Credit Karma, the consumer technology platform with more than 100 million members in the U.S., Canada and U.K. will launch a checking account to U.S. members as part of the new Credit Karma Money™, a single destination within Credit Karma to access their Checking and Savings. Credit Karma Money is built for the everyday consumer to organize finances, create better financial habits and get access to money faster. With this product line, the company continues to deliver on its vision to build a full-scale financial platform to help members improve credit, pay off debt and build wealth all within the app they already use and trust.
When Money Checking1 launches this year, it will be available only to those members who hold a Credit Karma Savings account2. Checking will launch more widely in early 2021 with offerings being added throughout the year.
WHY CREDIT KARMA MONEY MATTERS
Free of hidden fees, the goal of Money is to allow members to take small steps towards their financial progress goals by enabling them to better manage their day-to-day spending and develop good financial habits. Right now, with their Savings, members can put money aside for emergencies and other future expenses and have that money earn five times the national average.3 At wide scale launch of Checking, members who set up direct deposit will be able to further unlock up to 2-day early access to their money to smooth out their cash flow.
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In the future, Credit Karma Money will include offerings, like automated bill payment and payment date optimization. In addition, its Instant Karma feature will help incentivize good financial behavior by giving members a chance to win cash prizes for taking actions like making an on-time payment on a credit card bill or automating a direct deposit.
“There is a large population of Americans who fall into the underserved or subprime category and have seemingly been left behind by the financial system. Money was made to help that very population take small steps towards financial progress goals by rewarding good sense financial behavior and building better financial habits from the start,” said Kenneth Lin, Credit Karma CEO and founder. “This is a tangible step towards our vision of Autonomous Finance, where we will ultimately enable our members to put their finances on autopilot–especially those who need technology’s help the most.”
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