Household debt is a concern for many Canadians, so we built Moka 360 to help.
The debt tool that come with Moka 360 helps you repay credit card debt by setting up an additional weekly deposit to pay down your debt faster and save you money on interest payments.
Here’s how it works:
First, click on the 360 icon in your app;
Click on "Pay off debt faster and smarter" and then "Find my credit cards";
Verify the credit card debt you would like to pay off (You can add missing cards by clicking "+ Add a credit card");
Friendly tip: we recommend paying off the debt with the highest interest rate first;
Use the slider at the bottom of your screen to explore different contribution amounts and choose a payment plan that works for you;
You can also configure weekly roundings (if you wish);
Review your plan and savings, and then activate it!
We can't wait to help you get debt-free 😄
Please note: You should continue making the minimum payments on your statements, too.