Credit Karma Money, a single destination within Credit Karma for spending and saving, today announced the launch of bill discovery, tracking and upcoming payment reminders.
This is the first of many features designed to help members with Credit Karma Money Spend accounts stay on top of their bills, manage their cash flow and improve their credit scores. Credit Karma now has greater insight into members’ daily spending, their savings and their bill payment obligations. Combined, these features will bring Credit Karma one step closer to achieving its vision of autonomous finance.
Through these features, members with Credit Karma Money Spend accounts have the option to link the accounts discovered in their TransUnion credit report, jumpstarting the experience. Once members link their credit accounts, they will be able to track upcoming bills, including outstanding balances, minimum payment amounts and payment due dates, all in one place, directly within the Credit Karma app.
Members will receive notifications about upcoming bills to decrease their chances of missing a payment, which can often have a negative impact on their credit scores. Members can also have bill payments withdrawn from their account by providing account details to the biller and granting them permission to debit the bill amount.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 iteration of bill pay features and will pave the way for more intelligent and automated tools for members down the line, including bill payment.
“When it comes to your credit score, your payment history is one of the most important factors,” said Poulomi Damany, GM of Assets and Tax at Credit Karma. “In fact, one missed payment could drop your credit score anywhere between 40 and 70 points, making it harder to get approved for new credit products and often resulting in higher APRs for the borrower. This is a problem we are uniquely positioned to solve for our members. Through these features, we want to help our members more easily track upcoming bills, make on-time payments and save money.”
Credit Karma envisions a future where consumers’ finances are mostly automated. The launch of these features marks another step forward in that journey. The ability to connect Credit Karma Money Spend accounts with rich bill data and credit report information will make it possible for Credit Karma to identify correlations between payment dates, payment amounts and credit score impact. This will enable Credit Karma to provide more intelligent, personalized recommendations to help members stay on track with their bills, prioritize debt repayment and save money.
Credit Karma Money Spend launched to all Americans earlier this year. Since launch, the company has announced an integration with Intuit’s TurboTax, allowing consumers who were due a refund the opportunity 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 incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.
Credit Karma is an independent third-party and is not a bank. The Credit Karma platform facilitates the opening and managing of Spend and Save accounts offered through our bank partner MVB Bank, Inc., Member FDIC.