One of the most well-known personal finance budgeting apps out there is Mint.
While there are dozens of budgeting apps and money tracker tools on the market, Mint’s attractive user interface and automatic syncing of your accounts make it one of the most popular budget tools available.
This Mint app review will look at the app’s features and functionalities so you can figure out if it’s the right budgeting tool for you.
Mint app review
Mint is a money tracker that records your spending and looks for trends in the way you use your money.
You can connect your bank and credit card accounts to Mint and receive automatic updates. With Mint, it’s easy to see where you stand and get an overview of your spending habits. It’s possible to create budgets and track your progress toward goals. The company also recently added bill pay to its suite of features. Here are some of the ways the app can help you manage your money.
Mint shines as a money tracker. Connect your saving, checking, and credit accounts to your profile to see a snapshot of all your finances in one place.
Mint auto-categorizes most expenses using preset categories. You can’t change these, but you can create personalized subcategories.
Use Mint to create a sustainable budget. Mint offers suggestions for budgeting based on your spending. You end up with a budget that’s a little more practical and accurately reflects your actual spending values.
It’s easy to keep track of budget categories; Mint will tell you how much you have left to spend as you progress through the month.
You can also use Mint to create savings goals and track your progress. Put money aside for a down payment or pay off credit card debt with the help of Mint.
Pay your bills
With the Mint app, you can see all your upcoming bills in one place, then schedule or make a payment.
You can even sign up to receive reminders when it’s time to pay a bill, ensuring you’ll never miss a payment and get hit with a late fee again.
If you’re interested in tracking your credit, Mint also offers this feature. View your current credit score and see the factors that make up the score reflected. This includes your payment history, credit utilization, age of accounts, and more.
You can use the free version of the credit score tracking or sign up to get credit alerts for an added fee.
Mint can help you manage your investments. With Mint, review your finances, find informative advice, compare your portfolio to market benchmarks, and see the allocation of your investments. The app even looks at your investment fees and points out ones you may be able to avoid.
Mint offers sound advice
This smart app gives warnings and advice. It’s not particularly personal, but the algorithms Mint uses can help you better manage your money.
Each week, you’ll get a summary of what you did with your money during the past seven days. It’s a useful snapshot of what you’re doing with your money, and you can use it to identify problem areas and tweak your spending.
You’ll get alerts when something suspicious is happening with your accounts. If there’s a significant transaction or spending that seems out of the ordinary, Mint lets you know. The app will also nudge you if you’re overspending on your budgets.
Finally, Mint has a fee tracker that lets you see how much you’re spending on ATM fees. Sometimes, seeing how much you waste on fees can be just what you need to incite change.
Creating an account
It’s free to create an account with Mint, and according to the company, they can connect “to almost every U.S. financial institution connected to the internet.” All you need to do is enter your personal information and then sync up your bank accounts. You will need information about your accounts, including login and password information so Mint can access them.
Because the app can access so much of your financial data, Mint takes security very seriously. They use multi-factor authentication to ensure you’re the only one with access to your profile. Even if someone gains access to your smartphone, you can set a pin number or Touch ID to access the app.
How does Mint make money?
In addition to being a free money tracker, Mint also offers ideas on ways to save, including recommending financial products. If you decide to sign up for a financial service that comes with a fee, Mint gets a kickback. Plus, you can sign up for premium access to your credit report, which provides income for Mint.
Mint is also monetizing its users with the addition of ad banners in different areas.
Finally, Mint can sell aggregate data to various providers. It’s important to note that this isn’t your individual data. Instead, Mint sells information about its users’ average credit card balances and spending and saving habits. The data is collected anonymously and does not trace back to you as an individual.
Mint also has a policy that allows you to opt out of certain sharing situations, so you have a reasonable expectation of data privacy.
The pros and cons of Mint
The biggest advantage of using Mint is that it’s easy to see everything in one place. You get a financial snapshot and attractive reports that visually represent your finances.
Plus, you can manage your money by paying bills from the desktop or mobile app. It’s also possible to track your credit score and get helpful tips on managing your money. Mint offers a simple, clean money tracker that can help you reach your goals.
However, the app does have a few drawbacks. There are occasional issues with bank syncing; if your bank accounts don’t correctly connect, you may have to resync things before you get your full financial picture. Similarly, some purchases may be miscategorized by the app. If your grocery store bill is flagged incorrectly as a restaurant purchase, you’ll have to update it manually before your budget is accurate.
You also can’t import your financial account history from other software. Mint only offers information since you started using its app, so if you’re switching from another budgeting tool, you may lose your past data.
Finally, the investing features are lacking for those who are interested more robust tools. While you can track your investment accounts, you only get basic access.
Connect with Mint
Customer service is a bit lacking for Mint. You can get support via email or use the forums to get answers to your questions, but there is no phone support available.
You can find answers to your questions using Mint’s help page. Mint also has live chat available seven days a week, 5 a.m. to 5 p.m., PST.
Mint app review: bottom line
Overall, Mint is an excellent money tracker that helps you see most of your finances in one place. If you’re looking for basic budget tools that can help you analyze your spending and pay your bills, Mint is a solid choice. The app can help you set money goals, track your progress, and even see where you stand with your credit.
If you’re looking for a straightforward budgeting and tracker app that will let you take care of most of your basic financial needs, Mint might be the right choice for you.
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 6.65%1||Undergrad & Graduate|
|1.99% – 7.10%2||Undergrad & Graduate|
|2.99% – 6.44%3||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 6.43%4||Undergrad & Graduate|
|3.19% – 6.08%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association.
ANNUAL PERCENTAGE RATE (“APR”)
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans.
ELIGIBILITY & ELIGIBLE LOANS
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements).
Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment.
All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions.
For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned.
The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency.
The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired.
POSTPONING OR REDUCING PAYMENTS
After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship.
We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends.
We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment.
If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of June 23, 2020 and is subject to change.
2 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member.
The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website.
You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020.
Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan).
Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
3 Important Disclosures for SoFi.
4 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.19% APR (with Auto Pay) to 6.43% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.43% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of June 15, 2020, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 6/15/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.2% effective May 10, 2020.