GOBanking Rate Score
Quick setting: Credit Karma Money is a 100% free alternative to a traditional bank checking account. You can use your card at over 50,000 ATMs around the world and where Visa is accepted. You must have a Credit Karma account to use the service, but this also gives access to your credit reports and credit scores.
- Characteristics
- Availablity
- Ease of use
- Costs
How did we calculate this?
What are the advantages and disadvantages of Credit Karma Money Spend?
Weigh some of the pros and cons of the account.
Advantages
- Free transactions at over 50,000 ATMs nationwide
- Banking services are provided by an FDIC insured bank
- Early access to your paycheck
- Instant Karma gives you a chance to earn rewards
The inconvenients
- Third party charges apply
- Limited services
What is the money spent by Credit Karma?
Previously popular for its credit monitoring services, Credit Karma has now introduced a checking account to help people make financial progress.
Recently, the company announced a partnership with TurboTax for the Credit Karma Money account. TurboTax will send tax refunds directly to users’ checking account.
But that’s not the only awesome thing about Credit Karma Money Spend account. Here is a detailed review of that account.
Credit Karma Money Spend is a checking account with no penalties, minimum balance required or overdraft fees. The account is free to open and comes with a Visa debit card that allows users to make purchases at any merchant that accepts Visa cards.
Did you know?
Credit Karma itself is not a bank and banking services are offered by MVB Bank.
Credit Karma Money Spend Features
The Money Spend offers several offers to users, such as:
- No overdraft fees: Overdraft fees are usually charged if you use your debit card or write checks without having enough money in the account to cover transactions. Fortunately, Credit Karma does not charge an overdraft fee.
- First pay day: With Early Payday, you receive your paycheck up to two days ahead of time.
- Free ATM transactions: With the Money Spend debit card, you can use 55,000 networked Allpoint ATMs for free and unlimited withdrawals. These ATMs are readily available at popular retailers like Target, CVS, Kroger, and Walgreens.
- Controls integrated into the application: Everything happening with your account or debit card like transactions and fund transfers can be monitored and performed using the Credit Karma app.
- Instant karma: Each qualifying purchase with your Credit Karma debit card gives you a chance to earn an Instant Karma purchase refund. It’s a great way to earn and save extra money.
How to open an account
Here’s how to open a Credit Karma Money Spend account:
Step by step guide
- Go to the Credit Karma Money Spend home screen after logging into your account.
- Verify your personal information. If it looks correct, click Confirm.
- Alternatively, you can update or change your personal information if it is incorrect.
- Make sure you enter the correct mailing address, as Credit Karma will mail your debit card to you.
- Also check your contact details. If the phone number is correct, click Confirm.
- Read the account agreements and electronic signature consent.
- Then click on “Accept and create my account”.
- The Credit Karma system will take some time to validate your personal information. After that you will have a Money Spend account.
- During this time, your debit card will arrive at your doorstep in a few days.
Once you have received the card, you can activate it by clicking the Activate Card button on this page.
Who is it for?
The Credit Karma Money Spend account is ideal for young people who don’t want to be burdened with minimum balance fees and prefer debit cards over credit cards.
Plus, it’s a simple, free-to-open account that new account holders will be comfortable using.
Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every statistic, quote and fact using reliable primary resources to make sure the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.
