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About Credit Karma Money
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Credit Karma Money is a fintech banking service that offers checking and savings accounts, as well as a debit card, all within the Credit Karma app. Additionally, it offers a credit-builder loan to improve your credit score in as little as two months. The company is owned by Intuit, the company behind the tax software TurboTax.
Pros & Cons
- No account fees
- Credit-builder loan
- No in-person services
- Third-party foreign transaction fees
What is Credit Karma Money?
Credit Karma, which is best known for its free credit monitoring services, started Credit Karma Money in 2019 as a way to simplify savings and offer a higher annual percentage yield (APY) than traditional banks. While Credit Karma Money is not a bank, it has partnered with MVB Bank to offer banking products.
It offers fee-free savings and checking accounts, as well as a credit-builder loan. It also offers helpful money management resources, such as retirement and budget calculators and financial advice articles.
How does Credit Karma Money work?
To open a checking or savings account with Credit Karma Money, you will first need a Credit Karma account. This account is free and can also be used for credit score monitoring if you choose.
From here, you can open up a Spend account (checking) or Save account (savings) or both. You will need to verify your mailing address, phone number and Social Security number to open either account.
Credit Karma Money products
You won’t find a wide range of banking products with Credit Karma Money, but it does offer three free accounts for savings, checking and credit building.
Savings account
With Credit Karma Money's savings account, your balance is eligible for up to $5 million of insurance with the Federal Deposit Insurance Corporation (FDIC).
Checking account
Credit-builder loan
Your monthly payments are reported to the three major credit bureaus, potentially helping you establish a positive credit history.
The funds for the loan are held in a savings account while you make payments, and once you hit $500, the funds are released to you.
Credit Karma Money fees
Credit Karma Money doesn’t charge fees for its savings account, checking account or credit-builder loan. However, there are fees that are charged by its third-party providers:
- 1% foreign transaction fee charged by Visa
- ATM fees for out-of-network provider
Credit Karma Money FAQ
What safety features does Credit Karma Money have?
You can instantly lock your debit card with a tap, which can prevent fraudulent use if your card is stolen or lost.
Can you use Credit Karma Money with a digital wallet?
Yes, the Credit Karma Money card can be connected to Apple Pay and Google Pay. If you have not set up a PIN for your card, you will need to ask the merchant to process the payment as a credit transaction.
Can I add an authorized user to my Credit Karma Money account?
At this time, Credit Karma Money only allows one name on the account and the debit card. It also does not issue additional cards for shared use.
Can I move Credit Karma money to my bank account?
Yes, you can choose to transfer up to $10,000 daily or $50,000 monthly to a linked bank account. Depending on the bank, the transfer will typically take from one to three business days. A Credit Karma savings account might be subject to a maximum of six withdrawals per month.
Is Credit Karma Money legit?
Credit Karma is a legitimate fintech business with over 100 million members. While it is not a bank, it is partnered with MVB Bank. Your savings balance can be insured for up to $5 million via Credit Karma Money’s network banks.
Credit Karma Money Reviews
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Credit Karma Money Company Information
- Company Name:
- Credit Karma Money
- Website:
- www.creditkarma.com