Credit Karma Money

Credit Karma Money Reviews

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About Credit Karma Money

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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
Credit Karma Money Save offers a free savings account with a competitive APY of 3.75% as of publication. This is made possible through its network of 800-plus partner banks. Not only is there no minimum balance required to open or maintain the account, but there are also no hidden fees to worry about.

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 Karma Money Spend is a no-fee checking account that allows you to deposit and withdraw money, pay bills and make purchases with a debit card. There are no monthly maintenance fees or minimum balance requirements, and you can get paid up to two days early when you set up direct deposit with your paycheck.
Credit-builder loan
The Credit Karma Credit Builder plan is a quick and easy way to build or improve your credit score. You can apply for the loan through the Credit Karma app or website and receive an instant decision without a hard pull to your credit.

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

Stars Rating

  • 0%
  • 0%
  • 0%
  • 3%
  • 97%

Popular Mentions

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    How do I know I can trust these reviews about Credit Karma Money?
    • 4,477,293 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10

    Reviewed July 6, 2024

    Completely fraudulent. Intuit is implementing a thinly veiled shell scheme by “offering/incentivizing” to deposit your TurboTax return (owned by intuit) into your new Credit Karma account (also intuit) and connecting bank accounts via plaid (also intuit) under the guise of supporting a “3rd party” despite all three financial institutions being the same company. I was in desperate need of my tax return as a single mom and a survivor of domestic violence. Turbo Tax said that my return was accepted and would be deposited. My $4,000 return never came and my Credit Karma account was closed without formal notification despite funds in the account. I can’t even check my account balance or find out where my return went. I paid TurboTax for a job which was never completed. Needs to be reported!!

    Customer Service

    Reviewed June 24, 2024

    I have been dealing with Credit Karma For almost 2 years trying to get my money. For me closed account back. They literally have read me going circles. Just avoid doing their job properly. I've spoken with 6 different supervisors. Haven't gotten the same response from any of them. I have over a 100 different emails of communication back-and-forth and once again. Still no check. No update. No nothing.

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      Reviewed June 15, 2024

      Please be aware! Gave CK a one-star review because there is no lower option. Everything looks good in paper but the reality is something else! I just got an e-mail stating that my savings account will be closed in 5 days with no further explanation even though my money is from a legit source. Don’t get your hopes too high! I did contact the support team and still couldn’t provide me with an explanation. Look somewhere else where you can get better customer support and transparency.


      Reviewed April 28, 2024

      I was looking on my Credit Karma app, and saw the information about the Credit Karma Money! I am so glad I came and pulled up the reviews because I knew something wasn’t right. I will continue to bank with my primary bank before I leave and deal with this foolishness as the reviews mention about my damn money‼️ Y’all need to do better; stop being CHEAP, and hire people in the US which is where we live to handle our money…IT’S a BIG no for me!

      Customer Service

      Reviewed April 26, 2024

      Terrible customer service, the phone system is always incorrect. They gatekeep every function with direct deposit including check deposit, and I cannot set up direct deposit without depositing my first check. Worst banking experience I have ever had.

      Customer ServiceStaff

      Reviewed April 26, 2024

      Absolutely the worst customer service for their debit card you could possibly imagine. Like c'mon now. Even Credit Karma can do better than this. Managers will just hang up on you. It's pretty surreal.

      Reviewed April 10, 2024

      My card was stolen and was used to a total of $1400 from my account. I disputed the charges that was made but they denied my claims and when I asked for what did they use to make that determination and to send me a copy. They would not and closed my account. They are so fraudulent, do not use them!!! They are probably the ones that take the money.

      Customer ServiceSales & MarketingStaff

      Reviewed April 3, 2024

      My account got hacked on Good Friday and someone transferred 5k from my savings to my checking and took it all. Strange activity started when I got a spam call Tues prior and they stated they were credit karma and I had a fraudulent charge and needed to verify myself. I hung up. Friday comes 430am cst while I am asleep someone changed my number. I kept getting notifications to my phone so I woke up and saw that my money was transferred I immediately opened my app, canceled my physical card and tried to transfer all my money out and it got canceled me thinking it was due to the amount I was trying to transfer but whole time someone was in my account canceling my transaction. They realized I was on there as well and took a large sum of about 4,999 via an international transaction.

      I immediately call Credit Karma Support and demand they do something like freeze my account, the agent was no help. She was more worried about my frustrated language (not towards her) than getting anything done saying she was going to hang up if I continued to use foul language. I am clearly frustrated as thousands were just stolen from my account. As I am speaking with them more Square and Cash app transactions are being taken. I could not understand why. Then I find out they were downloading virtual cards to the telephone number and taking my money that way. Credit Karma took their time to freeze my account and I had heard nothing from anyone and it has almost been a week. I keep calling and all I get is someone from the investigation team will contact me within 24-72 hrs it has been longer than that time. Do not bank with these people they have foreign people looking over our accounts and they do not care.

      Customer ServiceStaff

      Reviewed March 6, 2024

      3/2/2024 I was called by number ** and I did not pick up. I then began to receive emails from Credit Karma (my bank) saying that my number was updated to** which is not my phone number. I called credit karma to tell them that it was fraud and updated my email address to a new email. I then tried to reach out to Credit Karma Customer service in which I told them my account was hacked. They told me I had to send an email to their support and helped me with canceling my card.

      Upon ordering a card I received a new debit card, changed my email, changed the pin and hours later over $4k was stolen from my account. These transactions went to numerous cash app accounts that I have never done business with, and credit karma failed to protect me. The Cash App names are as follows: SSAMSUNG, BELINDA **, JAYSON **, and a credit of 0.75 from RONATA **, that I did not authorize. Afterwards that same person took 1.00 from my account. The money was transferred from my savings to my checking and sent to all of those names on cash app. Credit Karma is not helping at all!!! Please help me.

      Customer Service

      Reviewed Feb. 22, 2024

      Every day for several hours at a time I've tried to access my money. They refuse to help. They refuse to even acknowledge my account as they continue to send me emails and tell me on the phone I do not have an account.

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      Credit Karma Money Company Information

      Company Name:
      Credit Karma Money