Intuit Shutting Down Budgeting App Mint, Encourages Users to Transition to Credit Karma by January 1, 2024

Intuit's decision to shut down Mint despite its 3.6 million active users comes amidst backlash over Credit Karma's lack of equivalent budgeting tools; transition includes transferring linked financial accounts, historical balances and net worth graph.

• Intuit, the parent company of Mint, acquired it in 2009, and is now deciding to shut it down despite the app boasting 3.6 million active users in 2021.
• Intuit is instead encouraging users to transition to Credit Karma, another one of their products, with the switch to be completed by January 1, 2024.
• While Credit Karma offers a variety of services such as free credit scores, loan recommendations, and money management tools, it lacks the equivalent budgeting tools that were popular on Mint.
• Critics suggest that despite its popularity, the app was not profitable for Intuit, contributing to the decision to close it down and merge it with their Credit Karma platform.
• The transition includes transferring linked financial accounts, historical balances, and the net worth graph, but does not offer a budgeting tool to set monthly budgets by category, a beloved feature of Mint.

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