One of the most popular free budgeting apps, Mint, is reportedly shutting down on January 1st, 2024.1 Intuit, the owner of both Mint and Credit Karma, is having its mobile credit reporting app absorb Mint. As of 2021, Mint had an estimated 3.6 million users.1 With these numbers, everyone is wondering why Intuit wants to shut down an app that is so popular, especially Mint’s users. Intuit has kept Mint’s services free all this time. Despite having 3.6 million users, the company stated that Mint’s revenue was not material, which could have impacted Intuit’s decision to leave the app behind.1
In 2009, Intuit acquired Mint, a free budgeting app that allows users to track expenses, set bill reminders, and manage their budgets. Back then, Mint was mostly a web-based software. Over time, it developed into an app that you could carry around in your back pocket. With the app’s easy-to-use budgeting features and popularity, users are discouraged to see the app being shut down. With that being said, an article on Bloomberg states that “the product’s features are being moved within Credit Karma,”1 which Intuit acquired in 2020. Intuit is hoping this merger will attract more users with a higher credit score.
Unfortunately, a support page on Intuit’s website states that “Credit Karma does not currently provide budgeting features the same way that Mint has in the past.”2 Although Credit Karma may not have the same budgeting features as Mint, you can still:
- See your linked financial institutions in one place
- View transactions
- Track spending
- Observe your cashflow
- View your net worth over time
Add these features to the already existing features of the Credit Karma app, like checking your credit score and being matched with loan offers, Credit Karma may be useful after all!
Still Need Help with Budgeting?
This new app merger may prove beneficial to some, but if you’re still looking for an app that gives you more budgeting features, check out our article on budgeting apps.
Having a hard time sticking to a budget in the first place? Take a look at our budgeting article that will help you create and stick to your budget!