What Is KOHO Premium? (2024) – Personal Finance Freedom

Quality Premium services are oftentimes hard to come by. You could pay a lot of money and not get services to your satisfaction. KOHO premium helps Canadians save on bank charges. They do this by providing a reloadable Visa card and app at a charge of only $84 annually. As a premium of the KOHO Visa card, it also provides numerous VIP perks.

You can save a lot of money with KOHO services. Paying an extra charge of only $7 or $9 monthly adds up after much calculation of how KOHO helps you manage your budget. The free KOHO prepaid visa account provides a 0.5% cashback called a PowerUp. They also provide additional discounts with some other vendors.

You receive PowerUp benefits by being KOHO Visa card users. Your PowerUps are added automatically when they make purchases with participating vendors. However, they are added within a day or 2. You can only receive them when you make purchases at the store, through the website or app. You cannot receive them through Rituals or on-demand deliveries.

When you upgrade to the KOHO premium, a 2% cashback is received on grocery, transportation, and restaurant purchases. Other features are also offered. Paying for the KOHO Premium monthly costs $9 every month. This means you pay an additional $24 compared to what you pay for the monthly plan.

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What Are The KOHO Premium features?

In addition to what you get with a regular KOHO account, the KOHO premium gives you:

1. No foreign exchange transaction fee

Payments with other cards usually charge between 2.5% to 3% in other denominations. However, using the KOHO Premium warrants no charge.

Using the KOHO card warrants a 1.5% charge. This provides a difference of 1%. This difference also serves as a benefit for individuals who make many transactions with foreign currencies.

When you move to the premium, the charge is completely waived. They also help you save by including one free ATM withdrawal every month.

2. 2% cashback

The KOHO Premium Visa card provides a 2% cashback on specific services. These services include transportation, restaurants, and grocery shopping. By patronizing their partner vendors you also get a Powerup.

Grocery shopping includes both large and small retail outlets. Restaurants include bars, fast foods, coffee shops, and also food delivery services. Transportation includes Lyft, Uber, car rental, public transportation, gas, and other related services.

3. Higher Withdrawal limits

By using the KOHO Premium you also have a daily withdrawal limit of up to $800. Unlike the regular KOHO card where your daily withdrawal is $400.

By using the KOHO Premium card, you can also keep a balance of up to $40,000.

4. Free financial coaching

Your financial growth and understanding is important to KOHO. This is why an upgrade to the Premium plan also provides unlimited access to free coaching.

By using their in-app chat and including the #coach option, you get replies to your questions from Accredited Financial Advisors. Financial management is important to KOHO.

A client might require advice on budget management, debt and investment, and other issues. KOHO financial advisors are always available.

5. Price matching

KOHO Premium makes it easy for their clients to get the best value for their money. You receive an update on the prices of products to avoid being outsold.

After making a purchase from a Price Match applicable retailer, you can send a picture of your receipt. Your receipt is scanned and if the price is not cheaper than other retailers, your card will be credited automatically.

After this, instructions will be sent on how to get a better offer. The Price Match feature also helps you save on big purchases.

Other KOHO Premium Features

1. Access your government payments early:

By using any of the KOHO cards, you gain access to $100 of your government payments earlier than others.

2. Safekeeping of funds:

KOHO provides you with a virtual card that can be used for online payments. Federally regulated institutions are responsible for holding funds. They also offer friendly support available at any time and an option to lock the card whenever you want.

3. No hidden charges

By using KOHO regular and Premium cards, you can be sure of no extra hidden charges. There are no extra monthly fees, transaction charges, e-transfer fees, and also NSF fees.

4. Handling core financial transactions

KOHO enables you to shop online, make ATM transactions, pay credit card bills, fund an investment account, pay bills and send free e-transfers. You receive many other services that don’t require financial institutions.

5. Building Credit

You can get this at the price of $7 a month. However, there is a minimum subscription of six months. KOHO provides an easy means to improve your credit scores.

KOHO credit building service provides the tools that are needed to build your credit scores. Tools like the best credit cards, personal loans and a mortgage are provided to help increase your credit scores.

By applying for Credit Building through KOHO, you get a Line of Credit from KOHO. However, depending on how much risk you can take, every month KOHO removes a part of these dedicated funds. They then report it as a repayment to a major credit bureau.

6. Interest-Earning

By holding certain amounts in your KOHO Earn Interest account, you can also gain up to 1.20% on your balance. Your balance can have up to $200,000.

KOHO Partners

These services offered by KOHO not only benefit the users alone. They also provide many benefits for their partners.

KOHO partners are able to gain an increase in online and offline sales, gain new customers, and also build their brand to gain more revenue. Through KOHO’s PowerUp program, they also pay on performance.

Through a partnership with KOHO, partners gain customer loyalty. They also get to understand the needs of customers and gain publicity across Canada.

How does it work?

Partners register with KOHO and offer a cashback to their loyal customers. This cashback is sponsored by the partners.

In return, they also get featured on the KOHO app. This means receiving publicity and more customers across Canada.

KOHO serves as a direct marketing link between stores and customers. This sort of advertising has also proven to produce a lasting customer relationship with stores.

How much does it cost?

The first 30 days of using KOHO Premium is completely free. However, for the next 30 days, it costs $9.

There is an annual plan which costs $84. By paying the annual fee, the monthly charge becomes $7. Therefore you save $24 by paying the annual charge.

Is it suitable for you?

Deciding whether the KOHO Premium Visa card is meant for you is dependent on your daily and annual activities.

The KOHO account also offers amazing benefits at no charge. Deciding to upgrade should be based on the benefits you intend to derive.

For an individual who travels often, the KOHO premium is adequate. Saving 2.5% on foreign currency transactions can cover the monthly fee.

For individuals who spend over $450 monthly on specific services, it would be useful. Services like transportation, restaurants and groceries get a 2% cashback. Spending over $450 on these services can cover the annual charge.

You can also use the KOHO Premium card to build credit scores. However, if this is the only use, then it might be too expensive.

What are the other options?

Before accepting completely that KOHO Premium might be the best option, there are other details to consider. There are similar cards that offer similar benefits at cheaper rates.

1. Wealthsimple Save

Wealthsimple Save is mostly used for high-interest savings. They offer a 0.75% interest rate and no cashback rewards like KOHO.

They have no annual costs and are a great option for savers. However, they do not have a price-matching option.

2. STACK

STACK offers discounts on specific services. Their benefit over KOHO Premium depends on what stores you frequently shop at.

You receive discounts offered at stores like Walmart, Keurig, Frank and Oaks and Chef’s Plate. However, these discounts are worth between $5 to %10 monthly. The total discount in a year could be between $65 to $120.

3. KOHO Standard

Deciding to upgrade to the KOHO Premium should be based on specific reasons. The KOHO Visa has no annual charges and offers most of the services offered by the KOHO Premium.

They offer a 0.5% cashback on all purchases. Unlike the 2% offered by the KOHO Premium on grocery, restaurants, and transportation.

KOHO Premium is suitable if you spend over $466 on groceries every month. However, if you spend less than that, then you would be at a loss.

KOHO Visa has a foreign transaction fee of 1.5%. It also has an interest deposit of 1.20%.

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Conclusion

KOHO Premium has some of the best features among other options. However, unlike the others, it has a monthly fee.

By paying $9 per month or $84 per year you can access their many features. However, these features are only necessary if you spend over a certain amount monthly. If you spend below that, the monthly fee is a waste.

Your spending habits should determine your decision to get this card or not. Please let me know your thoughts and comments below. Thanks for reading!

What Is KOHO Premium?