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Credit Karma allows users to track their credit scores free of charge. Since interest rates and credit ratings fluctuate, most consumers can save money if they know where to look and are willing to spend time switching accounts.

The new Dashboard tool automates the discovery process, finding offers for consumers and presenting them with a personalized page of deals. (FinovateStartup 2009 video here.)

How it works

1. The user registers at Credit Karma. The site uses the consumer's social security number to pull their credit score with a soft inquiry that does not impact the user's credit rating.

2. Consumers can come back at any time to view their current credit score.

3. When the user logs in, the system automatically shops for competitive deals. This shopping process is performed anonymously, with no personal details disclosed to advertisers.

4. Tabs across the top of the webpage lead to custom offers based on the user's credit report and optional financial information provided to Credit Karma, such as the make and model of a vehicle. For example, savings account holders will be presented with alternative accounts with higher interest rates (see screenshot #1, below) or credit card offers for card holders (screenshot #2).

5. The Dashboard provides direct links to the advertisers to take advantage of the offers.

Web traffic at Credit Karma has been growing steadily. The site currently boasts more than 400,000 unique visitors per month, more than double the volume a year ago.

Compete.com Feb. 2010, traffic data

Credit Karma also announced that it quadrupled its users in 2009 and now has more than one million subscribers.

#1. The Dashboard Presents Savings Accounts ...

Note: In my case there were no savings found, but there is usually a positive number displayed. One of my colleagues had more than $1,000 in savings offered.

#2. ... and Credit Card Plans

Six new community financial institutions have agreed to carry Kasasa branded products, joining the 13 banks and one credit union already supporting the program across 11 states. The new additions bring the number of states in which Kasasa products are available to 15.

Kasasa is the first nationally branded checking account supported by individual community banks and credit unions. The idea, created by bank marketing company BancVue, is simple: By combining together under a single brand, smaller banks can pool their marketing resources, creating a unified advertising strategy that can compete against the banking giants that dominate the industry. BancVue launched Kasasa in May 2009. (Finovate video here, Netbanker blog post here.)

Joining the Kasasa program are six financial institutions:

• The Farmers & Merchants State Bank in Archibold, OH, the third Kasasa bank in Indiana and the second in Ohio ($640 million in deposits)
• First Bank in Clewiston, FL, the second Kasasa bank in Florida ($220 million in deposits)
• InCommons Bank in Mexia, TX, the second Kasasa bank in Texas ($74 million in deposits)
• Murphy-Wall State Bank & Trust Company in Pinckneyville, IL, the fifth Kasasa bank in Illinois ($69 million in deposits)
• Aspire FCU in Clark, NJ, the first Kasasa financial institution in New Hampshire, New Jersey, New York, and Virginia (21,000 members)
• Double 11 Credit Union in Indianapolis, IN, the first Kasasa credit union in Indiana (5,000 members)

Adding new banks and credit unions is important to Kasasa because each new addition expands the service area covered by the program, strengthening the brand nationally and benefiting all the financial institutions participating in it.

Kasasa enables participating financial institutions to offer customers their choice of four products:

1. High-interest checking
2. Savings accounts
3. Reward account giving debit-card users iTunes downloads
4. Charitable program allowing users to allocate interest payments to established charities.

Of the six newcomers, only The Farmers & Merchants State Bank elected to offer all four of Kasasa's products.

Kasasa's four products