Credit Karma wants to help members file their taxes and get cash instantly with TurboTax Refund Advance
20 Dezembro 2022 - 11:00AM
Business Wire
Credit Karma teams up with TurboTax to launch
refund-focused tax experience to help Americans seamlessly file
their taxes and apply to get a Refund Advance loan in as little as
1 minute after IRS acceptance
Credit Karma, the consumer technology platform with more than
120 million members in the U.S., announced plans to offer a
refund-focused tax experience together with Intuit TurboTax
(NASDAQ: INTU)1. This experience will help members navigate each
step of the 2022 tax season, including helping them estimate their
refund and providing personalized recommendations for how to
optimize their refund based on information within their Credit
Karma profile. Eligible members will also have options for getting
cash quickly this tax season, including the ability to access their
refund up to 5 days early2 when they deposit it into a Credit Karma
Money™ account,3 or getting a Refund Advance4 loan in as little as
1 minute after IRS acceptance.5 Together, Credit Karma and TurboTax
are focused on delivering a personalized tax experience with a
focus on helping Americans estimate their refund, make a plan for
how they’re going to use their refund, and for eligible members,
gain faster access to funds.
“Americans are strapped for cash as high inflation, challenging
market conditions and rising interest rates hold steady. As a
result, Americans’ reliance on their tax refund may be more
significant than in the past,” said Poulomi Damany, SVP and GM of
assets and tax at Credit Karma. “By providing members options for
accessing money more quickly, along with recommendations for how to
best utilize the money, like paying down debt or building credit,
we hope to help Americans make smart financial decisions that set
them further down the path of financial progress. Together, we can
help put money back in the pockets of hard working Americans, while
also providing a suite of tools and recommendations to help them
make the most of their money.”
Right now, members can log into Credit Karma to estimate their
refund for the 2022 tax year. Credit Karma members will be treated
to a richer, more personalized experience in which information from
their Credit Karma profile will automatically be prefilled into the
Refund Estimator requiring just a quick review of the information
to receive their refund estimate. Members can also get
recommendations for how to spend their refund based on their credit
profile. For example, a member might receive a recommendation to
kick off their savings by putting a portion of their refund into a
Credit Karma Money™ Save account, which currently offers an APY of
3.30%,6 or to open a Credit Builder plan to help them improve their
low score while they save money.7
“Taxes can be stressful and overwhelming for many Americans. We
want to change this dynamic by making it even easier for people to
file their taxes and gain faster access to the biggest paycheck of
the year for many — their refund,” said Varun Krishna, Intuit’s
Consumer Group General Manager. “By integrating the best of
TurboTax and Credit Karma, we’re making a dramatically simplified
tax experience for members that makes it noticeably faster for them
to get their taxes done and quickly have their refund in hand.”
Credit Karma and TurboTax will offer a variety of ways for
members to access cash quickly this tax season, including early
access to their refund through Credit Karma Money, as well as
Refund Advance loans. These options will be available to eligible
Credit Karma Money members who are getting a federal refund in tax
year 2022. For more information please visit:
www.creditkarma.com/about/tax
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, an Intuit company
(Nasdaq: INTU), is a consumer technology company with nearly 130
million members in the United States, U.K. and Canada, including
almost half of all U.S. millennials. While best known for
pioneering free credit scores, the company’s members turn to Credit
Karma for everything related to their financial goals, including
identity monitoring, applying for credit cards, shopping for loans
(car, home and personal), auto insurance, savings accounts and now
checking accounts through our bank partner, MVB Bank, Inc., Member
FDIC — all for free. Learn more about how Credit Karma members are
making financial progress on TikTok, Instagram and Twitter.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With more than
100 million customers worldwide using TurboTax, Credit Karma,
QuickBooks, and Mailchimp, we believe that everyone should have the
opportunity to prosper. We never stop working to find new,
innovative ways to make that possible. Please visit us for the
latest information about Intuit, our products and services, and
find us on social.
1 All tax preparation services are provided by TurboTax. Credit
Karma is not the tax preparer. 2 To be eligible, you don't need to
file your taxes with a particular tax prep service. However, you
will not be eligible if you choose to pay your tax preparation fee
using your federal tax refund or choose to take a Refund Advance
loan. 5-day early program may change or discontinue at any time. Up
to 5 days early access to your federal tax refund is compared to
standard tax refund electronic deposit and is dependent on and
subject to IRS submitting refund information to the bank before
release date. IRS may not submit refund information early. 3
Banking services provided by MVB Bank, Inc., Member FDIC. Maximum
balance and transfer limits apply. A maximum of 6 withdrawals per
monthly savings statement cycle may apply. 4 The Refund Advance
loan is provided by First Century Bank, N.A., Member FDIC, not
affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is
facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a
subsidiary of Intuit Inc. Terms apply. Learn more here:
https://turbotax.intuit.com/refund-advance. 5 IRS accepts returns
starting late-Jan. Acceptance times vary and could take up to a
day. Most receive funds within 15 minutes of acceptance. 6 The
Annual Percentage Yield (APY) shown is current as of 12/20/2022.
This rate is variable and may change. No minimum deposit to open
account. Balance must be at least $0.01 to earn APY. A maximum of 6
withdrawals per monthly statement cycle may apply. 7 Credit Builder
plan requires you to open a no-fee SeedFi line of credit and a
no-fee SeedFi savings account, both provided by Cross River Bank,
Member FDIC. Credit Builder is serviced by SeedFi. You’re eligible
to apply through Credit Karma Money if your TransUnion credit score
is 619 or below at the time of application. Members with a credit
score of 619 or under may see an increase within 2 months. Late
payments and other factors can have a negative impact on your
score, including activity with your other credit accounts.
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version on businesswire.com: https://www.businesswire.com/news/home/20221220005196/en/
Stephanie Cook pr@creditkarma.com
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