Credit Karma Money Launches Billing Features to Help Members Improve Credit Ratings | Company
OAKLAND, Calif .– (BUSINESS WIRE) – August 9, 2021–
Credit Karma Money ™, a one-stop destination within Credit Karma to spend and save 1, today announced the launch of upcoming invoice search, tracking and payment reminders. This is the first of many features designed to help members with a Credit Karma Money Spend account manage their bills, manage their cash flow, and improve their credit rating. Credit Karma now has a better overview of members’ daily expenses, savings, and bill payment obligations. Together, these characteristics will bring Credit Karma closer to its vision of autonomous finance.
With these features, members with Credit Karma Money Spend accounts have the option to link accounts discovered in their TransUnion credit report, which kicks off the experience. Once members link their credit accounts, they will be able to track upcoming invoices, including overdue balances, minimum payment amounts, and payment due dates, all in one place, right in the store. Credit Karma application.
Members will receive notifications about upcoming bills to reduce their chances of missing a payment, which can often negatively impact their credit rating. Members can also have bill payments withdrawn from their account by providing account details to the biller and granting them permission to debit the bill amount. This is Credit Karma’s first release of bill payment functionality and will pave the way for smarter, automated tools for members across the board, including bill payment.
“When it comes to your credit score, your payment history is one of the most important factors,” said Poulomi Damany, Managing Director of Assets and Taxes at Credit Karma. “In fact, a missed payment can drop your credit score between 40 and 70 points, making it more difficult to approve new credit products and often result in higher APRs for the borrower. This is an issue that we are uniquely positioned to resolve for our members. With these features, we want to make it easier for our members to track upcoming invoices, make payments on time, and save money.
Credit Karma envisions a future where consumer finances are primarily automated. The launch of these features marks a new stage in this journey. The ability to connect Credit Karma Money Spend accounts with rich invoice data and credit report information will allow Credit Karma to identify correlations between payment dates, payment amounts and impact on credit score. credit. This will allow Credit Karma to deliver smarter, more personalized recommendations to help members track their bills, prioritize debt repayment, and save money.
Credit Karma Money Spend was launched to all Americans earlier this year. Since its launch, the company has announced an integration with Intuit’s TurboTax, allowing consumers who owed a refund to deposit some or all of their refund into a Credit Karma Money account. The company has also launched automated direct deposits and mobile check deposits, as well as Instant Karma ™, which encourages good buying behaviors by giving members a chance to get their money back when they spend money they want. ‘they already have on their accounts.
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., FDIC member.
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, United Kingdom and Canada, nearly half of all American millennials. Although they are best known for pioneering free credit scores, members of the company turn to Credit Karma for everything related to their financial goals, including identity monitoring, credit inquiries. credit cards, loan purchases (car, home and personal), interest-bearing savings accounts and now checking accounts through our banking partner, FDIC member MVB Bank, Inc., all for free. Find out how Credit Karma members are making financial progress on Instagram, Facebook and Twitter.
About Credit Karma Money ™
Credit Karma Money is a new money experience from Credit Karma, the personal finance platform trusted by over 100 million Americans. Credit Karma Money Save accounts are free, interest-bearing savings accounts with no fees, no minimum opening and no capture. Recently launched, Credit Karma Money Spend accounts verify 2 No Hidden Fee accounts with features like Up to Two Days Early Access to Paychecks 3 and Instant Karma 4, which encourages good spending behavior by giving members a chance to get their money back when they spend the money they already have in their accounts. To open an account, visit CreditKarma.com/checking.
1 Banking services provided by MVB Bank, Inc., FDIC member. For Credit Karma Money Save and Spend: Maximum balance and transfer limits apply per account. For Credit Karma Money Save: Maximum of 6 withdrawals per monthly savings statement cycle.
2 Third party charges may apply. Please see Account Terms and Disclosures for more information.
3 Early paycheck access is compared to standard payroll electronic filing and is dependent on and subject to the payer submitting payroll information to the bank prior to the posting date. The payer cannot submit the paycheck earlier.
4 NO PURCHASE NECESSARY. Spon. by Credit Karma, LLC. Ends on the last day of the month. Entrants must be at least the age of majority and a legal resident of 50 United States or DC (except FL and NY). Void where prohibited. To enter, use the applicable debit card or register by mail at Credit Karma, LLC, PO Box 30963, Oakland, CA 94604. Official Rules at creditkarma.com/lp/sweepstakesrules-checking#instant
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CONTACT: Emily Donohue
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
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SOURCE: Credit Karma
Copyright Business Wire 2021.
PUB: 09.08.2021 09: 00 / DISC: 09.08.2021 09:02
Copyright Business Wire 2021.