Credit Karma announced on Thursday it is expanding the availability of its new U.S. checking account Credit Karma Money Spend to more members including consumers who get a refund when filing their taxes with Intuit Inc. (Nasdaq: INTU), TurboTax. Credit Karma reported that the integration comes on the heels of Intuit’s acquisition in December 2020 and is the first time the two companies have teamed up to accomplish their combined goal of helping consumers pay down debt, build wealth and get access to “their money faster.”
“Consumers who file their taxes with TurboTax and receive a refund will now have the option to open a Credit Karma Money Spend account and have their refund sent directly to their new checking account. Users are taken to the Credit Karma Money experience from within TurboTax and can open their account then continue with their TurboTax filing, all in a few clicks. This integration will enable TurboTax filers to do more with their refunds with Credit Karma Money.”
While sharing more details about the integration, Kenneth Lin, founder and CEO of Credit Karma, revealed:
“We’re starting 2021 off by leveraging our relationship with Intuit to bring Credit Karma Money to millions of tax filers this tax season. A tax refund is the biggest paycheck for many Americans and with this TurboTax integration we can help them put that money to work avoiding unnecessary fees and helping to guide healthy financial decisions to maximize their day-to-day spending and billpay.”
Credit Karma Money Spend launched in public beta late last year. Credit Karma members with a Credit Karma Money Spend account come back to Credit Karma two to three times more than members without an account.