KOHO Joint Review

Who is the KOHO Joint card for?

If you and your partner are already part of the KOHO family with the basic KOHO card or are looking for a card to help balance and budget your joint expenses, the KOHO Joint card is definitely something to look at. With $0 in monthly or annual fees and 0.5% cash back on any purchase, the KOHO Joint card is a wise investment for any couple looking to increase their financial literacy.

Only available in Canada, the KOHO card is a prepaid card, meaning you load the card with money beforehand. This allows for easier budgeting as you’re restricted to only however much you load on to the card. With the Joint version of the card, you and your partner will be able to examine each other’s spending habits and keep each other more accountable.

KOHO heavily emphasizes the zero hidden fees you will ever pay when using this card. Since this is a prepaid card, there will never be APR for purchases, cash advances, or balance transfers. 

Rewards

This card’s main feature is the ability to earn 0.5% cash back on all purchases, with 5% extra cash back at select merchants. This is amazing considering the no annual fees or APR. Essentially, you’re receiving free money without any strings attached every time you spend. Although 0.5% may not seem like a lot, with the zero fees, you will never have any expenses eating away at the cash back you earn.

Other Benefits

As the name of the card suggests, the KOHO Joint card is made for two people. The card allows for both partners to easily share finances and savings goals with each other. You also receive an instant notification whenever you or your partner spends.

However, the best feature of this card is the downloadable phone app alongside it. The KOHO app allows card owners to preload money easily, get balance updates after every purchase, view spending insights to stay on track, and get access to free financial coaching.

The app also allows for setting savings goals, which comes in handy when using the Joint card, as it allows for combined savings goals. With the automated savings and RoundUp feature, spare change and extra cash will automatically be stashed away as well.

Technology

The KOHO app also allows for locking the card instantly and friendly support at your fingertips. There is also a separate virtual card for online shopping. With the rise of fintech in the financial services industry, the KOHO app is taking the best fintech ideas out there and implementing them into the app.

No Annual Fee

One of the main selling points of this card, besides the app, is its zero annual fees. The ability to constantly accumulate cash back, all while paying zero dollars in annual fees, is a great bargain. Of course, the credit card has a standard foreign exchange rate of 1.5%, but for all the benefits the card offers in no fees, the foreign fee is barely a dent in the bucket.

With the prepaid component of the card does come one downside, the max you can spend in one transaction is $10,000. This makes extremely large expenses virtually impossible. Although the card and app are great for improving financial literacy, living a normal lifestyle is definitely going to require at least one other credit card on hand.

Conclusion

Overall, the KOHO Joint card is a great option for couples looking to examine their expenses more deeply through the app’s insights and savings plans. However, it is important to keep in mind that the card and app is available in Canada only. If you and your partner reside in Canada and are trying to stay more on top of expenses, the KOHO Joint card is one of the best options out there.