KOHO Premium Card Review

Who is the KOHO premium card for?

KOHO, one of the most popular fintech companies in Canada, offers the KOHO premium card which lets cardholders earn cash back on specific purchases and helps them achieve their financial goals. The KOHO premium card, similar to the KOHO card, is also a prepaid card, meaning that cardholders can only spend the amount they deposit. 

Different from the KOHO card which has an annual fee of $0, the KOHO premium card charges $9 monthly or $84 annually. On the other hand, while the KOHO card charges a foreign transaction fee of 1.5%, the KOHO premium card gets rid of the foreign transaction fee. Therefore, the cardholders are not responsible for paying anything except for the monthly fee. Furthermore, the KOHO premium card offers other new perks such as free access to virtual healthcare and price matching. However, this card is only available in Canada currently. If you are currently in Canada and interested in any of the features, the KOHO premium card could be a great option for you.

Rewards

The KOHO premium card comes with a 2% cash back rate on any transportation, grocery, and restaurant purchase. Compared to the normal KOHO card which has only a 0.5% cash back rate on all purchases, the KOHO premium card has a 1.5% increase in its reward rate. In addition, KOHO also offers a new referral program: if you refer one of your friends to KOHO, you and your friend will both enjoy an extra 1% cash back rate in the first 90 days. This policy directly helps all cardholders to get more rewards from KOHO and increases potential customers.

Perks and Benefits

One interesting perk that the KOHO premium card provides is called price matching feature. Cardholders can send KOHO the receipts from their purchases with the KOHO card. If KOHO scans the receipt and finds a better deal somewhere else, the KOHO premium card will automatically transfer the difference in price to cardholders’ accounts. KOHO has partnerships with many leading companies such as Adidas, Gap, and Disney Store. These partnerships will help KOHO to find all potential better deals and further save cardholders a great amount of money.

The KOHO card also provides real-time insights on your spendings every month. Through the online app, cardholders can have a very clear picture of when and where they spend their money on. Moreover, KOHO offers all cardholder free financial coaching to help them understand their financial positions, give them advice on managing their spendings, and assist them to reach their final saving goals.

Last but not least, the KOHO premium card provides access to virtual healthcare. All cardholders can get immediate suggestions from leading healthcare professionals with their free virtual healthcare membership.

Annual fee

Because the KOHO premium card provides new benefits and a better cash back rate, this card decides to charge all cardholders a monthly fee of $9 or an annual fee of $84. I believe this is a fair price to pay for all the extra benefits. On the other hand, the KOHO premium card removes the foreign transaction fee, which was 1.5% for users with the normal KOHO card. Now, users are able to save more when they make purchases in other currencies. 

Except for the annual fee, cardholders are not responsible for paying any transaction fees, Interac eTransfer fees, or NSF fees. Partnered with Visa, KOHO also allows all cardholders access to the Visa Plus ATM network to let them withdraw cash with the KOHO card. What if you are traveling and can not find the specific Visa Plus ATM? For users with the KOHO premium card, they are able to have one free withdrawal per month with any ATM while they are traveling abroad. In total, the minimal fee required to have the KOHO premium card further helps all cardholders to achieve their financial goal faster.

Conclusion

The KOHO premium card gives better perks and reward rates than the normal KOHO card. Even though it charges a monthly fee, it removes the foreign transaction fee. Cardholders cannot only have a clear picture of their spendings but also receive additional perks such as price matching and access to virtual healthcare, which further saves them money. The only requirement is that the KOHO premium card is only available in Canada. If you are currently in Canada and are interested in KOHO’s perks and benefits, the KOHO premium card will be great for you.