Users are panicking after learning that a popular household accounting service will be shutting down in the new year.
Mint, a household budget app that helps users manage their spending and personal finances, will be discontinued soon.
Mint’s parent company, Intuit, is offering customers to transfer their data after the closure and use Credit Karma instead.
“Credit Karma is excited to invite all Minters to continue their financial journey with Credit Karma, giving them access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features. We’re excited about it,” Intuit said. Press release announcing the change.
The problem is that Credit Karma doesn’t offer the same services as Mint.
Among its many features, Credit Karma does not allow users to create monthly budgets or allocate budgets by category like Mint does.
“Without a budgeting tool, it’s pretty useless to me,” said one Reddit user.
Mint allows users to connect their credit and bank accounts directly to the app to automatically track and categorize their spending habits.
This is a key and favorite feature of Mint that our customers use, and they are shocked to see it go.
“Mint’s closure was one of the worst things that ever happened to me.” I have written One of the distraught customers at X.
Another person said that after hearing the news, a friend said, “Lokey fell ill.”
“I was using mint To track your daily spending for years and now. [you] decide to abolish it [and] force us [Credit Karma] You can’t track your spending. worst. Typical corporate greed.” called out One of the angry customers.
Some have begun to look for alternatives outside of the Intuit product base.
“Now that @mint is shut down, where are people tracking their budgets and finances? I’ve been using their platform for probably a decade or so and I’m looking for something that offers similar functionality. ” Asked 1 user.
“#Mint existence shutdown It’s a real downer. I’ve been a heavy user for the past few years.almost completely dependent on mint Just to check my numbers. Sad to see it go. We have to look for alternatives now,” another lamented.
Several people have suggested using Monarch, an app similar to Mint, for that purpose.
“Try Monarch. It’s more expensive, but I like the interface better than Mint,” one helpful user suggested.
Monarch has feature parity with Mint, making for a smooth transition for previous Mint users.
The reason for the similarities is no secret: Monarch co-founder Val Agostino was Mint’s project manager.
Hoping to fill the gap in the market created by Mint’s closure, Monarch is running a promotion where you can get 50% off your first year with the code MINT50.
“Monarch seems great so far, even outperforming mint in some areas, especially in being able to set strict rules. All my accounts are syncing fine,” says the app compared to Mint. One Redditor who reviewed it wrote:
An informal poll conducted on the /mintuit Reddit thread found that out of 550 respondents, the service most people use as an alternative to Mint is Monarch, at 33%.
Why Mint is closing
Mint’s parent company, Intuit, has recently come under fire for another service, Turbo Tax.
the company had to pay $141 million to charge users for what was advertised as a free tax service.
The settlement was announced by New York Attorney General Letitia James in May 2022 and signed by attorneys general from all 50 states.
It’s unclear how much the settlement, in which Intuit agreed to pay $141 million, affected Mint’s future.
Intuit has also been accused of deceptive practices surrounding Credit Karma.
The company was ordered by the Federal Trade Commission to pay $3 million to customers who were mistakenly told they received pre-approvals for credit cards they never received.