Managing your money

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

5 min read

Erik Helin

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.

Free Virtual Healthcare?

This is one we just had to mention at the start. All KOHO Premium members get access to Dialogue, a virtual clinic that allows you to chat with nurses and physicians in real time. You can even refill prescriptions right from your phone through the Dialogue app! It’s just another great value that we bake into KOHO Premium, and one our members rave about.

"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 free KOHO prepaid visa account, you get 0.5% cash back, which we call PowerUps, on all purchases, as well as additional cash back with select vendors. 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 $7 a month. With a regular KOHO account, you get 0.5% cash back, so let’s look at KOHO Premium in perspective, and say you get an additional 1.5% 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 PowerUps 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 PowerUps

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.

Price Matching

There’s no worse feeling than making a large purchase like a television only to see it advertised for a lower price days later. When you upgrade to KOHO Premium, you get our unique Price Match feature available with certain retailers. (Just look for the magnifying glass emoji in your transactions!) Whenever you make a purchase at a Price Match applicable retailer, send us a picture of your receipt and we’ll scan to see if you missed out on any deals. If you did, we’ll either get your card credited automatically or give you instructions on how to get a better price. What’s even better, is our Price Match feature works with dozens of top retailers across Canada, so a good number of those big purchases may very well be covered. It’s another way that KOHO Premium helps you save.

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. (Access to free virtual healthcare? 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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The KOHO Visa* Prepaid card is issued by Peoples Trust Company pursuant to license by Visa Int. *Trademark of Visa Int., used under license. **These services are provided by Service Providers, including Visa, Peoples Trust Company and Galileo Processing. Learn more about your finances with Visa’s Practical Money Skills.