You must have noticed Mint.com and Credit Karma when looking for easy-to-use finance apps. These two are popular among debtors with low credit scores. Mint and Credit Karma share some similarities and dissimilarities. Both these mobile apps are free and safe to use.
There is no need to provide your credit card number to access this app or modify the configuration. Hence, you can use Mint and Credit Karma without worrying about security breaches. These two finance service providers don’t charge any additional fee for calculating the credit score.
Another similarity between Mint and Credit Karma is they are compatible with iOS and Android devices. A web app is also available for Windows and Mac users. However, you can only access limited features on the web app. So, installing Mint and Credit Karma’s mobile app to use all the functions is better.
Let’s see the differences between Mint.com and Credit Karma to find which one is best for you:
Mint.Com Vs Credit Karma – Which Finance App is More Secure?
Security risks are involved in all internet-driven apps. Hence, checking the finance app’s security and privacy measures is essential before downloading it. You must decide which app to use if you are concerned about your device’s security.
So, which finance app should you use? Mint and Credit Karma use effective security protocols to secure user data from online predators. They are rated as the best financial service providers for using high-end privacy features.
You must have heard about Intuit, the largest software company in Mountain View, California. This company owns Mint and Credit Karma, serving over 100 million customers to overcome financial difficulties.
Being a leading company, they take their customers’ safety seriously. Intuit has included multi-layer protections to secure your Mint app’s finance data. Millions trust this app to track their credit scores.
Besides, you can delete your Mint account remotely if your phone gets lost or stolen. Unauthorised users can’t view or access your Mint app account. Mint is protected with a 4-digit security PIN, so only the account owner can open it.
On the other hand, Credit Karma uses 128-bit or higher encryption to protect users’ data. You will receive an instant alert on your phone if someone fraudulently tries to access your account. So, Mint and Credit Karma both win the battle regarding security and privacy.
Mint.Com vs. Credit Karma – Which Finance App Requires Your Data?
Finance apps that require less personal data are considered to be more secure. Thus, you must check which information is required to sign up for Mint and Credit Karma. You only need to provide a valid email address when creating an account on Mint.com.
Besides, you must generate a secure password to complete Mint’s signup process. Many of these sites’ features are optional, so how much information you want to share is all up to you. For instance, users don’t need to connect all their bank accounts with Mint.
You can choose not to add investment accounts on this finance app. Additionally, Mint users can disable the option to receive free monthly credit score updates. This feature requires additional personal details, so it’s better not to use it.
On the other hand, Credit Karma works differently than the Mint app. Its prime function is to show you credit reports and scores. Information like birth date, address and credit card’s last 4 digits is essential for the sign-up.
In addition, Credit Karma asks users different questions to verify their identity. For example, you might be asked to select which phone number is linked to your bank account. Hence, users are bound to share their contact number when creating an account on Credit Karma. So, using Mint.com will be wise if you want to keep these details private.
Mint.Com vs. Credit Karma – Which Finance App is More User-Friendly?
Finance apps like Mint and Credit Karma should be user-friendly. Consider using an app that provides an intuitive UX and should be easy to navigate. Users reported that Credit Karma is easier to use than Mint.com.
Anyone, regardless of their age, can use the Credit Karma app from their mobile devices. This app has a section that lists its pros and cons.
Checking an app’s benefits and drawbacks will help you decide whether it suits your needs. Hence, you must check the Credit Karma app’s cons from the list and think if it is perfect for you. However, such a list is missing from Mint’s mobile and web apps.
Mint.Com vs Credit Karma – Which App Makes More Money?
Mint generates revenue by displaying targeted credit card ads and other financial services. Unfortunately, this company doesn’t let the users remove the ads from the web version. An individual must pay $0.99 monthly for an ad-free mobile app experience.
Mint allows users to switch to the premium app version with a $4.99 monthly subscription. This option is currently available only for iPhone and iPad users. Mint’s premium plan offers features like monitoring and cancellation. So, Mint makes money with its subscription services and paid ads.
How does the Credit Karma app make money? This finance app provides free data access to leading credit bureaus like TransUnion and Equifax. Additionally, this company generates revenue by offering tax preparation assistance. Credit Karma also receives a fee whenever a user purchases their recommended product or financial service.
Now, the real question is which company generates more revenue. Mint generated an annual revenue of $12.7 billion last year. On the other hand, Credit Karma generated $1.8 billion in revenue in 2022. So, Mint makes more money than the Credit Karma finance app.
Mint.Com vs. Credit Karma – Which Finance App Shows Credit Score & Report?
Credit Karma gives detailed information about your credit score and report. However, Mint only shows your credit score, not the credit report. Moreover, Credit Karma displays weekly credit reports and scores from Equifax and TransUnion. On the other hand, Mint displays the credit score from only 1 source – Equifax.
Mint displays the credit score once a month, but Credit Karma displays it every week. Hence, Credit Karma wins the battle by showing credit reports and scores. Choose Credit Karma over the Mint Finance app if you need a credit report.
Mint.Com Vs Credit Karma – Which Finance App Should You Use?
Mint doesn’t provide a credit report, but you can still check your account usage, status, limit balance and monthly credit amount. On the other hand, Credit Karma reports contain the overall credit history.
Additionally, you can view our lenders’ and creditors’ report account information on this finance app. Credit Karma makes it easier to check payment history, credit inquiries and account balances from one place. It also shows accurate credit scores, so experts recommend using Credit Karma rather than Mint.
Does Using a Finance App Affect Your Credit Score?
Most debtors think using a finance app like Credit Karma, or Mint lowers their credit score. However, this is a misconception that most people believe. Credit reports are considered soft inquiries when using credit score apps.
Soft inquiries don’t lower credit scores or restrict you from applying for more loans. What are soft inquiries? Suppose you want to check your credit reports from a finance app; it is a soft inquiry.
Another example of soft inquiry is pre-approval for a loan from your bank. On the other hand, a hard inquiry is when you apply for a credit card or loan. Hard inquiries affect your credit score; soft inquiries don’t.
