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Mint, an Intuit personal finance app, is closing, and users will now use Credit Karma.
According to Bloomberg, Intuit is discontinuing Mint, a free budgeting tool that had 3.6 million active users as of 2021. When Mint goes away on January 1st, 2024, which is less than two months from now, the company will roll subscribers over into Credit Karma, another service.
"Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools, and services, including some of Mint’s most popular features," Mint stated on its product blog. The product staff and certain elements of Mint have already moved to Credit Karma, according to the business.
In order to avoid paying late penalties, Mint helps users manage their budget, keep track of their spending, and remember monthly invoices and subscriptions. The startup was purchased by Intuit in 2009 for $170 million, and Mint claimed the deal would help the software reach millions more users.
Despite their differences, Intuit will move users to Credit Karma, a business it acquired in 2020. While Credit Karma lacks the budget monitoring capabilities that make Mint appealing to many, it functions more like a banking app, allowing users to check transactions, manage credit, and see several accounts. Specifically stating that "the new experience in Credit Karma does not offer the ability to set monthly and category budgets," Intuit offers assistance to consumers in "building awareness" of their spending instead of providing monthly and category budgeting. Nevertheless, Credit Karma has lately migrated to Mint's net worth service.
Users of Mint will no longer be able to access their Mint profiles after transferring their accounts by logging into Credit Karma through the Mint app. If they would prefer not to migrate, they can also download or remove any Mint data.
Not everyone on Reddit is happy about the shift to Mint. One user said that, in the absence of the budgeting tool, "Mint is just a glorified checkbook register." Meanwhile, Intuit was recently forced to pay $141 million after tricking millions of Americans with modest incomes into paying for tax services that weren't actually necessary.