Credit Karma Money Spend Adds Cashback Offers for Cardholders Credit Karma Money Spend Adds Cashback Offers for Cardholders
Credit Karma Money Cashback

Credit Karma Money Spend Adds Cashback Offers for Cardholders

Those looking to add some extra cash back into their pocket will soon have a new option. This week, the popular credit monitoring site Credit Karma announced a new feature for its Credit Karma Money customers. Now, debit cardholders will be able to earn cashback when making purchases from select retailers. According to the site, the list of eligible retailers includes national chains, such as Adidas and Shake Shack, as well as local small businesses. This new platform will be powered by Cardlytics, which already partners with a number of banks and FinTechs.

When the cashback feature officially launches, Credit Karma Money Spend members will automatically be enrolled in the program. Then, when customers make eligible purchases from partner brands, they’ll receive cashback directly into their Spend account. Notably, there are no payout minimums and cashback funds can be used as soon as they’re available. Additionally, Credit Karma says that these offers will apply to online and in-store purchases “in most cases.”

This cashback benefit comes on top of what Credit Karma Money already has to offer. That includes the company’s “Instant Karma” program where debit card users have a chance at being reimbursed for a purchase they just made. Instant Karma is capped at $5,000 per win and is also not available to residents of Florida or New York.

Speaking to why the platform decided to launch a cashback offering, Credit Karma SVP and GM of Credit Karma Money Poulomi Damany said, “Cashback benefits and other such rewards have historically been reserved for credit cards. Specifically, those that are most often only obtained by consumers with prime credit. That didn’t seem fair to us. That’s why we sought to deliver cash back rewards to our members for spending with retailers they already know and love.” Damany added, “The best part? They’re able to earn cash back for spending money they already have, resulting in more money in Americans’ pockets.”

Additionally, Credit Karma Money Product Manager Satyen Motiani stated, “We’ve built Credit Karma Money to do more for our members and that starts with helping them develop better financial habits and giving them ways to make their money go further. Cash back rewards from Credit Karma Money is the latest example of that.”

Credit Karma isn’t alone in adding retailer-specific cashback deals for its cardholders as the feature has become a bit of a trend as of late. For example, Upgrade rolled out a cashback shopping portal for its customers in February followed by Varo Bank introducing its Perks cashback marketplace in March.

With inflation still soaring, any money that consumers can save is definitely welcome. That’s likely why more and more services are adding cashback marketplaces to their offerings. Plus, these portals can be a win-win-win for consumers, brands, and intermediaries as it saves shoppers money while increasing sales for retailers and growing engagement (not to mention interchange fees) for debit card issuers. Thus, while Credit Karma is the latest company to roll out such a feature, you can bet that it won’t be the last.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....