Credit Karma, the consumer technology platform with more than 110 million members in the U.S., Canada and U.K. expands availability of its new U.S. checking account Credit Karma Money™ Spend1 to more members including consumers who get a refund when filing their taxes with Intuit Inc. (Nasdaq:INTU), TurboTax®. The integration comes on the heels of Intuit’s acquisition of Credit Karma in December 2020 and is the first time the two companies have teamed up to accomplish their combined goal of helping consumers pay down debt, build wealth and get access to their money faster.
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Consumers who file their taxes with TurboTax and receive a refund will now have the option to open a Credit Karma Money Spend account and have their refund sent directly to their new checking account. Users are taken to the Credit Karma Money experience from within TurboTax and can open their account then continue with their TurboTax filing, all in a few clicks. This integration will enable TurboTax filers to do more with their refunds with Credit Karma Money.
“We believe consumers should have a checking account that helps them make financial progress, which is why we created Credit Karma Money Spend,” said Kenneth Lin, founder and CEO of Credit Karma. “We’re starting 2021 off by leveraging our relationship with Intuit to bring Credit Karma Money to millions of tax filers this tax season. A tax refund is the biggest paycheck for many Americans and with this TurboTax integration we can help them put that money to work avoiding unnecessary fees and helping to guide healthy financial decisions to maximize their day-to-day spending and billpay.”
Credit Karma Money™ is a new money experience from the platform already helping more than 100 million Americans make financial progress. Free of hidden fees, Credit Karma Money Spend allows members who set up direct deposit to unlock up to two-day early access2 to their money to smooth out their cash flow. Members can also instantly get their debit card added to their digital wallets to use it right away, instead of waiting for a physical card to arrive. In addition, the Instant Karma feature will encourage people to make payments with the money they have in their accounts by giving members a chance to earn money for taking actions like making an on-time payment on a credit card bill or automating a direct deposit.
Credit Karma Money Spend launched in public beta late last year. Credit Karma members with a Credit Karma Money Spend account come back to Credit Karma two to three times more than members without an account.3
Credit Karma is an independent third-party and is not a bank. The Credit Karma platform facilitates the opening and managing of Spend and Save accounts offered through our bank partner MVB Bank, Inc., Member FDIC.
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma is a consumer technology company with more than 110 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), high-yield savings accounts and now checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free. Learn more about how Credit Karma members are making financial progress on Instagram, Facebook and Twitter.
Intuit is a global technology platform that helps our customers and communities overcome their most important financial challenges. Serving millions of customers worldwide with TurboTax, QuickBooks, Credit Karma and Mint, we believe that everyone should have the opportunity to prosper and we work tirelessly to find new, innovative ways to deliver on this belief. Please visit us for the latest news and information about Intuit and its brands and find us on social.
1 Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply.
2 Early access to paycheck is compared to standard payroll electronic deposit and is dependent on and subject to payor submitting payroll information to the bank before release date. Payor may not submit paycheck early.
3Credit Karma members who opened an account during the public beta are defined as Super Users, those who regularly engage with the Credit Karma platform. The comparison is against log-ins from other Super Users without Credit Karma Money Spend accounts during December 2020.
Note: The billpay feature – managed by Credit Karma – is coming soon.