Is Mint Shutting Down? What is the Current Status of Intuit Mint?
by Dheshni | Updated Nov 06, 2023
Is Mint Shutting Down?
Mint, the well-known budgeting app, is scheduled to discontinue its services. Intuit, the company that owns Mint, has officially announced that the app will cease to operate starting from January 1, 2024. Instead of Mint, Intuit is actively recommending that its users make the switch to Credit Karma, which is another service under their ownership. It's important to bear in mind that, even though Credit Karma offers several features akin to those in Mint, such as transaction tracking and credit monitoring, it may lack the comprehensive budget tracking tool that many Mint users have come to rely upon.
Mint has enjoyed substantial popularity since Intuit acquired it back in 2009. It has provided users with a free and convenient means to manage their budgets, keep tabs on expenses, negotiate bills, and monitor subscriptions. While Credit Karma does incorporate some financial management features, it does not currently include the capability to set up monthly and category-specific budgets, a feature highly valued by Mint users.
To address this transition, Intuit is offering Mint users the opportunity to transfer their accounts to Credit Karma by logging in through the Mint app. Subsequently, access to Mint profiles will be discontinued. For those who prefer not to migrate to Credit Karma, the option to download and delete their Mint data is available. Intuit is ensuring that Mint users have ample time to prepare for this change, which has been in the works for some time. As of 2021, Mint boasted 3.6 million monthly active users, although its development had slowed down in recent years. This transition aims to streamline services and provide a more integrated experience for users
About Mint App Shutting Down
The popular budgeting and financial management tool, the Mint app, is closing its doors. Its parent company, Intuit, has made the decision to discontinue Mint, and the official shutdown date is scheduled for January 1st, 2024. This means that, post this date, the Mint app will no longer be available for use.
Intuit, the company that acquired Mint back in 2009, plans to integrate Mint's functionalities into another service within its portfolio, Credit Karma. While Credit Karma does offer certain similar features, such as transaction tracking and credit monitoring, it does not provide the same robust budget tracking tools that have become a staple for many Mint users. This transition may pose challenges for Mint users who have relied on the app for budget management, expense tracking, and overall financial health monitoring.
Intuit is actively encouraging Mint users to make the move to Credit Karma, where they can access a range of Credit Karma's products, features, and services. However, questions have arisen regarding whether Credit Karma will eventually incorporate Mint's budget tracking features.
To facilitate this transition, Intuit is affording Mint users time to prepare, and they can transfer their accounts to Credit Karma by logging in through the Mint app. Following the shutdown date, Mint profiles will no longer be accessible. For those who prefer not to transition to Credit Karma, they also have the option to download and delete their Mint data. This change underscores Intuit's commitment to streamlining its services and providing a more integrated experience for its users. However, it's essential to consider how these changes may impact Mint users who have relied on the app for their financial management needs.
Intuit Mint Credit Karma
Intuit, the parent company of the widely-used budgeting app Mint, has made an announcement that Mint will be shutting down on January 1, 2024. This news has raised concerns among the countless users who have come to rely on Mint for managing their finances. Intuit has revealed that they are in the process of "reimagining Mint" as part of their other service, Credit Karma, which is also under Intuit's ownership. As a result, Mint users will lose access to their accounts starting on the specified date or even earlier if they opt to transition to the Credit Karma app prior to the shutdown.
While certain features like spending and net worth tracking will still be available in Credit Karma, essential functionalities such as setting monthly budgets and customized categories will not be carried over. The incorporation of these features into Credit Karma remains uncertain. On a positive note, the closure of Mint is not an immediate event. Intuit has granted Mint users what they refer to as "ample time" to prepare for this transition. This transition period spans two months, providing users with the opportunity to export their financial data from Mint and explore alternative budgeting tools, although some may find this timeframe relatively short.
To facilitate this transition, users are encouraged to take steps to secure their data. This includes downloading their existing Mint transaction data, which can be saved as an Excel spreadsheet, or capturing screenshots of valuable charts and insights. Additionally, users are advised to compile a list of the Mint features they rely on most frequently or find most valuable. This list can serve as a valuable reference when evaluating other budgeting apps and services as potential replacements.
Mint, also known as Intuit Mint, is a web-based platform and mobile application originally created by Aaron Patzer and currently owned by Intuit, Inc., a renowned company recognized for products like TurboTax and QuickBooks. Originally bearing the name Mint.com, it was conceived to assist individuals in managing their finances within the United States and Canada. Mint's central offering provides an easily accessible means of overseeing bank accounts, credit cards, investments, loans, and financial transactions, all consolidated in one convenient location. Moreover, it aids users in crafting budgets and establishing financial objectives. At its zenith, Mint asserted its connection to over 16,000 financial institutions within the US and Canada, catering to more than 17 million individual financial accounts by 2010 and amassing over 20 million users by 2016.
One distinctive feature that distinguishes Mint is its capability to access financial data by requesting users to provide their bank account and credit card particulars. This approach has given rise to concerns regarding data security, as these particulars are stored in a format that potentially exposes them to decryption. Nevertheless, to alleviate these risks, some banks provide access codes for read-only data sharing, which reduces the exposure of sensitive information.
Intuit Mint Closing
Intuit, the company that is the proprietor of the well-liked budgeting app, Mint, has officially declared the impending closure of Mint. This decision has left the app's 3.6 million active users, as of 2021, in search of alternative solutions, as Mint is slated to vanish on January 1, 2024, which is just under two months away.
Intuit's strategy involves transitioning Mint users to another service within its portfolio, Credit Karma, which it acquired in 2020. Credit Karma offers a range of financial tools, encompassing transaction tracking, credit monitoring, and account management. However, it lacks some of the budget tracking features that have long been a hallmark of Mint's appeal. Mint has been a valuable tool for aiding users in managing budgets, monitoring expenses, and avoiding late fees on subscriptions and bills. Intuit's acquisition of Mint back in 2009 aimed to broaden its user base and make these financial management features accessible to a wider audience.
The transition to Credit Karma may not be seamless for all Mint users, as it lacks certain budgeting functionalities. Intuit has noted that the "new experience in Credit Karma does not offer the ability to set monthly and category budgets" but rather concentrates on helping users "build awareness" of their spending. It's pertinent to mention that Mint's net worth feature has been integrated into Credit Karma. To facilitate a smooth transition, Mint users are encouraged to transfer their accounts by logging into Credit Karma via the Mint app. After the transition, access to their Mint profiles will no longer be available. Users who prefer not to make the switch also have the option to download or delete their Mint data.
This change has elicited mixed reactions, with some Mint users expressing disappointment, particularly concerning the loss of budgeting features. Nonetheless, Intuit's decision to shutter Mint and encourage its users to migrate to Credit Karma underscores the company's overarching strategy and direction within the financial services sector.
Is Mint Shutting Down? - FAQ
1. Is Mint shutting down?
Yes, Mint, the popular budgeting app, is shutting down. Intuit, the company that owns Mint, has announced the official shutdown date as January 1, 2024.
2. What is Intuit's recommendation for Mint users?
Intuit recommends that Mint users transition to Credit Karma, another service they own, as an alternative to Mint.
3. Are all Mint features available in Credit Karma?
While Credit Karma offers some features similar to Mint, it may lack the comprehensive budget tracking tool that Mint users have relied on.
4. Can Mint users migrate their accounts to Credit Karma?
Yes, Mint users are encouraged to transfer their accounts to Credit Karma by logging in through the Mint app.
5. What should Mint users do to prepare for the transition?
Mint users should secure their data by downloading their transaction data, making a list of essential Mint features, and exploring alternative budgeting tools.
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