Credit Karma Brings Credit Karma Money to the Masses With TurboTax Integration, Its First With Intuit
February 11 2021 - 9:00AM
Business Wire
Credit Karma Money Spend, now widely available,
will be surfaced to millions of tax filers looking to maximize
their biggest paycheck of the year: the tax refund
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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210211005268/en/
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.
About Intuit
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210211005268/en/
Emily Donohue pr@creditkarma.com
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