Tue. Oct 19th, 2021

Credit Karma Money Review

It is difficult to find a banking experience with minimal commissions and extensive benefits. As a consumer, finding the right disposition of benefits is key to a worthwhile banking experience.

Luckily for us, Credit Karma has designed a banking experience focused on quality advantages and low rates. It’s called Credit Karma Money.

With these online cash accounts, you can grow your savings and manage your checking account with ease. Read on to learn everything you need to know about Credit Karma Money.

Credit Karma Money logo
  • Possibility of debit and savings card refunds
  • No monthly expenses or overdraft expenses
  • Access to more than 55,000 ATMs without surcharge

Credit Details Karma Money

Spend (check) and save (save)

APY (to save accounts)

More than double the national average of 0.06%

Cashback (for expense accounts)

Random debit card refunds

Fund a Save account (deposit of at least $ 1) and earn income to earn up to $ 20,000

What is Credit Karma Money?

From its origins as a free credit scoring site, Credit Karma has constantly expanded its offerings. Not long ago, he launched Credit Karma Home Loans. More recently, Credit Karma has announced the creation of Credit Karma Money Save and Credit Karma Money Spend accounts.

It is important to note that Credit Karma itself is not a bank. However, Credit Karma works with MVB Bank, Inc., a member of FDIC and its network of partner banks.

With this partnership established, the money in your Credit Karma Money accounts is protected up to $ 5 million. That’s 20 times more than the standard $ 250,000 offered to all FDIC member banks.

What does it offer?

Are you curious to know what else Credit Karma Money can offer? These are the highlights.

Karma Credit Invested in money

The Credit Karma Money Spend account works like a traditional checking account. Through a Credit Karma Money Spend account, you can pay for purchases with your Visa Credit Karma debit card.

You will not get a fixed rate of return when you use your debit card. However, your purchases will be eligible for a cash refund using Instant Karma. Karma’s instant refunds are chosen at random.

Karma Money Checking Credit

While it’s a fun feature, some of the other perks are more important. For example, you will not have to pay a monthly fee to use this account. You will have free access to more than 55,000 Allpoint® ATMs. And there are no overdraft fees.

Karma Credit Saving Money

The Credit Karma Save account makes it easy to automate your savings. You also don’t have to worry about the minimum balance requirements.

Karma Credit Saving Money

Unlike most other savings accounts, Credit Karma Save does not publish its APY. Instead, he simply says his rate is “more than double the national average.”

But the FDIC national average is only 0.06% (as of July 2021). This is likely to mean that your APY with Credit Karma Save is between 0.13% and 0.17%. It’s a better rate than you’ll get with most full-service domestic banks, but it’s lower than what many online banks currently offer in their high-performance savings accounts.

On the plus side, there is no hidden fee for distrust. And, for a limited time, you will win the chance to win $ 20,000 by making a deposit of at least $ 1.

Safety is a priority

With both Credit Karma Money accounts, security is at the forefront of your experience. Through its partnership with MVB Bank, Credit Karma has secured up to $ 5 million in FDIC insurance for its users.

Beyond that, you can lock your debit card immediately if you suspect a problem. In addition, you can challenge any transaction directly in the Credit Karma app if you detect a red mark.

Are there rates?

A big question when choosing a bank account is whether there are commissions or not. Fortunately, Credit Karma Money is almost as free as it can be obtained.

The Credit Karma Money Spend account is completely free. You will not have any inactivity commission, annual commission, maintenance commission or withdrawal commission. However, you may be charged an ATM if you use a third-party ATM outside of the Allpoint® network. If charged, these fees would be assessed by the network of third-party ATMs, never by Credit Karma.

Another potential fee to consider is the foreign transaction fee if you use the card in other currencies. This commission represents 1% of the total transaction.

How is Credit Karma Money Compared?

Credit Karma Money offers a new twist to the traditional banking experience. You will be able to set up a savings account and a checking account to carry out your basic banking tasks. While Credit Karma Money offers some fun features, the big advantage is that the accounts are free to use.

When Credit Karma Money is accompanied by its competitors, the features offered are a bit basic. Of course, the basics aren’t necessarily bad, especially if it’s a priority to avoid rates.

But if you’re looking for the best return or the most guaranteed refund, you may want to expand your bank search. Here’s a quick comparison chart:


Credit Karma Money logo
Axos Bank logo

More than double the national average of 0.06%

Random debit card refunds

Direct deposit up to 2 days before


How do I open an account?

If you are ready to open an account with Credit Karma Money, you can start here. Once there, click the “open account” button.

At this time, you will need to create a Credit Karma account or sign in to your existing account with an email and password. After creating your Credit Karma account, you will need to provide some more information to complete the setup of your reverse Credit Karma account. Be prepared to provide your name, address and Social Security number.

Finally, you can link another account to fund your new account. From start to finish, this process should take you about 10 minutes.

Is it safe and secure?

Yes, security is one of the strong suits of Credit Karma Money. It is important to note that your funds will be protected by FDIC insurance for a maximum amount of $ 5 million.

Beyond that, the built-in security features will keep your money safe. Some of these security features include the ability to lock your debit card instantly and the right to dispute transactions in the Credit Karma app.

How can I contact Credit Karma?

When you want to contact Credit Karma about your Money account, you can do so using a contact form on their site. As a digital presence, there are no physical branches to access if you have problems. But you can call the number on the back of your Credit Karma Visa® debit card to reach a live representative.

Is it worth it?

If you are looking for a place to spend and store your money at low cost but no commissions, Credit Karma Money might be a good option. You will have the basic money management tools you need to manage your banking needs effectively.

You will not have access to a physical branch. But you will have a mobile app that can help you manage your banking experience. Want to check out your other banking options? Check out all of our favorite online banks >>>

Functions of Credit Karma Money

Spend (check) and save (save)

More than double the national average of 0.06%

Cashback (for expense accounts)

Random debit card refunds

None (online banking only)

55,000 free ATMs on the Allpoint® network

Customer service phone number

It is not listed, but can be found on the back of your Visa® Credit Karma debit card.

34603 through MVB Bank, Inc.

Fund a Save account (deposit of at least $ 1) and earn income to earn up to $ 20,000

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