If you're willing to put a little effort into a decent $100.00 katana, DTYES has one on sale on Amazon for $96.

I have this exact katana. The blade is decent. It looks good and handles light cutting just fine. The fittings are zinc, I think and the overall construction is pretty good for the price point. Here's a look under the hood.

I will tell you though, this more garish in person than in pictures or videos. About a week after I got this one I spent $15 and ordered a black tsuba to replace the gold one that came on the katana. I think I spent about 30 seconds filing it down to fit. That simple change gives the katana a completely different look. (I'm at work atm, so I can't take a picture of it...)