Credit Karma Money adds cashback rewards


Credit Karma Money ™, a single destination within Credit Karma to spend1 and save2, today announced the launch of cash back rewards, which offer its more than 110 million members in the US. Karma Visa® credit debit card.3

Powered by Cardlytics’ money-backing platform, this experience gives Credit Karma members access to the network of thousands of Cardlytics merchants, including big brands like adidas and Shake Shack, as well as small local businesses in the US. the last step in making financial services more inclusive, giving members a chance to make money when they spend.

At the time of launch, Credit Karma members who already have a Credit Karma Money Spend account will automatically sign up for the money back program; no registration required. From there, members can start making money effortlessly when they shop with Cardlytics partner networking merchants. Unlike other rewards programs, the cash return with Credit Karma Money Spend offers real money, not points, and no minimum payments are required. Any money earned by members, no matter how small, will be refunded to your Credit Karma Money Spend account and may be used as soon as it is available.

“Repayment benefits and other such rewards have historically been reserved for credit cards. Specifically, those that are most often only obtained by consumers with primary credit,” said Poulomi Damany, SVP / GM of Credit Karma Money and Tax. “That didn’t seem fair to us. That’s why we’re looking to give our members money back rewards for spending on retail that they already know and love. The best part? They’re able to make money back by spending the money they already have. they have, which results in more money in the pockets of Americans. “

Members can return money through automatic bidding, which is earned when a member uses their Credit Karma Visa®4 debit card to make a purchase at any Cardlytics network merchant. Shopping can be done both in-store and online, in most cases.

Cash back rewards are the ultimate function of Credit Karma Money designed to encourage consumers to spend within their means by giving them the opportunity to make money by practicing good financial habits. This feature follows the launch of Instant Karma5 by Credit Karma Money, a feature that randomly reimburses members for purchases made with their Expense account.

“Current accounts are one of the oldest financial products on the market, and yet they have remained largely unchanged. In fact, most traditional current accounts today do little more than keep people’s money safe while they charge unnecessary fees. We want to change that, “said Satyen Motiani, product manager at Credit Karma Money. “We have built Credit Karma Money to do more with our members and that starts with helping them develop better financial habits and giving them ways to make their money go further. Credit Karma Money’s cash back rewards are the ultimate example of this.” .

Credit Karma is an independent third party and not a bank. The Credit Karma platform facilitates the opening and management of expense and savings accounts offered through our banking partner MVB Bank, Inc., a member of the FDIC.

1Banking services provided by MVB Bank, Inc., a member of the FDIC. Maximum balance and account transfer limits apply.

2Maximum 6 withdrawals per monthly cycle of savings statements.

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

4Carma Visa® credit debit card issued by FDIC member MVB Bank, Inc. under a license from Visa USA Inc. The terms and conditions of Visa apply.

5For instant karma: NO PURCHASE NEEDED. Sponsored by Credit Karma, LLC. Ends on the last day of the month. Participants must be at least of legal age and legally reside in 50 U.S. or DC (except FL and NY residents are not eligible). Null where prohibited. To apply, use the applicable debit card or mail it to Credit Karma, LLC, PO Box 937 Pineville, NC 28134-0030. Official standards at https://www.creditkarma.com/lp/ik

6Early access to the payroll check is compared to the standard electronic payroll deposit and depends on and is subject to the payer sending payroll information to the bank before the release date. The payer cannot send the payment check before.



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