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Personal Capital vs. Mint: Which is Better?

by Team Finance Meaning
Personal Capital Vs Mint

Personal capital and Mint are the two popular financial tools. There is a difference between personal capital vs. Mint in the market. Knowledge of both the software is vital to select the best one. It will help us choose the best software tool in the market.

Researching and asking people is time-consuming. People might give us the wrong information. It leads to confusion. Do not worry. We have invested hours of research in making the concept clear. Scroll down for more details.

Overview

Personal Capital

Personal capital was only an investment tool. The developers have recognized the need for cash flow management. They have made tools into investment and finance management systems.

Let us focus on the personal capital features. It involves retirement planning, budgeting, and cash-flow management. We need to understand the attributes of personal capital.

We need to download the application from the store. We have a question, is personal capital free? Well! It is free to use the tools. It helps to calculate from net worth to retirement plan. If we want investment advice, fees are applicable. The costs are as per company policies.

Mint

Mint maintains the record of the transactions. If there are pending dues, it will help us know the same. We need to refer to www.mint.com. Mint gives an option to manage our finances at home and office.

The application is usable on any device. It includes computers, tabs, or cellphones.

Mint is the financial application. It helps to plan monthly or yearly budgets. It helps to use the data to form a helpful budget. We receive data from bills, bank accounts, and credit or debit cards.

The app has the features to track transactions. It shows, how much are the expenditure and income? We follow the cash flow in our daily life.

Similarities

Linking Financial Services

In our daily life, it isn’t easy to have a track of the daily transaction. The generation of our transactions is from credit cards, banks, and loans. When we invest, transactions are generated.

We have the option to track the transaction of the investment. Mint and personal come into the picture. They not only help us track the transactions.

Mint and personal applications help to manage our finances. We form an effective budget because they have links to our accounts. There are similarities in both the applications.

Email Notifications

Today is the era of digital technology. The banks have a system to give a record of the bank balance. We perform the functions like deposits, withdrawal, and transfers.

In the same way, personal capital and Mint applications give email notices. E-mail messages are essential to know our financial status.

We come to know the expenditure, income, and balances. There is no need to worry. We do not have to give a personal visit to the banks. This application saves our time and energy.

Cash Flow Reporting

We have daily expenditure and income in the finances. Personal Capital and Mint applications provide reports. The report is of expense and income. It is called a Cash flow report.

Report of expenditure cash flow includes:

  • Food
  • Clothing
  • Housing
  • Utilities
  • Insurance
  • Transport Expenditure
  • Medical fees

Report of income cash flow includes:

  • Bonuses
  • Salaries
  • Own Business
  • Employment
  • Receiving rent every month
  • Dividends from investments

The cash flow reporting feature is common in personal capital and Mint application.

Personal Capital vs Mint: Detailed Comparison

Personal Capital vs. Mint

We have known the similarities between Personal capital and Mint. Let us understand the difference between personal capital and Mint.

Budgeting

We have our daily cash flow in ATMs, credit/debit cards, or transfers. Personal capital helps to check the cash flow in these transactions. We do not plan a budget based on this record.

The app gives an option to put Expenses into categories. We prefer to set limits on our expenditure habits. Personal capital does not allow us to set boundaries.

We have great budget features in Mint. This application is best to check the Budget in the daily finances. We get help to follow the Budget in the Mint platform.

As users, we have to divide the expenditure as per the categories. The examples are food, clothing, housing, and other general expenses. The app gives us a feature to set a limit on daily spending. It helps to spend less and save more on the fixed budget.

Bill Alerts

We have our credit and utility bills in a month. Suppose we link the bill alerts to Personal capital or Mint. If we choose Mint, it will give us more attention through email. The mint application provides constant alerts of the pending bills.

On the other hand, there is personal capital. If we rely on this app, there are chances we may miss payments. We should not trust 100% on personal capital for upcoming bill alerts.

Synchronization

When we install a financial tool, it carries our data. There are regular transactions in our credit/ debit cards, AMTs, and transfers. The app needs to update the data to have consistency in the system. We call it synchronization.

If we use Mint, it has its synchronization process in finance. We should not trust Mint when the system begins to stop. They are not effective when it comes to solving the issues.

There is a Yodlee system in Personal Capital. It helps for the Synchronization process. When we face issues in this app, they are proactive in their service. Do not trust the synchronization service of the Mint. Personal capital is better at service.

Customer Service

Customer service is essential in every domain. We buy the service, and we face issues over time. When there is a problem in the Mint, users have to call the company. They have not received customer support in solving issues.

Let us look at the personal capital review of customer service. The customer has contacted personal capital for problems. The problems are like synchronization.

They had received a quick response in the past. The users have got the problem solved in the time of 24 hours. The customer support of Personal capital is better compared to Mint.

Investment Analysis

Personal capital helps to do data analysis. We have the option to form effective plans for investments. The plan is based on analysis data. Investment management is the main specialty in Personal Capital.

The mint application helps check the held investment in a particular time. It does not have features like asset allocation and retirement plans. We find such qualities in personal capital.

We want to lower our expenses and use savings for investment. Personal Capital is the best option for investment as per analysis features.

Mobile App Access

In the modern world of technology, most brands have mobile apps. We spent a lot of time on the mobile. The software has considered this point. Mint and personal capital have developed their mobile applications.

They have developed applications for Android and Apple iOS. The feature is about the website features. We have the option to access our data record on a cellphone.

The feature quality is the same in both applications. Suppose we see Mint vs personal capital. There is no winner but a tie.

Retirement Planning

We get old and retire from our profession. Illness problems are common in old age. We need funds for our medical health and traveling. Thinking about it at a young age makes sense.

Mint does not provide retirement planning. If we use Personal capital, it has retirement planning. It will help to figure out how much we need to save for retirement.

If we use Personal capital, it has retirement planning. It will help to figure out how much we need to save for retirement. The retirement planning feature is free. It is quick and easy to use.

Summary: Personal Capital is Better Overall

First, let us look at the Mint application. Mint provides a great budgeting feature. We have the option to set a limit on expenditure. Mint is more reliable when it comes to bill alerts. It is either pending or upcoming bills. Personal capital does not have these features

Let us discuss personal capital. We get the benefit of investment features and retirement plans. There are issues in data. The customer service is excellent in resolving the problems.

There are no investment features and retirement plans in Mint. When customers contact for service problems, users have a lot of complaints. Personal capital is the overall winner compared to Mint.

Frequently Asked Questions (FAQs)

Is personal capital better than Mint?

Personal capital has investment features, excellent customer service, and retirement plans. Mint does not have this feature and good customer service. Personal capital is better than Mint.

Is there a better app than Mint?

There are better applications than Mint.

Following are the applications mentioned below:

  • Quicken
  • Personal Capital
  • Money dance
  • YNAB
  • QuickBooks Online
  • Tiller Money
  • Banktivity
  • Pocket Smith

Can I use both Mint and personal capital?

Personal capital has more investment features than Budget. Mint has better usage in budgeting. It does not have investment features. We have the option to use Personal capital for investment. Mint is the best suitable for budgeting.

Is personal capital trustworthy?

Personal capital tracks cash flow and investment management. It is a trusted application. The app has 2.9 million registered users as per quarter 2 of 2021.

Can personal capital get hacked?

It is not vital to enter bank details in the personal capital. We have an anti-virus security system. It is not hacked by hackers.

Does personal capital sell your information?

Financial management is the main business of personal capital. It does not sell personal information.

Closure

Personal capital and Mint are the personal finance applications. Many features are the same except for some of them. Understand the comparison of personal capital vs. Mint in the market. For investment management, personal capital is best. Mint app is best for usage in budgeting. If questions, let us know in the comments section.

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