Mint is shutting down
Mint is shutting down

Mint is shutting down, it’s popular free budget-tracking app

What To Know

  • Intuit, recognizing the potential of Mint, acquired the company in 2009 for a substantial sum of $170 million, with the intent of expanding the app’s reach to a broader user base.
  • While the transition to Credit Karma is on the horizon, it is essential to understand that the two platforms, although under the Intuit umbrella, serve distinct purposes.
  • Intuit has made it explicitly clear, on a dedicated support page, that Credit Karma’s new interface will not support the creation of monthly and category budgets, opting instead to help users “cultivate awareness” of their spending patterns.
  • The company was ordered to disburse a substantial sum of $141 million due to allegations of misleading millions of low-income Americans into paying for tax services that were, in fact, supposed to be offered free of charge.

Intuit, the tech juggernaut, is poised to retire its complimentary financial planning application, Mint, a platform that boasted an impressive 3.6 million active users in the year 2021. This development was disclosed in a report by Bloomberg. The impending disappearance of Mint is slated for January 1st, 2024, a date that looms just under two months from the present moment.

In this strategic move, Intuit is set to seamlessly transition users to another one of its flagship services, namely Credit Karma. The official announcement from Company underscored the enthusiasm for this transition, with Credit Karma extending a warm invitation to all Mint users.

Their financial journey is set to continue under the expansive umbrella of Credit Karma, where an array of sophisticated features, products, tools, and services await them. This comprehensive suite includes some of Mint’s most cherished and widely-used attributes.

It is important to note that Mint’s product team and a selection of its hallmark features have already found a new home within Credit Karma. Company, renowned for its prowess in budget management, expense tracking, and meticulous subscription and bill management, has been a trusted ally for millions of users.

Intuit, recognizing the potential of Mint, acquired the company in 2009 for a substantial sum of $170 million, with the intent of expanding the app’s reach to a broader user base.

While the transition to Credit Karma is on the horizon, it is essential to understand that the two platforms, although under the Intuit umbrella, serve distinct purposes.

Credit Karma functions more as a financial institution application, providing users with the capability to oversee transactions, monitor credit standing, and access multiple account information. However, it lacks Mint’s robust budget tracking capabilities that have been a cornerstone of Company’s appeal.

Mint is shutting down. What should Mint users do now?

Intuit has made it explicitly clear, on a dedicated support page, that Credit Karma’s new interface will not support the creation of monthly and category budgets, opting instead to help users “cultivate awareness” of their spending patterns. Nevertheless, an aspect of Mint’s allure, its net worth feature, has been judiciously integrated into the Credit Karma platform.

The transition process for Mint users is well-defined. Users can make the shift by accessing Credit Karma through the application. However, it is vital to understand that this transition will result in the loss of access to their profiles. For those who may be apprehensive about making the move, the option to download or delete their Mint data remains available.

Interestingly, not all users appear equally enthused about this transition. A thread on Reddit reveals a mixed sentiment, with some expressing reservations about the absence of Mint’s robust budgeting features. As one user pointed out, in the absence of these functionalities, Company might seem like nothing more than a glorified checkbook register.

In a different context, Intuit has recently faced legal repercussions. The company was ordered to disburse a substantial sum of $141 million due to allegations of misleading millions of low-income Americans into paying for tax services that were, in fact, supposed to be offered free of charge. This incident serves as a reminder of the complex and evolving landscape in which financial technology companies operate.

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