Phones Canada is excited to share the latest updates from Toronto-based fintech company KOHO. Starting on April 20, 2024, KOHO will be implementing some significant changes to its prepaid Mastercard spending account.

Here’s what you need to know:

– The free KOHO Easy plan will no longer be available, with three subscription plans remaining.
– The new entry-level plan, KOHO Essential, will replace KOHO Easy.
– Benefits will be revamped, with Essential users now enjoying a 0% base cashback rate (previously 0.25%).
– Essential users can still earn 1% cash back on groceries, dining, and transportation, along with up to 50% cash back through KOHO’s merchant network.
– The Essential plan costs $4 per month or $48 annually. However, you can get it for free by either depositing $500 monthly into your KOHO account or setting up a Direct Deposit.

It’s important to note that these changes will only affect new users signing up after April 20. Existing KOHO users will remain on their current plans.

KOHO is committed to providing the best service to its customers and is focused on becoming Canada’s leading challenger bank. These updates align with their goal of offering top-notch financial services through their innovative app.

In addition to these changes, KOHO also recently adjusted cashback rates on its Extra plan. Customers can conveniently use mobile wallets like Apple Pay with their KOHO account for both online and in-store purchases.

Stay tuned for more updates from Phones Canada as we continue to keep you informed about the latest developments in the telecommunications industry.