Toronto fintech KOHO and its prepaid Visa card—which supports Apple Pay—is set to launch a new cashback bonus program offering up to 12.5%, starting July 15, 2019.
The KOHO prepaid Visa works like a debit card and is accepted at any store that takes Visa. Joint accounts are offered, while funding is easy via Interac e-Transfers, while transfers are free to any KOHO user.
KOHO explains, “Starting the week of July 15th, you can build your own cashback program. Earn up to 12.5% in PowerUps when you refer pals and deposit your paycheque into KOHO.”
With a KOHO prepaid Visa, you get 0.5% cashback on all your purchases. But if you link your payroll direct deposit as a funding source, you get an added 0.5%. For every referral you add, you’ll get 1% extra, for up to 10 friends. This adds up to 11% cash back.
For the company’s new annual plan, which costs $84 per year, it offers 2% cashback on categories eating and drinking, transportation, and groceries, with other categories at 0.5%. Purchases on the free plan are at 0.5%. With a payroll deposit and maxed out referrals, you’ll earn 12.5% cashback.
KOHO says “For each friend you refer, you’ll each earn an extra 1% in PowerUps for 90 days (instead of a one-time $20) when they make their first purchase,” beginning July 15, 2019.
Check out the image below:
KOHO has iOS and Android apps to manage your prepaid Visa account. The iOS app was updated this week to let users verify their identities by taking a picture of their driver’s license, making the sign up process much easier and faster than before.
Back in May, KOHO received a $42 million funding round, while noting growth had surpassed 120,000 accounts.
Click here to sign up for KOHO and get $20 free after your first purchase.
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