Intuit Mint Updates With Bill Negotiation, Premium Class
Intuit’s Mint app now offers a new way to save money – and another way to spend more.
The Mountain View-based company today announced an invoice negotiation tool and a new premium option for its personal finance app.
The first new feature, available in Mint’s web and iOS apps but not its Android app, is based on a subscription tracker added in January 2021.(Opens in a new window)Its latest major update. Bill negotiation will inform Mint users about monthly service payments that may be reduced with some bargaining, then hand them over to a third-party service, Billshark(Opens in a new window)to negotiate on their behalf.
Mint users, such as Billshark users, will be charged the standard commission if this intervention is successful: 40% of the monthly savings achieved for two years.
Second change for Mint, the new Mint Premium at $4.99/month(Opens in a new window), represents a significant change from the ad-driven business model, in which Mint suggests financial products that it thinks might fit your habits and are flagged from the accounts you monitor in the app. Premium, now rolling out in the iOS app first, will remove those ads and bundle features like enhanced data visualizations, category-specific spending forecasts, and the ability to cancel subscriptions from within the app.
However, it doesn’t add one ability that’s long been on Mint users’ wishlists: integration with Intuit’s TurboTax app.
Premium doesn’t replace the $0.99/month ad-free option that Mint quietly launched in beta last year(Opens in a new window)It is available on all three platforms.
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Mint debuted in 2007 as a web-only competitor to Intuit’s desktop company Quicken; Then Intuit launched its own online personal finance service, Quicken Online which is $2.99 per month.(Opens in a new window)prior to purchasing the Mint in 2009(Opens in a new window). Quicken Online retired in 2010 before selling the remainder of Quicken to private equity firm HIG Capital in 2016(Opens in a new window).
Since then, Mint has dominated the personal finance services market despite a series of neglects by Intuit(Opens in a new window) Which left Mint’s web app as one of the last places to require the Adobe Flash plug-in. Intuit has been doing more at Mint lately because it has attracted more competition, and the name of one of its biggest competitors shows how things have gone full circle in this space: Simplifi by Quicken, which is $5.99 per month or $47.99 per year.
Editor’s note: This story originally had the annual Simplifi error rate; We have corrected that.
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