Mint is a phone app that helps you budget your money and see exactly how much you are spending. According to the reports, Mint had around 3.6 million active users in 2021. However, the recent news has left these 3.6 million users in awe and left them wondering: Is Mint going out of business 2023?
Mint has been one of the top online budgeting tools for years. The app brought revolution in the world of personal finance. However, the headlines that highlight the closure of the Mint App have caused an outcry from loyal Mint users.
So, if you are also a loyal Mint user or simply want to catch up on some tech news, then this article is for you.
In this article, we will discuss what is Mint, whether is it going out of business in 2023, and how you can prepare for its closure as a Mint user.
What Is Mint?
Mint or Intuit Mint was formerly known as Mint.com. It is a personal financial management website and mobile app for the US and Canada produced by Intuit Inc.
Mint.com was originally introduced by Aron Patzpr in 2006. Later, Intuit, which also produces TurboTax, Quickbooks, and Credit Karma, acquired Mint in 2009. The deal was cracked for $170 million. Earlier, Mint was a privately held service, with over 1.5 million users tracking $50 billion in assets and $200 billion in transactions.
It is an app that allows its users to set a monthly budget and budgets by category and link their spending accounts to the service. This, in turn, automatically categorized the purchases as restaurant and grocery bills, making it much easier to track all the spending.
How Does Mint App Work?
Is Mint Going Out Of Business 2023?
Mint has been a beneficial app for many. However, Mint is going out of business, but not in 2023 but in 2024.
Intuit, the parent company of Mint, has announced that January 1, 2024, will mark the end of the personal finance app Mint.
The closure was announced 30 days after Fidelity blocked the screen scraper and referred them to a data purveyor.
The company has also asked the users of Mint to move to its other personal finance app ‘Credit Karma.’
According to a statement by Emily Donahue, a spokesperson for Credit Karma, said that the company is excited to welcome all Intuit Mint users to join Intuit Credit Karma, where they can access the features, products, and tools of Credit Karma.
Moreover, Credit Karma also offers similar features to Mint, such as the ability to view transactions, track spending, track aggregate financial accounts, and credit monitoring. However, the app doesn’t come up with the budget tracking tool that most Mint users found helpful.
In this context, Intuit is working on Credit Karma to make it better for the users. For example, Credit Karama recently added one of the Mint’s key features that allows users to track their net worth.
So, the users thinking of using Credit Karma will have the ability to
- Transfer their linked financial accounts, historical balances, and net worth graph
- Track the spending and net worth
- View cash flow over time.
What Is The Controversy Of Mint?
Mint requires its users to provide both the username and password of their bank accounts, credit cards, and other financial accounts to the company. This raised a concern for the users that if the Mint database gets hacked, then it will give access to all the passwords and usernames to a rogue third party.
To reduce this risk of data theft, some banks support a separate “access code” for read-only financial information.
In this context, Intuit and JPMorgan Chase settled a longstanding dispute and agreed to develop software where only Chase’s customers would send their data for financial purposes to Mint.
In addition to this, it was also agreed that Intuit will never sell the data of Chase’s customers.
Why Is Mint Going Out Of Business?
The news that Mint is going out of business has saddened many of its users. While some of the users are busy finding an alternative service, some are wondering “why.” What is the reason Intuit has to shut down Mint?
The answer to this big question is simple. Intuit, the parent company of Mint, wants to prioritize its focus on Credit Karma, which has more features and tools than Mint.
In August, Sasan Goodarzi, the Chief Executive of Intuit, reported that Credit Karma had a revenue of $1.6 billion in the fiscal year quarter, which was on July 31. He further added that the company anticipated the long-term annual revenue growth of 20 to 25% of Credit Karma.
How To Prepare For The End Of The Mint?
In the middle of all the commotion caused by the closure, the good news is that the company has given ample amount of time to the users to gather all their information from the app.
To be precise, you (the user) have 2 months to gather all the financial information from the app and also find an alternative to it.
First things first, store all the necessary information you don’t want to lose. For this, you can follow the instructions on Mint’s help center page. The page will help you to download your existing transaction data in an Excel spreadsheet.
Another alternative option is taking screenshots of valuable charts and insights. Next, make a list of the necessary features of Mint that were beneficial for you. Refer to this list when exploring the alternative to Mint.
What Are The Alternatives Of Mint?
There’s no doubt that the closure of Mint has left a void in the hearts of its loyal users but there are plenty of alternatives available in the market. Some of the alternatives which you can explore are listed below:
1. Monarch Money
Monarch Money is one of the popular personal finance management apps. It allows you to create a customizable budget in which you can create your own categories to track your own spending for certain areas.
Fees:
| Plan | Cost |
|---|---|
| Premium Plan | 7-days free trial |
| Monthly Plan | $14.99 |
| Annual Plan | $99.99 or $8.33 a month |
The app is also rated:
| Ratings | Out Of 5 |
|---|---|
| Apple store | 4.8 |
| Google Play store | 4.6 |
2. Honeydue
This app is specially for couples. It allows you to create a monthly budget by linking credit cards, bank accounts, investments, and loans.
In addition to this, Honeydue allows couples to choose what they want to share and create a joint budget. The app is totally free to use and has a rating of:
| Ratings | Out Of 5 |
|---|---|
| Apple store | 4.5 |
| Google Play store | 3.3 |
3. PocketGuard App
PocketGuard is an app that allows you to create a monthly budget from its premium plan known as PocketGuard Plus. This plan allows you to customize your budget category and unlimited budgets.
Fees:
| Plan | Cost |
|---|---|
| Free Plan | $0 |
| Monthly Plan | $7.99 |
| Annual Plan | $34.99 or under $3 a month |
| Lifetime Plan | $79.99 |
It has a rating of:
| Ratings | Out Of 5 |
|---|---|
| Apple store | 4.7 |
| Google Play store | 3.7 |
4. Simplifi By Quicken
This app also allows you to customize your budget according to categories. In addition to this, you can analyze your savings and spending through charts and generate monthly reports for your spending, income after expenses, savings, and net worth.
If you are a Mint user, the app is also providing a limited-time offer, which is free for any Mint users switching to the app.
Fees:
| Plan | Cost |
|---|---|
| Monthly Subscription | $5.99 |
| Annual Subscription | $47.99 or $3.99 a month |
It has a rating of:
| Ratings | Out Of 5 |
|---|---|
| Apple store | 4.1 |
| Google Play store | 2.8 |
5. Rocket Money
Rocket Money has free and premium plans. The free plan on the app allows you to create a budget using selected categories. On the other hand, if you have a premium plan then you can make unlimited budgets.
Fees:
| Plan | Cost |
|---|---|
| Free Plan | $0 |
| Premium Plan | 7-days free trial |
After the free trial, you’ll be given an option from $4 a month to $12 a month. If you select the $4 and $5 a month, then you’ll be billed annually instead of monthly.
It has a rating of:
| Ratings | Out Of 5 |
|---|---|
| Apple store | 4.3 |
| Google Play store | 4.4 |
Conclusion
So, is Mint going out of business 2023? Mint is a personal finance management service that allows users to track their budgets. However, the recent announcement from its parent company Intuit has left its loyal users in awe.
The company also told the users to transfer all their data to their priority app, Credit Karma. So, if you are a Mint user, then you can either transfer to Credit Karma or explore the alternatives of Mint that we have mentioned above.
We hope this article has provided you with all the necessary information on Mint and its closure.
FAQs
Is Mint safe?
Yes, the parent company of Mint, Intuit, employs the latest security and technology to safeguard the financial information of its users.
What are the downsides of using Mint?
One of the worst downsides of using Mint is the intrusive ads, along with the problem of account synchronization.
Which is better: Monarch or Mint?
Monarch Money allows you to budget your money that is suitable for you. Now, talking about Mint, which is pushing its customers to Credit Karma. Credit Karma does not have any budgeting tools.