The free KOHO spending and savings account, which includes a prepaid reloadable Visa card and Apple Pay, Google Pay and Samsung Pay support, recently expanded its Credit Building plan in Saskatchewan, making the offering now available nationwide.
Toronto-based KOHO is a service targeting millennials that don’t want to deal with big banks, but rather have their savings and banking managed through a mobile app. Spending with KOHO offers 0.5% cashback on all purchases, while you also get a dedicated virtual card to use for online shopping. It’s a similar service like STACK.
With KOHO’s Credit Building plan at $7 per month, the company will open a line of credit for you, dedicated to credit building. You just need to make a payment every month and each on-time repayment will build your credit history, with activity sent to a major credit bureau. Credit scores are shown and tracked right within the app. The company says it’s an affordable way to rebuild your credit score.
KOHO’s Credit Building feature launched in February 2021, but wasn’t available in every province at the time.
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