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KOHO Premium: Is it worth it? Let us work it out together

Rounding it up

  • KOHO Premium comes with a whole suite of exclusive services to help manage your money and increase your bottom line, making it well worth the fee.

  • For example, extra cash back! Premium offers 2% cash back on eating & drinking, groceries, and transportation (that’s 1.5% more than a regular KOHO account).

  • That means you’d only have to spend $600 across those three categories to see savings.

  • Other exclusive Premium perks include free financial coaching and zero foreign exchange fees — all designed to maximize your savings.

5 min read

Erik Helin
#KOHO#Premium#cash back

Springing for premium services can be a major barrier for some people to overcome, even if that monthly fee is miniscule in the grand scheme of things. Believe me; I can’t tell you how many of the same repetitive commercials I’ve laboured through because I’m unwilling to chip in an extra $3 a month to upgrade my streaming subscription.

Especially for a financial service like KOHO; what sense does it make to spend money every month for a service designed to help you save money? I know, it kind of feels like a mental Rubik’s Cube. But the reality is, the math adds up. KOHO is built to help you manage your budget, and to spend wisely. KOHO Premium helps maximize your money management through smart cash back incentives. What’s more, the Premium upgrade comes with a whole suite of additional services to help elevate your financial management skills.

"KOHO Premium helps maximize your money management through smart cash back incentives."

Let’s do some math

Before we break down the mathematics that make KOHO Premium a solid investment, it’s important to understand exactly what you get with KOHO Premium.

With a KOHO prepaid Mastercard® Easy account, you get 1% cash back on groceries, bills & services. Upgrading to KOHO Premium, which costs $84 annually or $9 per month, gives you 2% cash back on transportation, grocery, and restaurant purchases, in addition to a host of other bonus features (which we’ll get into a little later on). An annual subscription to KOHO Premium saves a full $24 compared to paying monthly!

So what does that 2% get you? Let’s take a look at the numbers.

By upgrading to KOHO Premium on an annual basis, you’re spending $84 up front, which breaks down to just $9 a month. With an Easy KOHO account, you get 1% cash back, so let’s look at KOHO Premium in perspective, and say you get an additional 1% cash back on purchases in those three main categories. If you spend $467 collectively on groceries, restaurants, and transportation over the course of the month, you’ve already made the investment worth it. Everything you spend beyond that is extra cash back in your pocket.

If you decide to do a KOHO Premium account month to month, you wind up paying $9 each month, which totals $108 per year. Using the same numbers as before, you would only need to spend $600 across those three categories before you begin seeing additional savings.

Customers use KOHO in all kinds of ways, but the purchase categories included in KOHO Premium are some of the big ones. Because first and foremost, KOHO is a way to help manage money and budget smartly. By setting aside a certain amount of guilt-free spending each month for restaurants, groceries, and transportation, you’ve already designated responsible purchases to use KOHO for. Upgrading to KOHO Premium just puts a little extra money back into your hands to reinforce your conscientious budgeting.

"If you spend $467 collectively on groceries, restaurants, and transportation over the course of the month, you’ve already made the investment worth it."

But it's not just about the cash back

As we mentioned before, KOHO Premium is worth the investment not only for the extra cashback rewards you earn through everyday spending, but also for the additional resources made available to you. Let’s take a look at some of those perks.

Free financial coaching

KOHO is committed to responsible financial management, which is one of the reasons KOHO Premium includes unlimited consultation with an Accredited Financial Counsellor. Using the in-app chat and the #coach hashtag, you’re able to get answers to all kinds of questions relating to your finances. Are you interested in investing advice? Are you looking for tips on how to create and manage a budget? Do you need a plan on how to tackle debt? Whatever you’re concerned about, our coaches are here to help you get a handle on your finances, and it’s all included with KOHO Premium.

Financial perks for international travellers

Another one of the ways KOHO Premium helps users save money is by cutting fees when spending abroad. Some credit cards can charge up to 3% in fees on foreign transactions, which can be a real pain in the wallet. A free KOHO account helps cut that rate down to 1.5%, but KOHO Premium goes the extra mile, eliminating those fees entirely. If that wasn’t enough, KOHO Premium also includes one free international ATM withdrawal per month, which can help save you a few extra bucks when you travel.

KOHO Premium: Totally worth it!

There are countless reasons to choose KOHO Premium, including some that we haven’t even talked about. (Higher spending limits? Yes please!) But more than anything, KOHO Premium is built to reward what you’re already doing: spending wisely on everyday purchases. You’re doing your part as a conscientious consumer, so why shouldn’t you see any reward from that?

Upgrading to KOHO Premium is a simple process that can be done with a couple taps in the KOHO app. Upgrade to KOHO Premium for a free 30-day trial, and if you don’t think it’s worth it after that, all you have to do is cancel. But we’re saying it now: it’s definitely worth it.

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