George Kamel - The REAL Reason Mint Shut Down

Starting point is 00:00:05 In case you were stuck in a vending machine during the last news cycle, the Mint budgeting app is giving up the ghost after 17 years. To put that in perspective, 17 years is longer than the lifespan of a main Coon Cat. Unrelated, but shocking to say the least. Now, Intuit, Mint's parent company, is asking users to move it on over to their other personal finance management app called Credit Karma. Which, surprise, surprise, is not a budgeting app at all. And I don't know about you, but all this feels a... A little fishy to me. I mean, why would into it pull the plug on Mint

Starting point is 00:00:38 if it truly was the number one personal finance app in the world? Something's not adding up here, and we need to get wishbone on the case. But we can't, so we've got me. And today, we're going to investigate the real reason Mint is closing shop and share what you need to know to keep your money safe. But first, take a cue from Mint and live like you were dying by clicking those like, subscribe, and share buttons while there's still time. So here's what went down.

Starting point is 00:01:00 In 2006, 2007, Mint was introduced to the marketplace. And for context, this was the same. year Britney Spears shaped her head. Again, unrelated, just giving you a memorable timestamp. Then in 2009, when Brittany, of course, reemerged with Womanizer, Mint had 1.9 million users and financial software company, Intuit decided to acquire the budgeting app for a cool $170 million. By 2021, the app had been a chart topper for years and was up to 3.6 million active users. Until last year, when, Record Scratch, Intuit suddenly announced that Mint users would no longer be able to access their accounts, starting March 23, 2024.

Starting point is 00:01:37 Here's a breakdown of what Intuit's press release said about this all, followed by some helpful translations from Wai. Quote, we are reimagining Mint as part of Intuit credit karma, expanding our collective capabilities to deliver upon our mission of championing financial progress for all. Translation, blah, blah, blah, they're pulling the plug on Mint. Bada bing, bada boom, you're budget's dead. What are you going to do about it?

Starting point is 00:01:59 I've made my decision. I want to start crying. So what's going to happen to all of Mint's budgeters? Well, here's Intuit's brilliant solution. Quote, we know the most active minters, don't like that, use Mint to monitor their cash flow and track their spending. And not only does Credit Karma offer those capabilities, but we're able to take things even further for our members.

Starting point is 00:02:23 Translation, come on over to Credit Karma. The water's warm, the jets are on, and the chlorine is spicy. I got to tell you, that sounds awful. But who is Credit Karma anyway? Well, here's Intuit's explanation. At Credit Karma, we lever. leverage our members' data to provide them with a view of their finances so they know where they stand and can confidently take action to improve their financial situation. Whether that be

Starting point is 00:02:45 suggesting they use a different credit card in their wallet to maximize their rewards opportunities according to their spending habits, or proactively flagging when they're about to be in a cash crunch with actionable recommendations to help them smooth out their cash flow and avoid a similar situation in the future. Translation, Credit Karma is not a budgeting app, like that at all. So to recap that thrilling press release, Intuit wants users to pack up their financial data and move over to Credit Karma where they won't be able to actually make a budget. Cool story. If all of this isn't quite computing for you, I totally get it.

Starting point is 00:03:17 Because none of it really makes sense until you dig a layer deeper into who Credit Karma and Intuit really are. And then let's just say things get interesting and sketchy. Just like the bus ride home from Bandcamp senior year. Let's just say we hit a few off key notes. It's all I'm going to say about that. Did you know some bad people out there could get a hold of your data and order a thousand pizzas in your name and on your tab? Rude. At least invite me to this epic pizza party.

Starting point is 00:03:45 And guess what? This thievery happens all the time because data brokers sell your personal info. And that's why I use DeleteMe, which removes your info from hundreds of data broker websites. You can help keep your data secure on a one-year plan for less than $9 a month, less than a cost of a pizza. So get peace of mind and a great deal by going to join DeleteMe.com slash George. for 20% off. And if you're going to throw an epic pizza party, just invite me.

Starting point is 00:04:09 Just make sure a gluten-free supreme is on the order. Thanks. Okay, back to sketchy. We're talking about the sketchy demise of mint a la credit karma. If you don't know, credi-creddy-credit-carm, as I like to call them, entered the chat in 2007.

Starting point is 00:04:23 And currently, they provide free access to credit scores and credit reports. So if you're keeping score, now Intuit owns credit karma, TurboTax, QuickBooks, and for some reason, mailcham. Okay, now I'm confused. But despite all the unsavory marketing it took for you to recognize names like a turbo tax with some level of regard, do not be fooled.

Starting point is 00:04:41 Credit Karma doesn't actually help you manage your money better. Because while they might be a pal and offer you a free credit report, credit karma also pushes people to build their credit by pedaling things like credit monitoring, insights into what affects your score, and personalized recommendations for how to increase your credit score, aka debt products. Basically, they're only your friend in tracking your score so that they can sell you personalized debt. that just make them more money and get you further into debt. So while they claim to be championing financial progress for all, in reality, they just want to trap you in a credit cycle that helps make them bank and keeps you broke. It's like a next-level version of those people on college campuses who are giving away t-shirts

Starting point is 00:05:20 and pizzas and mouse pads when you sign up for the credit card. They're not looking out for you. And to make matters worse, they're making you late for your Eastern Religion of Gen Ed class all the way across campus. Don't they care about your pop quiz on the origins of Shinto? I've been learning Japanese. I was at a stone for like five weeks now. Listen, you know what they say about karma.

Starting point is 00:05:38 What goes around comes around. And trust me, in this case, all that is is debt. So, let's bring this full circle. What does Credit Karma's shady business model have to do with Mint? Well, it seems like Old Intuit realized they're not making as much money from budgeters doing actual personal finance management with Mint. So they're leading people to a platform

Starting point is 00:05:56 where Intuit can make more money pushing debt and just calling it personal finance management. In other words, with Mint, you benefit. and with Credit Karma, Intuit benefits. So you best believe Intuit is going all in on Credit Karma and marketing this to you as a good thing. Are you listening, Linda? This is the toxic money system I'm always talking about.

Starting point is 00:06:14 This is the real reason that Intuit is closing mint and putting all of its rotten eggs in the credit karma basket. And it's just another story of you getting screwed by a system that wants to trap you in debt and keep you reliant on it so they can keep putting their names on football stadiums and skyscrapers. But the story doesn't have to end this way, okay? And it starts with a voice. companies whose sole mission is to screw you over under the guise of helping you achieve financial

Starting point is 00:06:37 confidence. Now, if you're a mint user, it seriously sucks that you and millions of others are hung out to dry because Intuit didn't feel like serving you anymore. But please don't quit budgeting just because your budgeting app quit you. Someone cross-stitch that into a pillow, will you? That's good. I suggest that you get a new budgeting app ASAP so you don't just do a trustfall into Credit Karma's not so trustworthy. And personally, I love a budgeting app called Every Dollar because it helps me save money and play. plan for my future. Plus, I know they'll never, ever, ever sell my data or shove debt down my throat. So I'm going to drop a link in the show notes where you can sign up and start

Starting point is 00:07:11 budgeting for free with the every dollar app. And you want to know the real secret about budgeting apps? They're not going to help you do jack with your money unless you actually know what you're doing when you sit down to make a budget. I mean, if you're using a budgeting app and you're still broke, I'm going to throw the user error flag on that one. So make sure to check out my next video where I break down the only budgeting method you need to worry about. As always, We'll see you next time.

George Kamel - The REAL Reason Mint Shut Down

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