KOHO Premium includes higher balance limits, price-matching (even after a purchase), no foreign exchange fees, financial coaching within the mobile app and new vertical card design.
The new offering costs $9 per month or $84 annually ($7/month) and spending outside the groceries, transportation and dining out categories earn 0.5% cash back, like the free offering. KOHO says someone spending at least $600 per month would see the upgrade pay for itself through cash back.
“Just like the company itself, Premium is an evolving offering that will continue to provide more value for KOHO users as they adopt it,” shared Daniel Eberhard, Founder and CEO of KOHO, in an issued statement. “We’re constantly adapting our products to fit the lives of Canadians, to add value and help contribute to a more financially balanced future,” he added.
KOHO’s prepaid Visa supports Apple Pay, while the mobile app includes ways for Canadians to save with its RoundUp feature, which rounds your purchases up to the nearest dollar and puts it aside in savings. All management is done through the iOS and Android app.
Right now, KOHO Premium is available with a free 30-day trial, to let customers try out the new 2% cash back feature themselves. The KOHO free version, which includes 0.5% cash back, “will always remain free”, explains the company.
KOHO works like a debit card but is accepted by any merchant that takes Visa. Users can setup joint accounts, easily load money via direct payroll or Interac e-Transfer. KOHO also offers free transfers to other KOHO users, plus the ability to send your own Interac e-transfers to anyone.
Later this summer, KOHO plans to launch new metal cards, with the company noting its waitlist is “already thousands long”. Back in May, KOHO announced $42 million in additional funding and noted growth had reached over 120,000 accounts.
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