Mint, one of the earliest and most popular personal finance apps, is shutting down, and its owner, Intuit, is encouraging users to switch to Credit Karma, its platform that offers free credit scores and helps users track their money.
Intuit said on Tuesday that it was “reimagining” Mint as part of Credit Karma and that Mint users would be able to transition to Credit Karma. Credit Karma will absorb Mint by Jan. 1, Intuit said in a statement on Friday.
Mint has been one of the top online budgeting tools for years, with 3.6 million active users in 2021, according to Bloomberg. Introduced in 2007, it was a game-changer in the world of personal finance, surging in popularity as more people turned to free online services to create budgets and track their income and spending.
The news that Mint would be closing caused an outcry from loyal Mint users, some of whom said they were especially upset that Credit Karma would not offer the same budget tools.
Steve Kim, a software engineer in Seattle, said he had been using Mint for three years and was disappointed to find out on TikTok that it was closing. Mr. Kim, 42, said he was looking for alternatives, but would consider Credit Karma.
“I briefly looked it up and it doesn’t look great,” he said. “But I might give it a shot if it’s an easy transfer.”
Intuit said in its statement on Friday that it was “giving Mint users ample time to prepare for this change, before their access to Mint ends.”
Intuit, the owner of widely used financial software applications like TurboTax, bought Mint in 2009 from its founder for $170 million. At the time of the acquisition, Mint, which had been privately held, had 1.5 million users tracking nearly $50 billion in assets and $200 billion in transactions.
Credit Karma helps its 130 million users boost their credit scores and access personalized loan recommendations. Mint users will be able to transfer their linked financial accounts, historical balances and net worth graph over to Credit Karma, and they will be able to continue to track their spending and net worth and view cash flow over time, Intuit said.
But Credit Karma does not offer a budgeting tool that allows users to set a monthly budget and budgets by category, a favorite feature of Mint users. Mint allowed users to link their spending accounts to the service, so purchases could be automatically categorized as…