like to think of KOHO as a digital piggy bank.The tracking of your spending is all done through the KOHO mobile application which also gives you access to various other services that will be explained as we go , although KOHO is a visa card service you will only be able to register if you are located in Canada but it may be available too international users too.


Well the answer is yes they are many benefits of using this service and the first one is you can personalize your card, meaning you can choose from a wide variety of color combinations from KOHO to suit your style and trust me you’ll like the combinations for sure.Another benefit is that KOHO offers up to 0.5 % cashback on all your purchases on average KOHO stated that within two weeks of using KOHO the average Canadian saves up to $500 on purchases which is amazing,in addition to this you will be able to gain quick power ups. I know you’re wondering what a are well let me explain, because KOHO allows you to round of your purchase to the nearest $1,$5,$10 depending on your option of choice the cashback that you will receive from your purchases will be used to power up your account with spendable money. Like for example below you’ll see a power up I received after i made a small purchase .

Another benefit of using KOHO is that you can directly deposit your paycheck from your employer directly into your KOHO account by using a feature called Payroll direct but this may have some complications as I will highlight later on,an important benefit is that KOHO has made saving between couples and friends easier by creating joint accounts which makes saving for those special events even easier. In addition you can use the savings feature that will automate your saving by automatically deducting a set amount until the goal is reached as I have shown below .

Another perk with using this service is that you are eligible to use it even when you travel to international countries without attracting any additional charges due to the fact that it is visa enabled.

To be honest with KOHO they aren’t alot of limitations that i have faced but i will mention that the major one is the issue of loading the account, so when loading money onto your account you’ll have to use interac e transfer every time which isn’t that bad because the money is transferred faster but the process of loading it might become rather an pleasant.Although KOHO has offered linking your account directly to your banking account it will may take a longer period of time for funds to be transferred,have this in mind when using payroll direct. Apart from that I experienced no other issues.

With the KOHO service you have the choice of either going for the premium service or the standard service which differ in a couple of ways .

  • Although KOHO has no monthly fees because it is not a banking service with the premium package you pay an annual fee of $84.
  • Unlike the standard package the premium package also allows you to get financial advice for free from within the KOHO application
  • The premium package also allows you to hold load more money into your account and has a higher limit of withdrawal when you use your card at the ATM.
  • the premium gives you up to 2% cashback on all purchases unlike the standard card that gives you 0.5% cashback


Well in order to maximize your cashback KOHO has partnered with various services like Doordash,foodora and various other merchants to give you up to 5% cashback on purchases when purchase using KOHO , other ways to maximize your savings is to link your pay check deposit using Payroll direct which will enable you to get up to 1% cashback just for that .

It is pretty simple to sign up for an account with KOHO, if you’d like to get started all you need to do is log on to the KOHO website and download the mobile application onto your mobile device. After which you’ll be able to complete your sign up process from there and trust you will not believe how simple the process really is , all you need is a bit of your personal documents for verification of your identity like any of your Bank statements, phone bill or even your drivers licence and you’ll be all set . After you have been approved you can personalize your card by choosing the color you intend it to be but you’ll have to wait for your physical card which takes less than 14 days to be mailed to you , the good thing is KOHO still enables you to load your account and use a virtual card if at all you want to make any online purchases. I found this handy because with this feature i feel much safer when purchasing items from the web because i don’t need to uses my physical card.

The virtual card is linked to your account but has got different card number which further increases its safety when purchasing from online merchants


All in all KOHO is a great way in which you can save money , especially if you like to maximize your savings by getting great cashback offers.Although KOHO is not a bank (which means zero fees) the app does contain great features that help boost your savings in order for you reach the level you deserve,it does have some downsides but they are very minimal. With that being said I’d strongly recommend you go for the standard card it is free after all then upgrade to the premium version .

I hope you liked my detailed review of KOHO as much as i did please don’t forget to share this content if you found it helpful .

~ LifeStyle’n’stuff ~

Originally published at http://www.lifestylenstuff.com.


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The lifestylenstuff blog is all about promoting a healthier lifestyle I share all aspects about health & wellness more stories @lifestylenstuff.com

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