I realize that I still categorize these Friday entries as “Quick Tips” — and they often live up to that label. However, today’s musing would definitely be better described as “A Thing I Found Interesting This Week.” What was this occurrence that caught my eye? Well, starting next season, the NBA’s Houston Rockets will don jerseys that bear the Credit Karma Money logo.
That’s right, Credit Karma Money (part of the Credit Karma platform, which itself is now a part of Intuit) revealed a multi-year partnership with the Rockets organization. In a statement regarding the announcement, the GM of Credit Karma Money and Tax said, “Credit Karma Money is built to help the everyday American make financial progress and we couldn’t think of a better partner than a vibrant, diverse city like Houston. We’re looking forward to being a part of this new era of the Houston Rockets, with a fresh, young crop of talent and the new Credit Karma Money—it’s a perfect match.”
Incidentally, this isn’t the first time that a company I’ve covered has ended up entering the sports world. Previously, I was surprised to see SoFi gain naming rights to the Southern California stadium that the Rams and Chargers call home. Similarly, while not FinTech related, the budget airline Allegiant that I’ve written about several times lends its name to the Las Vegas stadium where the Raiders play.
While terms of the deal weren’t disclosed, it certainly couldn’t have been cheap for Credit Karma to score this sponsorship. But in completely unrelated news, just yesterday, I got an email from Credit Karma Money letting me know that the APY on my Save account would once again be cut. Apparently the previous 0.17% APY was far too generous, so it will now go to 0.13% APY as of August 1st.
Snark aside, I’m actually kind of fascinated by this sponsorship. Obviously Credit Karma and Intuit are not small companies, so it really shouldn’t be shocking to me that something like this could be possible. Yet, just like that time Acorns showed up in a Lil Nas X video, I think it’s cool to see FinTech brands pop up in popular culture. So, while Credit Karma Money may not be my absolute favorite digital banking platform (it’s fine but nothing to write home about IMHO), I’m excited to see more FinTechs breakthrough in this way and hopefully bring positive attention to the rest of the sector.