Credit Karma Money Brings Cash Back To The Masses With Latest Launch | New

OAKLAND, Calif.–(BUSINESS WIRE)–June 21, 2022–

Credit Karma Money™, a one-stop destination within Credit Karma to spend 1 and save 2, today announced the launch of Cash Back, giving its more than 110 million members in the United States the opportunity to earn money when they spend money at certain merchants using their Credit Karma Visa® debit card. 3 This experience, powered by Cardlytics’ cashback platform, gives Credit Karma members access to Cardlytics’ network of thousands of merchants, including big brands like adidas and Shake Shack, as well as small local businesses across the United States. This launch serves as Credit Karma Money’s latest initiative to make financial services more inclusive, giving members the ability to earn money when they spend.

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At launch, Credit Karma members who already have a Credit Karma Money Spend account will automatically be enrolled in the cash back program – there is no need to sign up. From there, members can effortlessly start earning when they shop at Cardlytics Partner Brand Network merchants. Unlike other rewards programs, Cash Back with Credit Karma Money Spend offers real money, not points, and no minimum payout required. Any money earned by members, regardless of the amount, will be credited to their Credit Karma Money Spend account and can be used as soon as it becomes available.

“Cash back and other such rewards have always been reserved for credit cards. Specifically, those that are most often obtained only by consumers with prime credit,” said Poulomi Damany, SVP/GM of Credit Karma Money and Tax. “It didn’t feel right to us. That’s why we’ve looked to offer cash back rewards to our members for spending at retailers they already know and love. The best part? They are able to earn money to spend money they already have, which translates to more money in the pockets of Americans.

Members can earn money through Auto Bids, which are earned when a member uses their Credit Karma Visa® 4 debit card to make a purchase at any merchant in the Cardlytics network. Purchases can be made both in-store and online, in most cases.

Cash Back is the latest feature in Credit Karma Money aimed at encouraging consumers to spend within their means by giving them the opportunity to earn money by adopting good financial habits. This feature follows Credit Karma Money’s launch of Instant Karma 5, a feature that randomly refunds members for purchases made using their Spend account.

“Chequing accounts are one of the oldest financial products on the market and yet they have remained largely unchanged. In fact, most traditional checking accounts today do little more than keep people’s money safe while charging unnecessary fees. We want to change that,” said Satyen Motiani, Product Manager for Credit Karma Money. “We created Credit Karma Money to do more for our members and it starts with helping them develop better financial habits and empowering them to grow their money. Credit Karma Money cashback is the latest example.

Credit Karma is an independent third party and is not a bank. The Credit Karma platform makes it easy to open and manage Spend and Save accounts offered by our banking partner MVB Bank, Inc., Member FDIC.

About Credit Karma

Founded in 2007 by Ken Lin, Credit Karma, an Intuit Company (Nasdaq: INTU), is a consumer technology company with more than 120 million members in the United States, United Kingdom and Canada, including nearly half of America’s millennials. Although best known for pioneering free credit scores, company members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for cards credit checks, loan research (auto, home and personal), car insurance, savings accounts and now checks accounts through our banking partner, MVB Bank, Inc., Member FDIC – all for free. See how Credit Karma members are making financial progress on TikTok, Instagram, Facebook, and Twitter.

About Credit Karma Money™

Credit Karma Money is a checking and savings experience from Credit Karma, the personal finance platform already trusted by over 110 million Americans. Credit Karma Money Save accounts are free, interest-bearing savings accounts with no fees, no minimum openings and no pitfalls. Credit Karma Money Spend accounts are checking accounts with no hidden fees with features like up to two days early access to 6 paychecks and Instant Karma, which encourages good spending behavior by giving members a chance to get their money back when they already spend money. have in their accounts. To open an account, visit CreditKarma.com/checking.

About Cardlytics

Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to manage their rewards programs that foster customer loyalty and deepen relationships. In return, we have a secure view of where and when consumers are spending their money. We use this information to help marketers identify, reach and influence potential buyers at scale, as well as measure the true impact of marketing campaigns on sales. Based in Atlanta, Cardlytics has offices in London, New York, Los Angeles, San Francisco, Austin, Detroit and Visakhapatnam. Learn more at www.cardlytics.com.

1 Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply per account.

2 Maximum of 6 withdrawals per monthly savings statement cycle.

3 Restrictions may apply. Purchases made with your Credit Karma Visa debit card only. Cash back amounts vary by participating merchant and are subject to change. Cash back can take up to 45 days to be deposited into your account.

4 Credit Karma Visa® debit card issued by MVB Bank, Inc., Member FDIC, pursuant to a license from Visa USA Inc. Visa terms and conditions apply.

5 For Instant Karma: NO PURCHASE NECESSARY. Sponsored by Credit Karma, LLC. Ends on the last day of the month. Entrants must be at least the age of majority and legally resident by age 50 in the United States or DC (except FL and NY residents are not eligible). Void where prohibited. To enter, use applicable debit card or register by mail at Credit Karma, LLC, PO Box 937 Pineville, NC 28134-0030. Official Rules at https://www.creditkarma.com/lp/ik

6 Paycheque Early Access is compared to standard payroll e-filing and is dependent on and subject to the payer’s submission of payroll information to the bank prior to the publication date. The payer cannot submit the paycheck earlier.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220621005174/en/

CONTACT: Stephanie Cook

[email protected]

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

SECTOR KEYWORD: OTHER RETAIL BANKING PERSONAL FINANCE TECHNOLOGY PROFESSIONAL SERVICES PAYMENTS APPS/APPLICATIONS RETAIL SOFTWARE MOBILE/WIRELESS FINANCE

SOURCE: Credit Karma

Copyright BusinessWire 2022.

PUBLISHED: 06/21/2022 09:00/DISC: 06/21/2022 09:03

http://www.businesswire.com/news/home/20220621005174/en

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