US fintech Credit Karma launches new Net Worth product
US-based consumer technology firm Credit Karma has launched Net Worth, a new product within its platform designed to allow users to grow and protect their wealth.
Credit Karma, which was acquired by Intuit in 2020, teamed up with Intuit’s personal financial management business Mint to develop the offering.
With Net Worth, consumers will get a full picture of their financial status, helping them understand components of their net worth so they can monitor and track progress and make future financial plans.
“Net Worth was built for US consumers who have already made significant progress on their credit score and are looking for that next financial health indicator to track and take action on, as they continue their financial journey,” says Ryan Steckler, general manager of Prime and Mint.
The new product will enable users to link all their financial accounts such as 401k and brokerage accounts and liabilities such as mortgages to generate a “real-time snapshot” of their total net worth. Users will also be given insights on their transaction history and can view all incoming and outgoing money each month.
Over time, Credit Karma also plans to add features such as insights on how to maximise credit card rewards based on spending habits and investment insights to diversify consumers’ portfolios.
US consumers with a credit score of 720 and above can access the product, Credit Karma says, with the aim to expand availability to more people over time.
Why are you promoting this awful scam of a company?!? Processing my TurboTax refund with Credit Karma was an Orwellian nightmare of being locked out of my account with conflicting explanations and then having it closed without notification, without ever being able to access my funds – the ONLY reason I eventually received my funds via mailed check was because I went over their heads after reading all the complaints and abysmal reviews online and contacted their bank of record directly to lodge a complaint. Credit Karma’s “customer service” was the most inept, clueless, unhelpful, defensive, and rude customer service I have ever dealt with. They don’t provide phone numbers, and interacting with their chat reps is a lesson in insanity-inducing futility – they know nothing, have no answers, will find a way to tell you a different thing every time you ask a simple question, and then will simply disconnect if you start to get annoyed they are withholding access to your OWN MONEY. Reviews online and formal complaints with the Better Business Bureau show that thousands and thousands of people have had the exact same experience with either tax refunds or “spend” (checking) accounts, with many never regaining account access or their funds at all, after weeks/months. I would NEVER share any information with this sham company again or link to any of my real financial accounts, even just for credit reporting (or “net worth” valuation).