Credit Karma was founded in 2007 to provide members with a free and easy way to view their credit score which, 15 years ago, wasn’t easy to do. Today, Credit Karma offers a number of free products and services all designed to empower each and every one of our 110+ million members with the knowledge, tips and tools they need to turn their financial dreams into reality.
What is Credit Karma Money (CKM)?
Online checking (Credit Karma Money™ Spend) and high-yield savings (Credit Karma Money™ Save) accounts. Credit Karma is not a bank. We partner with MVB Bank, Inc. to provide banking services.
What’s so special about CKM?
It’s designed to empower members to make financial progress by rewarding them for making smart financial decisions.
What is CKM Spend?
A free-to-open checking account, with no penalties, overdraft fees or minimum balance requirements. Top features include Instant Karma™, Credit Builder, Cash Back Rewards and Early Payday.
What is CKM Save?
A high-yield savings account, with no fees and no minimum to open.
Credit Karma Money | Brand Positioning
Pain Point We’re Solving
Before anyone can flourish financially, they first need to find solid ground. It means more control, and less stress. Higher confidence, and fewer surprises. Credit Karma Money is the financial partner to help people find their footing. Through transparency and technology, we help the underbanked reach stability with a suite of benefits, rewards, and access points— all designed to build a foundation for real progress.
Key Feature Functionality
CK Money offers an online checking and savings accounts to help the underbanked achieve stability. The checking account offers early paycheck (2 days), bill pay, free withdrawals at 55,000+ Allpoint ATMs and FDIC insured up to $5 million. We don’t charge any fees for these accounts and are free to open.
The savings account uses a network of 800-plus banks to offer a high-yield APY without any fees or minimums required. Funds are FDIC insured up to $5 million.
Target Audience
Age: 25-45 (*looking to expand into 18-24)
Income: $0-$60k
Credit Score: <660 or New to Credit
Emergency Savings: <$400
CK Segments: Slipping backwards & staying afloat
Positioning Statement
Credit Karma Money helps the underbanked achieve financial stability
Credit Builder Product Summary
What it is
A credit improvement feature of Credit Karma Money Spend that helps raise your score while saving money (you’re basically paying back a loan but to yourself). This feature is only available to Credit Karma Money Spend members who have credit score of 619 or lower, and make a direct deposit of $750 (or more) into CKM Spend within a calendar month.
How to talk about it
‘You could increase your score by 21 points in 4 days’
‘You could build credit while you save’
‘Your score could go up while you save money each month’
‘The easy way to build your credit.’
How NOT to talk about it
‘Your score will go up’ (can’t guarantee)
‘Just by saving’ (savings isn’t what raises your score)
Key Words
‘Could’, ‘low score’ (or some other words that imply a score below 619)
Credit Builder | Product Positioning
Pain Point We’re Solving
The credit building system is a mess and impossible to navigate. Reports are often filled with errors and inaccuracies. Scores can differ based on the information provided to each bureau. And when trying to build credit it can be quite punitive by requiring people to take out expensive credit products. With many lending decisions based on which score group an applicant is in, subprime consumers face the most challenges in being approved and suffer higher costs in borrowing.
Key Feature Functionality
Credit Builder allows Spend account members to build credit as they save. It does this immediately by opening a $1k line of credit that increases a member’s overall credit and number of accounts. Then, over time it increases their average credit age and on time payment history as they make incremental payments towards their savings goal.
Important Notes
Credit Builder is available to all Credit Karma Money Spend™ members with a credit score of 619 and below, and live in a state which we’re licensed to service the line of credit (excluded states are Hawaii, Idaho, Iowa, Maryland, Minnesota, North Carolina, North Dakota, and Wyoming).
Target Audience
Age: 25 - 44 (*looking to expand into 18 - 24)
Income: $25 - $75K
Credit Score: <620 or New to Credit
Elevator Pitch
Credit Builder from Credit Karma Money™ is the easy way to build credit while you save. Your credit score could increase by an average of 21 points in 4 days.
Program Details
- $1 Default Commission Rate
- 45 Day Cookie Period
Categories: Banking, Finance, Credit Improvement, Savings, Tax
