If you’d like to make some extra money, there are now many rewards-based financial platforms that give you cash rewards for helping them grow their customer base. Some of the best refer-a-friend programs in Canada include companies you know like Wealthsimple and KOHO.
These platforms let you to make extra money by successfully referring new clients to their app or website. These referral programsl or refer-a-friend programs, rely on your social network to add new clients.
All you need is your own account with the platform, a referral code, and your friends and family’s email addresses. Here is how KOHO’s referral program works.
But First, Who is KOHO?
KOHO is a free spending and savings account that’s available to all Canadians. When you sign up, you get a special KOHO prepaid Mastercard (formerly Visa) and mobile app that you can use to budget, save and earn up to 6% cash back on eligible purchases.
Since KOHO partnered with Mastercard, reaches coast to coast, and is backed real investors like:
- Drive Capital
- TTV Capital
KOHO Refer a Friend Program Overview
Here’s a quick overview of the KOHO referral program so you can compare it to others:
|How much can you get?||$20 for both users and friends. Up to $1,000 for 50 successful referrals|
|How many people can you refer?||Up to 50|
|How will you receive the cash?||Direct deposit to KOHO account|
|How can you refer a friend?||Find your referral code|
Ensure that your friend has a KOHO account
Ensure they make their first purchase (minimum $20) within 30 days of creating their account
KOHO Refer A Friend Lets You Invite Up To 50 People
The Refer a Friend program is a perk you’re entitled to as a KOHO client. Basically, if you get someone to sign up for their own KOHO account and spend $20 within 30 days, both of you will earn $20.
You can do whatever you want with the money. You can withdraw it, spend it on something you want, or manage your debt.
The maximum number of people you can refer is 50, for a maximum of $1,000 in bonus cash. When a friend signs up, they permanently hold one of your referral slots.
How To Refer a Friend On KOHO
The KOHO Refer a Friend program is simple. All you have to do is:
- Log into the KOHO app and find your valid “referral code”
- Get your friend to create and verify a new KOHO account using that code
- Make sure they spend at least $20 on their KOHO Mastercard within 30 days
What If You Don’t Receive Your Referral Bonus?
What if you’re still waiting for your $20 referral bonus? It could be because your friend hasn’t signed up for their account or spent at least $20 on their Mastercard within 30 days of it yet.
In that case, they can easily create an account online, in-app, or in-person at a branch of the Peoples Trust credit union (since KOHO has no physical branches).
Once your friend uses your referral code and makes an eligible purchase with their card, both of you will receive a $20 bonus to your KOHO account within 24 hours.
What Does KOHO Offer?
Furthermore, once you successfully refer a friend to KOHO, they’ll have access to an all-inclusive spending and savings account, with a reloadable Mastercard that’s accepted at over 24 million locations, across 210 countries. Other appealing features of KOHO include:
Earn Cash Back
KOHO gives users 1% – 6% cash back on select purchases. Clients who sign up for the KOHO Easy (free) account will earn 1% cash back on eligible groceries, bills and services. Rates for higher-tier KOHO accounts are:
- KOHO Essential
- 1% on the above items, plus eligible Food & Drink
- 0.25% on every purchase
- KOHO Extra
- 2% on the above items, plus eligible Food & Drink
- 0.5% on every purchase
- 6% on Booking.com purchases
- KOHO Everything
- Same rates as the KOHO Extra
Your friend will also be able to build interest on the entire balance they keep in their KOHO account, including their Spendables, RoundUps, and Savings Goals. Rates currently vary from 0.5% to 4%, depending on the account:
- 0.5% for KOHO Easy
- 1.5% for KOHO Essential
- 2% for KOHO Extra
- 4% for KOHO Everything
Optional Credit Building Service
KOHO’s credit building program offers 3 interest-free ways for someone to grow or fix their credit history in Canada. There are no deposits, credit checks, or applications required.
Basically, your friend just has to make responsible payments using their money or one of these solutions:
- Regular Credit Building with a KOHO line of credit
- Flexible Credit Building with a secured line of credit
- Supercharge their credit history with both products
There Are No Fees (Unless You Upgrade)
One of the best things about KOHO is that their Easy account is free, except for a $1.00 monthly inactivity fee and a 1.5% foreign exchange fee on non-Canadian transactions. Their other accounts cost:
- KOHO Essential = $4 a month ($48 a year)
- KOHO Extra = $9 a month ($84 a year)
KOHO Everything = $19 a month ($177 a year)
Is KOHO Safe?
Yes. KOHO was established in 2017 and is partnered with some of Canada’s largest financial institutions, including Mastercard. Plus, the funds in your KOHO account will be held by the Peoples Trust Company. Since they are a member of the Canada Deposit Insurance Corporation (CDIC), you’ll be protected for up to $100,000 if KOHO goes insolvent.
Want To Earn More Money? Consider KOHO!
So, not only does KOHO offer a free spending and savings account with cash back, they have a Refer a Friend program where you can earn up to $1,000 in bonus cash. Check out their website or visit your local Peoples Trust branch to learn about KOHO accounts, Mastercards, and benefits. For more details about KOHO go to the Loans Canada blog.