The new feature gives members more ways to make money when they spend on everyday brands like adidas and Shake Shack
OAKLAND, California, June 21, 2022– (BUSINESS WIRE) – Credit Karma Money ™, a unique destination within Credit Karma to spend1 and savings2announced today the launch of cash return rewards, which provide its more than 110 million members in the US.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 get their money back when they spend.
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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 becomes available.
“Repayment benefits and other such rewards have historically been reserved for credit cards. Specifically, those that most often only get consumers with primary credit,” said Poulomi Damany, vice president and CEO of Credit Karma Money and Tax. . “It didn’t seem fair to us. That’s why we seek to reward our members for spending on retail that they already know and love. The best part? They’re able to make money by spending the money they already have, which results in more money in the pockets of Americans. “
Members can earn money through automatic bidding, which is earned when a member uses their Credit Karma Visa® debit card4 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 release of Credit Karma Money’s Instant Karma5 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 largely remained 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.
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, a company of Intuit (Nasdaq: INTU), is a consumer technology company with more than 120 million members in the United States, the United Kingdom and Canada, including almost half of all American millennials. Although best known for pioneering free credit scores, company members turn to Credit Karma for everything related to their financial goals, including identity tracking, credit card application, and the purchase of car loans. , domestic and personal), car insurance, savings accounts and now checking accounts through our banking partner, MVB Bank, Inc., a member of the FDIC, all for free. Learn more about how Credit Karma members are making financial progress on TikTok, Instagram, Facebook, and Twitter.
About Credit Karma Money ™
Credit Karma Money is an experience of checking and saving on Credit Karma, the personal finance platform that more than 110 million Americans already trust. Karma Money Save credit accounts are free and interest-free savings accounts with no commissions, no minimum to open and no catches. Karma Money Spend credit accounts are current accounts with no hidden fees with features such as up to two days’ advance access to paychecks6 and Instant Karma, which encourages good spending behavior by giving members a chance to get their money back when they spend the money they already have on their accounts. To open an account, visit CreditKarma.com/checking.
Cardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their reward programs that foster customer loyalty and deepen relationships. In turn, we have a secure view of where and when consumers spend money. We use this information to help marketers identify, reach, and influence potential buyers on a large scale, as well as measure the true impact on sales of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in London, New York, Los Angeles, San Francisco, Austin, Detroit and Visakhapatnam. More information at www.cardlytics.com.
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.
4Visa® Karma 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 resident in the United States. UU. or DC (except FL and NY residents are not eligible). Null where prohibited. To log in, use the applicable debit card or mail 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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