Mint App Review: Budget Wisely, Pay Bills, and More

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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.

Manage your money with mint

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.

Tracking expenses

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 review

Image via Mint

Mint auto-categorizes most expenses using preset categories. You can’t change these, but you can create personalized subcategories.

Budget tools

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.

money tracker

Image via Mint

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.

Credit updates

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 app review

Image via Mint

Investment tracking

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.

Sign up for Mint today

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.

mint review 2

Image via Mint

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.

See what’s fresh with mint

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.

You can find Mint on Facebook and @mint on Twitter.

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!
LenderVariable APREligible Degrees 
1.99% – 5.64%1Undergrad
& Graduate

Visit Earnest

1.89% – 5.90%2Undergrad
& Graduate

Visit Laurel Road

2.25% – 6.28%3Undergrad
& Graduate

Visit SoFi

1.89% – 6.77%4Undergrad
& Graduate

Visit Splash

2.39% – 6.01%Undergrad
& Graduate

Visit Elfi

1.99% – 5.61%5Undergrad
& Graduate

Visit CommonBond

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

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 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% 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 July 31, 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 7/31/2020. 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.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. 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. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. 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. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.

KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.

This information is current as of September 9, 2020. Information and rates are subject to change without notice.
 


3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 2.99% APR to 6.28% APR (with AutoPay). Variable rates from 2.25% APR to 6.28% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.25% APR assumes current 1 month LIBOR rate of 0.18% plus 2.32% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. See eligibility details. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. 

4 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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 September 10, 2020.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. 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 0.16% effective Sep 1, 2020 and may increase after consummation.

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.