OAKLAND, Calif.--(BUSINESS WIRE)--Credit Karma Money™, a single destination within Credit Karma for spending and saving1, today announced the launch of bill discovery, tracking and upcoming payment reminders. This is the first of many features designed to help members with Credit Karma Money Spend accounts stay on top of their bills, manage their cash flow and improve their credit scores. Credit Karma now has greater insight into members’ daily spending, their savings and their bill payment obligations. Combined, these features will bring Credit Karma one step closer to achieving its vision of autonomous finance.
Through these features, members with Credit Karma Money Spend accounts have the option to link the accounts discovered in their TransUnion credit report, jumpstarting the experience. Once members link their credit accounts, they will be able to track upcoming bills, including outstanding balances, minimum payment amounts and payment due dates, all in one place, directly within the Credit Karma app.
Members will receive notifications about upcoming bills to decrease their chances of missing a payment, which can often have a negative impact on their credit scores. Members can also have bill payments withdrawn from their account by providing account details to the biller and granting them permission to debit the bill amount. This is Credit Karma’s first iteration of bill pay features and will pave the way for more intelligent and automated tools for members down the line, including bill payment.
“When it comes to your credit score, your payment history is one of the most important factors,” said Poulomi Damany, GM of Assets and Tax at Credit Karma. “In fact, one missed payment could drop your credit score anywhere between 40 and 70 points, making it harder to get approved for new credit products and often resulting in higher APRs for the borrower. This is a problem we are uniquely positioned to solve for our members. Through these features, we want to help our members more easily track upcoming bills, make on-time payments and save money.”
Credit Karma envisions a future where consumers’ finances are mostly automated. The launch of these features marks another step forward in that journey. The ability to connect Credit Karma Money Spend accounts with rich bill data and credit report information will make it possible for Credit Karma to identify correlations between payment dates, payment amounts and credit score impact. This will enable Credit Karma to provide more intelligent, personalized recommendations to help members stay on track with their bills, prioritize debt repayment and save money.
Credit Karma Money Spend launched to all Americans earlier this year. Since launch, the company has announced an integration with Intuit’s TurboTax, allowing consumers who were due a refund the opportunity to deposit some or all of their refund into a Credit Karma Money account. The company has also launched automated direct deposits and mobile check deposits, as well as Instant Karma™, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.
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), interest bearing 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.
About Credit Karma Money™
Credit Karma Money is a new money experience from Credit Karma, the personal finance platform more than 100 million Americans already trust. Credit Karma Money Save accounts are free, interest bearing savings accounts with no fees, no minimum to open and no catches. Newly launched, Credit Karma Money Spend accounts are checking accounts free of hidden fees2 with features like up to two-day early access to paychecks3 and Instant Karma4, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts. To open an account, visit CreditKarma.com/checking.
1 Banking services provided by MVB Bank, Inc., Member FDIC. For Credit Karma Money Save and Spend: Maximum balance and transfer limits apply per account. For Credit Karma Money Save: Maximum 6 withdrawals per monthly savings statement cycle.
2 Third-party fees may apply. Please see Account Terms & Disclosures for more information.
3Early 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.
4NO PURCHASE NECESSARY. Spon. by Credit Karma, LLC. Ends last day of month. Entrants must be at least age of majority & legal resident of 50 US or DC (except FL & NY). Void where prohibited. To enter, use applicable debit card or enter by mail to Credit Karma, LLC, PO Box 30963, Oakland, CA 94604. Official Rules at creditkarma.com/lp/sweepstakesrules-checking#instant