6 days ago
Although Credit Karma offers immoderate of nan aforesaid features that Mint did, it lacks immoderate important aspects of Mint's functionality. So, you whitethorn request a different (or another) budgeting app to negociate your finances.
For 16 years, Mint was a celebrated level for budgeting and mounting financial goals. However, it struggled to go profitable, and Intuit, its genitor company, decided to extremity nan service. Intuit urged customers to move to Credit Karma, which it acquired successful 2020.
Key Takeaways
- Intuit announced Mint's closure successful 2023, and users had until May 2024 to migrate their accusation to Credit Karma.
- Credit Karma has immoderate of nan aforesaid features Mint offered, specified arsenic in installments people monitoring and transaction tracking.
- Credit Karma does not connection budgeting tools, which were immoderate of Mint’s cardinal features.
- When its closure was announced, Mint had much than 3 cardinal progressive users.
Is Credit Karma a Good Replacement for Mint?
Mint was a celebrated app; astatine nan clip its shutdown was announced, it had complete 3 cardinal progressive users. Part of its fame was its deficiency of cost: Mint’s fund tracker was free, and it easy synced pinch your slope accounts to way your spending successful existent time.
However, it wasn’t profitable capable for Intuit, truthful nan institution announced its closure successful November 2023 and encouraged users to migrate their accounts to Credit Karma, which it besides owns. Users had respective months aft nan announcement to migrate each of their relationship information to Credit Karma. However, arsenic of May 3, 2024, Intuit nary longer offers migration, truthful you'll person to unfastened a caller Credit Karma relationship from scratch.
How does Credit Karma measurement up to Mint? It shares immoderate of nan aforesaid features arsenic nan now-defunct platform, including:
- Transaction categories: Credit Karma allows you to link slope accounts, in installments cards, and loans to way your transactions and payments. You tin categorize your transactions to spot wherever you walk your money; for example, you tin categorize a transaction arsenic "groceries" aliases "kids."
- Credit people updates: Credit Karma provides credit scores based connected your TransUnion and Equifax in installments reports.
- Net worthy tracker: Using your connected accounts, including your car indebtedness and spot value, you tin position your advancement arsenic you build your net worth. However, nan nett worthy characteristic isn't disposable to everyone yet.
Credit Karma falls short compared to Mint for galore users erstwhile it comes to budgeting. Credit Karma doesn't person Mint's beloved budgeting features, truthful you're incapable to group monthly aliases class budgeting limits. Also, Credit Karma pulls information only from synced accounts, and it doesn't see each financial institutions. It doesn't let you to manually participate your debt, truthful you whitethorn not get a afloat image of your finances.
Currently, Credit Karma allows you to link accounts from complete 17,000 institutions, but not each financial institutions person collaborated pinch Credit Karma.
Alternative Budgeting Apps to Replace Mint
Our picks for nan best budgeting apps are apt to connection nan features you request to switch what was mislaid pinch Mint.
| You Need a Budget (YNAB) | $109 per year | 34 days | Yes |
| Simplifi by Quicken | $35.88 per year | 30 days | Yes |
| PocketGuard | Free type available; paid type is $74.99 per twelvemonth (or $12.99 per month) | Free type available; nary proceedings of paid version | Yes |
| Empower | Free | N/A | Yes |
| Zeta | Free type available; paid type is $83.88 per twelvemonth (or $9.99 per month) | No | Yes |
What to Consider When Choosing a Budgeting App
Credit Karma is free, and it provides immoderate useful features, for illustration in installments people monitoring. However, its budgeting devices autumn short of those erstwhile offered by Mint, truthful you whitethorn request different budgeting app to way your spending and group goals.
When considering your options for budgeting apps, support these factors successful mind:
- Free trials: Some apps complaint a monthly aliases yearly fee, but whitethorn connection a free proceedings to fto you effort retired nan level and observe if it's a bully fresh for your needs. Free tests tin scope from 1 to 4 weeks, but nan app usually charges your in installments paper astatine nan end, truthful beryllium judge to make a statement of nan trial's expiration date. If you're dissatisfied pinch nan platform, cancel your relationship up of nan proceedings extremity day to debar being charged.
- Fees: Like Mint, immoderate platforms are wholly free; they make money done affiliate offers. Others complaint monthly aliases yearly fees. Look astatine really nan costs fits into your budget, and later on, cheque if you're utilizing nan level and its features capable to warrant nan cost.
- Functions: Functionality and features alteration by platform, from real-time transaction search to goal-setting. Some platforms are comprehensive, allowing you to position your investments, savings, spending, and indebtedness successful 1 place, while others person a much constricted focus. And, while immoderate let you to manually adhd your details, others only populate accusation from partnering institutions.
- Security: Budgeting apps require you to supply individual specifications for illustration your slope relationship numbers, in installments paper log-in information, and debt, truthful information is key. Look for companies pinch beardown information features, specified arsenic military-grade encryption.
- Other perks: Some platforms connection added benefits and perks, specified arsenic in installments people monitoring, rewards checking accounts, automated subscription cancellation, and rate advances.
- Compatibility: Some platforms only let you to way accusation from partner institutions. If you person accounts pinch smaller location banks aliases in installments unions, aliases pinch banks overseas, you whitethorn not beryllium capable to adhd your information.
Credit Karma has been nan target of data breaches successful nan past, and it's presently facing a suit related to a 2024 information breach.
Frequently Asked Questions (FAQs)
Why Was Mint Discontinued?
Although Mint was popular, it struggled to beryllium profitable. Intuit did not remark straight connected nan reason, but manufacture experts pointed retired that nan institution whitethorn person decided to adjacent Mint to attraction connected Credit Karma, which brought successful much revenue.
Was Mint Replaced by Credit Karma?
Intuit was nan genitor institution of some Mint and Credit Karma. In precocious 2023, Intuit announced it would beryllium closing Mint successful 2024, and it urged users to migrate their specifications to Credit Karma instead.
Can I Go Back to Mint From Credit Karma?
No, Mint is nary longer available, truthful you cannot spell backmost to Mint aft migrating to Credit Karma. Credit Karma offers immoderate of nan features that Mint erstwhile offered, but you’ll apt person to look to other budgeting apps for different features.
What Happens If I Didn’t Move From Mint to Credit Karma?
If you missed nan deadline to migrate your accusation from Mint to Credit Karma, you tin still motion up for Credit Karma. You'll conscionable person to commencement from scratch to sync your accounts.
Does Using Credit Karma Hurt Your Credit?
Using Credit Karma doesn't wounded your credit. Credit Karma shows your in installments scores based connected your in installments reports, but it only performs soft in installments checks.
Credit Karma does show advertisements for financial products, however. The only measurement utilizing Credit Karma would impact your people is if you pursued a in installments paper aliases indebtedness connection done nan platform, arsenic in installments inquiries and opening caller in installments accounts impact difficult checks that tin effect your score.
The Bottom Line
Is Credit Karma a bully replacement for Mint? That depends connected what you dream to get retired of a individual finance app. Credit Karma has immoderate useful features, specified arsenic in installments people monitoring, but it doesn't person Mint's robust budgeting functions, truthful devoted Mint users whitethorn find nan level limited. If that's nan lawsuit for you, another budgeting app that allows you to create subcategories and monthly spending goals whitethorn beryllium a amended choice.
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