Credit Karma Money introduces new reward feature

Monday 10 May 2021 11:55 CET | News

Credit Karma Money, a checking and savings account, has launched a new feature called Instant Karma, which rewards users by randomly refunding purchases.

So far, since launching the feature, Credit Karma says it has rewarded 100,000 transactions, worth USD 5 million.

The process works differently from other cash-back offers. This product is linked to a debit card rather than a credit card. Second, the refund, though random, happens instantly.

A large portion of Credit Karma’s members are millennials and this product, along with Credit Karma Money, are targeted at this demographic. According to TechCrunch, this model lines up with the spending habits of this generation, who are generally not optimising their spending to maximise credit card rewards.

At this time, the company is unwilling to share user numbers for Credit Karma Money and the amount of users who received a refund from Instant Karma. 

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Keywords: cashback, transactions , credit card, debit card, product launch
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United States
This article is part of category

Banking & Fintech