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Personal Finance · head to head

Charles Schwab vs Credit Karma

Charles Schwab logo

Charles Schwab

Personal Finance

Investing made simple

From
On request
Rated
-
Full reviewWebsite
Credit Karma logo

Credit Karma

Personal Finance

Free credit scores, reports, and more

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only Credit Karma has a free tier, so it costs nothing to try first.
  • Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; Credit Karma state tax filing costs 15 USD even though federal filing is 0 USD
  • They diverge on capability: Charles Schwab covers Commission-free trading, Credit Karma covers Free credit score.

Where they differ

Only the attributes on which Charles Schwab and Credit Karma actually diverge.

Attributes where Charles Schwab and Credit Karma differ
AttributeCharles SchwabCredit Karma
Starting priceOn requestFree
Pricing modeltransactionfreemium
Free tierNoYes
Founded19712007

Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated), category (Personal Finance).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Charles Schwab

  • Commission-free trading
  • Retirement planning
  • Wealth management
  • Research tools
  • Bank accounts
  • Investment accounts

Only in Credit Karma

  • Free credit score
  • Credit report monitoring
  • Credit card recommendations
  • Tax filing
  • Credit bureaus
  • Financial institutions

Both cover

  • Web support
  • IOS support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Charles Schwab

  • Budget Managementnot Credit Karma
  • Expense Trackingnot Credit Karma
  • Investment Trackingnot Credit Karma

Credit Karma

  • Monitoring a credit score and the factors affecting it for freenot Charles Schwab
  • Comparing credit card and loan offers with Approval Oddsnot Charles Schwab
  • Filing federal tax returns at no chargenot Charles Schwab

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Charles Schwab

  • Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
  • Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile

Credit Karma

  • State tax filing costs 15 USD even though federal filing is 0 USD
  • Credit Spark builds score history against TransUnion, and the site states that not all lenders use TransUnion credit reports or scores
  • Card and loan listings are advertising placements, disclosed on the site as compensation from third party advertisers
  • Send and score update frequency limits are not published on the site

Pricing, plan by plan

Charles Schwab

On request
  • Individual BrokerageFree
    • Commission-free trading
    • Research tools
  • Schwab Advisor Services$undefined/month
    • All Brokerage features
    • Wealth management
    • Personal advisors

Credit Karma

Free
  • FreeFree
    • Credit score monitoring
    • Credit reports
    • Personalized recommendations

Which should you pick?

Choose Charles Schwab if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Charles Schwab review

Choose Credit Karma if

  • You need free credit score.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want credit report monitoring.
Credit Karma review

Questions people ask

Is Charles Schwab or Credit Karma better?
Neither clearly leads. Charles Schwab starts at On request and Credit Karma at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or Credit Karma?
Credit Karma has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for Credit Karma.
Does Charles Schwab or Credit Karma run on more platforms?
Both run on Web, IOS, Android, so platform support will not decide this one for you.
Can I use Credit Karma for free?
Yes. Credit Karma has a free tier, so you can try it without paying. Charles Schwab starts at On request.
What is Charles Schwab best used for?
Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what Credit Karma is typically brought in for.
What can Charles Schwab do that Credit Karma cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. Credit Karma covers Free credit score, Credit report monitoring, Credit card recommendations, Tax filing. Both handle Web support, IOS support, Android support.
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