Credit Karma Money is a mobile banking platform that offers a range of financial services, including checking and savings accounts, debit cards, and ATM access. It is part of Credit Karma, a company that provides credit monitoring and financial management tools to help consumers improve their credit scores and make better financial decisions. Credit Karma Money accounts are FDIC-insured and have no fees for overdrafts, monthly maintenance, or minimum balances.
Credit Karma Money works by providing users with a mobile banking platform that includes a checking and savings account, a debit card, and access to ATMs. Users can sign up for an account through the Credit Karma Money app and link their external bank accounts to transfer funds. They can use the debit card to make purchases and withdraw cash from ATMs.
Credit Karma Money also offers features such as early paycheck deposits, instant notifications for account activity, and a high-yield savings account. The platform is designed to be user-friendly and transparent, with no hidden fees and easy-to-understand terms and conditions.
Credit Karma Money is designed for anyone who is looking for a mobile banking platform that is simple, convenient, and transparent. It may be particularly useful for individuals who are looking to improve their financial health and build their credit score, as Credit Karma Money is part of a suite of financial management tools provided by Credit Karma.
The platform is also ideal for those who want to avoid traditional banking fees such as monthly maintenance, overdraft, or minimum balance fees. Additionally, Credit Karma Money's early paycheck deposit feature may be particularly helpful for those who need quick access to their funds.
There are several good things about Credit Karma Money:
No Fees: Credit Karma Money accounts have no fees for monthly maintenance, overdrafts, or minimum balances, making it an affordable banking option.
High-yield Savings Account: Credit Karma Money offers a savings account that earns a high interest rate, allowing users to save money more effectively.
Early Paycheck Deposits: Users can receive their paychecks up to two days early, which can be helpful for those who need quick access to their funds.
No hidden Fees: Credit Karma Money is transparent about its fees and terms, with no hidden fees or complex fine print.
ATM Access: Users can access more than 50,000 ATMs without incurring any fees.
Integration with Credit Karma: Credit Karma Money is part of the Credit Karma suite of financial management tools, making it easy for users to track their spending, monitor their credit score, and improve their financial health.
While Credit Karma Money has several positive aspects, there are a few potential drawbacks to consider:
Limited Physical Locations: Credit Karma Money is an online-only banking platform, which means that users may not have access to physical bank branches or in-person customer support.
Limited Product Offerings: While Credit Karma Money offers a range of banking services, it does not provide other financial products such as loans or credit cards.
Relatively New: As a newer banking platform, Credit Karma Money may not have the same level of brand recognition or long-term stability as traditional banks or more established online banking platforms.
No Cash Deposits: Credit Karma Money does not currently allow users to deposit cash, which may be inconvenient for some customers who prefer this option.
Potential For Limited Customer Service: As an online-only platform, Credit Karma Money may have limited customer service options or longer wait times for assistance compared to traditional banks with in-person customer support.
Credit Karma Money takes safety and security seriously and employs several measures to protect its users' personal and financial information:
FDIC-insured: Credit Karma Money accounts are FDIC-insured up to $5 million, which means that users' deposits are protected against bank failure.
Advanced Encryption: Credit Karma Money uses industry-standard 256-bit AES encryption to protect users' personal and financial information, both while it is being transmitted and while it is stored on its servers.
Two-factor Authentication: Credit Karma Money requires users to use two-factor authentication to log in to their accounts, adding an extra layer of security to the login process.
Fraud Protection: Credit Karma Money monitors accounts for suspicious activity and alerts users of potential fraudulent transactions. It also offers zero-liability protection for unauthorised transactions.
Partnering With Well-known Financial Institutions: Credit Karma Money partners with financial institutions that are well-established and trusted in the banking industry.
While no system can be completely foolproof, Credit Karma Money appears to take reasonable measures to protect its users' personal and financial information.
Whether or not you should sign up for Credit Karma Money depends on your personal financial needs and preferences. Here are a few factors to consider:
Fees: If you are looking for a banking platform that has no monthly maintenance, overdraft, or minimum balance fees, then Credit Karma Money may be a good option for you.
Convenience: If you prefer to handle your banking transactions through a mobile app and want to have access to a high-yield savings account, early paycheck deposits, and a debit card, then Credit Karma Money may be a good fit for you.
Security: If you value security in your banking platform and appreciate features like two-factor authentication and advanced encryption, then Credit Karma Money may be a good choice for you.
Accessibility: If you need access to physical bank branches or in-person customer support, then Credit Karma Money may not be the best option for you.
Overall, Credit Karma Money may be a good choice for those who want a simple and affordable banking platform that is easy to use and offers a range of helpful features. However, if you need more complex financial products or prefer to have in-person banking support, you may want to consider other options.
Verified
Excellent Experience! After loosing my business of 36 years and everything I ever worked for at the age of 62, it was Credit Karma that has helped me regain my credit and dignity! They supply all the tools I’ve needed and their referral to Mission Lane for my first credit card after loosing everything, has been a blessing! Mission Lane really cares! Thank you Intuit!
Verified
Credit Karma was responsive for a while, at least until I applied for a HELOC loan with one of their suggested loans. Now no matter how well I stay up to date or pay off bills, my score moved about 2 points in 9 months. Credit Karma is an advertising scam, geared towards having ppl apply for credit cards and high interest loans.
Verified
Use to be able to login and see my FICO scores, payment history etc, But now they have changed their format under Intuit. It is horrendous, I can't log in, when I click on login, it says "Welcome back My name" yet I cannot put anything in the login box, all the little menus at the top of the page are friggin useless. I tried for a good 40 minutes trying to get my scores but never got any farther than help pages or pages telling me to login. Thanks Intuit and Credit Karma for giving us this POS!
Verified
My service was often interrupted due to fraud protection. It was a little excessive. Also was not able to deposit my checks. I started doing the majority of my banking elsewhere.
Verified
I like some things about Credit Karma but when they try to tell me I can save by refinancing at a higher rate for a longer period of time it makes me wonder who they are trying to help. The only people that would make money would be the loan companies. I certainly would not be 'saving'. So either Credit Karma wants to treat me like I'm a moron or they don't have a clue how to do basic math.
Verified
I got a spend account a few years ago after filing my taxes. I’ve never had any issues with them. I recently got hacked and had fraudulent charges on my account. They took care of it for me. They offer a lot of different helpful programs. I honestly don’t have anything bad to say. I do miss their Instant Karma rewards program though. The points program they replaced it with is only for specific brands
Verified
I really want to 5 Star them. Ok, the Credit side 5 star no doubt. That's the reason I chose to have my income direct deposits with them. The 3 stars are for the Banking side. I can't link more than one external bank with them and they only allow you to change them up to 4 times. And the whole Plaid thing with MVB has cost me hours, anxiety, almost my phone being so frustrated. They can't locate me to connect, they can't enroll me because the only account # given does not match. Many external accounts do not recognize CK as a bank so I can't even begin to link my accounts with them. And this is the bank that I have the majority of my income in on a consistent basis so when it comes to verification for possible financial increases or advances with my other financial institutions I'm screwed because they need to verify longevity and income consistency and most consider credit karma as a prepay. I really don't won't to transfer my direct deposit to another account because lenders look at longevity and payment consistency and if I do that it's like starting from scratch. Uggg please Credit Karma PLEASE fix this. Almost all other online banking institutions don't have these issues. At least the 3 other I have don't. Please get on the online banking train especially if you're considering yourself an online bank. I really am satisfied with their guidance in the credit department. Although I'd have a better score for them to offer guidance if they would just fix these issues and like yesterday
Verified
People ya have to check more on where you deposit your money cause Credit Karma IS NOT A BANK but is protected by ficd.
Verified
Was great at first. Not accurate 😕 scoring decreased considerably for no reason, transactions not getting updated despite their updates every week, so your amounts stay the same. The form for customer services cuts out after a minute, doesn't save and you need to start over again, waste of time! To improve your score they're practically selling credit cards to take out, they will improve your score...Not
Verified
Not sure if this works as I have an excellent rating employed regularly income never missed or been late paying credit cards...yet got turned down for a new phone contract...( even though I had one for ten years ...no late or missed payments) nothing on my credit score on here to suggest poor credit..only recomendation to amalgamate both credit cards) So my point....what does it do?
Verified
I’ve used the app for quite a while and found it a really helpful and simple to use source of information. What’s lead me to write this review totday was I was applying for a credit card and pretty much the moment I hit apply I get a notification saying there’s a new hard search on my credit file. That’s great, brilliant protection against identity theft!
Verified
They offered me $50 if i applied for a specific credit card and was declined. I did and was flat out declined, not we need more information to decide etc.. After a couple of weeks i never received payment and starting asking on chat. I just was told they needed to escalate it and someone from some team would be in touch. Never heard from anyone. Sent more emails. Was finally told the credit card company said my application was “incomplete”. Knowing this was not true I contacted the card company. They got back to me with the exact time of application and that indeed my application was DENIED. Confronted credit karma and someone who did not speak english well with this , sent the email and all pertinent info. The $50 is a scam.
Verified
Credit Karma is like a parent who no matter how well you do, you will NEVER get positive feedback from! When I first signed up with CK many years ago my credit score was in the high 400’s, awful! I worked my ass off for the last 13 years raising it, almost weekly I would get a ding or reminder of how crappy of a score I was, now that I raised it to the high 800’s to s almost perfect score, not a WORD, I didn’t even know it raised that high until I randomly checked it one day! Do I get a weekly reminder of how awesome my score is now? No, I’ll never be good enough for you CK!
Verified
A credit repair specialist and his team were nothing short of phenomenal. My case was deemed challenging to other credit repair companies and contractors I've explored but Cyber-don took hold and got me to close on my 1st home in a little under 2 weeks after cleaning my credit and boosting my score to 788. I'm still in shock. Definitely 10/10 recommendation. Professionalism, tact, customer service is great. here; C Y B E R D O N at T E C H I E dot C O M.
Verified
Helped me find a loan to consolidate my debts despite my having slightly below average credit as of recently. They seem like good people who really are trying to help you understand your profile and see your options and understand your odds. I find that they aren’t always accurate, but I guess that’s “the cost of doing business”. Thanks CK!!
Verified
I'm not 100% sure if it's credit karma or overall... but my oblverall credit is 77k and on one of my cards that is 3k balance went up from $300 to $700 (roughly) ... and score went down 19 points ... just keep enough cash in the bank and f<"( credit score... it's BS
Verified
Another inaccurate credit score company compared to experian , only slightly better than my score with clear score , but way way off my experian one , considering the amount of credit building loans i have paid back overtime , not as anywhere high as my experian score , not happy with this site either , these also just keep going on about taking out credit cards . Which i DO NOT WANT. JUST WHERE EXACTLY ARE THESE COMPANIES LOOKING FOR PEOPLES SCORES . NOT IMPRESSED WITH THIS ONE EITHER .
Verified
Whenever I do something to positively affect my score, it takes forever for Credit Karma to show. If I do something that could negatively affect my score ( such as use my credit card), it shows up the next day. Do better CK. Your info isn’t trustworthy.
Verified
Credit Karma does not display a TRUE credit score. The score shown is actually within a range, that range could be 50-100 points up or down. Definitely false advertising.
Verified
Useful service bringing together your credit reports, but incredibly annoying when you get into the details: - I had a car that I sold long ago. I use public transit and haven't owned a car in several years. Yet Credit Karma keeps sending me auto loan offers, despite repeated requests to stop and remove that car from their records. What amount of incompetence does it take to have a system from which you can't even manually remove a user's car?! - If you travel outside the US, they BAN YOU from logging into your own account. What the heck. I contacted them about this and got the same useless reply that I need to be in the US to log in. They also ban VPNs, so there's really no way log in directly when you're traveling, visiting family abroad etc.
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