Mint has long been respected as one of the best budgeting apps on the market. However, after January 1, 2024, this platform will be shut down, and users will need an alternative to meet their money tracking needs.
Intuit, which owns Mint as well as other popular money management platforms such as Quickbooks and TurboTax, is offering current Mint users to move their data to Credit Karma (also owned by Intuit). However, for some users, this may not be the best course of action. CNBC Select explains the pros and cons of each so you can decide which one is best for you.
The first option is to migrate your data to Credit Karma, also owned by Intuit. This is the option recommended by Intuit. Credit Karma is best known as a credit score tracking platform. But Credit Karma also offers some “Mint-like” features for free, according to the company’s website.
Strong Points
On the other hand, simply moving your data to Credit Karma gives you access to some (but not all) of the features you loved when using Mint. This includes tracking your net worth, viewing category-based spending, cash flow, and transactions all in the same place.
You can also use Credit Karma’s features, including credit monitoring across two credit bureaus, recommendations for responsible credit use, alerts for changes to your credit, and more. These additional features can help make your money management feel a little more complete than if you were only focused on budgeting and spending.
Mint users will be able to transfer data on most account balances, past net worth, and up to three years’ worth of transactions that were already connected to the app. Assuming this process goes smoothly, users won’t have to do much heavy lifting to connect all their accounts again.
Cons
Please note that this transition is not completely automatic. Mint users should wait to receive an email and app notification from Mint when it’s time to initiate the migration and consent to the transfer of their personal information. Notifications are rolled out in stages, so not all Mint users receive notifications at the same time. During this time, users who do not already have a Credit Karma account will be asked to create one.
Another thing to consider is that Credit Karma does not have all the same features as Mint. In other words, Credit Karma doesn’t have budgeting features like Mint. If that’s the only reason you signed up for Mint, it could be a deal breaker.
You should also keep in mind that while Credit Karma gives you easy access to your credit score, it’s not your FICO® score, which is what most lenders use when approving you for a line of credit. Instead, Credit Karma displays a score based on the VantageScore® 3.0 model. VantageScore and FICO both look at the same credit-determining factors, such as payment history and credit usage, but the VantageScore may differ from his FICO score because these factors are weighted differently.
Another option is to sign up for another budgeting and financial tracking service altogether. Starting from scratch on a new platform can be daunting, but it may also be an opportunity to find your new favorite money management tool.
Strong Points
If you’ve used Mint in the past but always felt it was missing certain features, now’s your chance to familiarize yourself with another platform or try a different way to track your spending that better suits your needs. is.
For example, You Need A Budget (YNAB) requires you to allocate every dollar to work, so you need to be thoughtful about how you spend every dollar in your budget. Mint, on the other hand, simply shows you how you spent your money after the transaction has already been completed.
In other words, Mint was better at showing you what you’ve done with your money in the past, while YNAB is more focused on how you’ll use your money in the future.
I need a budget (YNAB)
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Fee
34-day free trial, then $99/year or $14.99/month (12 months free for students with proof of enrollment)
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Distinctive features
Instead of using traditional budget buckets, users allocate every dollar they earn to something (known as a “zero-based budgeting system” where there are no unspent dollars). Every dollar has a “work” assigned to it, whether it’s used for bills, savings, investments, etc.
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Categorize your expenses
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Link to account
Yes, bank card and credit card
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availability
Available on both the App Store (for iOS) and Google Play (for Android)
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Security features
Encrypted data, certified data centers, third-party audits, and more
And while Mint allowed you to connect to your investment accounts and track your net worth, it didn’t have any features to help you manage your investments. Empower (previously known as Personal Capital) is both a budgeting and investing tool. Like Mint, Empower is also free to use when it comes to basic features like tracking your spending and viewing your net worth. However, if you want to use investment management services, you’ll pay a tiered percentage-based fee for the funds you manage (0.89% for the first $1 million).
empower
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Fee
The app is free, but users have the option to add investment management services for 0.89% of funds (for accounts under $1 million)
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Distinctive features
Budgeting app and investment tool that tracks both spending and assets
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Categorize your expenses
Yes, but users can change
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Link to account
Yes, bank cards and credit cards, IRAs, 401(k)s, mortgages and loans.
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availability
Available on both the App Store (for iOS) and Google Play (for Android)
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Security features
Data encryption, fraud prevention, and strong user authentication
Cons
The process of migrating from Mint to Credit Karma requires some work on your part, but it may not seem as difficult as starting over on a completely different platform. That’s because signing up requires entering your personal information and manually connecting all your accounts, credit cards, etc. to the new app. This is relatively easy to do, but requires a few extra steps.
Additionally, while Mint’s features were free to use, this is not the case with all popular alternatives. For example, YNAB costs $14.99 per month. Other companies, like Goodbudget, follow a “freemium” model where you can access limited features for free but have to pay to access all features. For his Goodbudget, a platform based on the cash envelope saving method, users can get her 20 virtual envelopes for free, but have to pay to receive unlimited envelopes.
So you can go from paying $0 for a budgeting app to paying a small premium for all the features you need.
When deciding whether to move to Credit Karma or switch to a completely different product, perhaps the most important thing to consider is whether you have access to the features that will have the biggest impact on your money management.
Credit Karma won’t retain all of Mint’s features, but it will give users access to credit scores and credit monitoring tools all in the same place. This may not be accessible if you choose another budgeting app. If you feel like you can better manage your finances by having that data at your fingertips (and you don’t really care about the budgeting tools that come with Mint), moving to Credit Karma may be your best choice. not.
On the other hand, it’s entirely possible that you signed up for Mint specifically for its budgeting features (after all, that’s how Mint was promoted). If you’re looking for a new app with powerful budgeting features and don’t think Credit Karma’s features will satisfy you, it’s time to look elsewhere.
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By January 1, 2024, consumers will no longer be able to use the Mint app. Whether you choose to move to Credit Karma or choose a completely different budgeting platform, switching takes some getting used to. In any case, if your choice does not work out, you can always decide to go in a different direction.
CNBC Select’s mission is to provide quality service journalism and comprehensive consumer advice to help readers make informed decisions about their money. All articles are based on rigorous reporting by a team of expert writers and editors with extensive knowledge of budgeting products.. While CNBC Select earns commissions from affiliate partners on many offers and links, we create all content without input from commercial teams or outside parties and adhere to journalistic standards and ethics. We are proud of our products.
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Editor’s note: Opinions, analyses, reviews, or recommendations expressed in this article are solely those of Select editorial staff and have not been reviewed, approved, or otherwise endorsed by any third party.