Looking for a comprehensive Rocket Money review? You've come to the right place! In this article, we will cover everything you need to know about this smartphone app – is it safe, is it legit and what is the cost? We'll also give you our honest opinion on whether or not we think Rocket Money is worth your time. So, read on to find out more!
Rocket Money formerly Truebill is a budgeting app that helps users manage their finances and save money. It was originally founded in 2015 as Truebill by brothers Yahya, Haroon, and Idris Mokhtarzada. The app focused on subscription cancellation and bill management, but has since expanded to become a comprehensive financial empowerment tool.
Users can link their accounts and track their spending, set budgets and savings goals, cancel unwanted subscriptions, negotiate bills, and even receive personalized investment recommendations.
In 2022, Truebill was acquired by the Rocket Companies and rebranded from Truebill to its current name. However, the Mokhtarzada brothers continue to lead the company with their mission of empowering individuals to take control of their finances.
It is easier to comprehend the operation of Rocket Money if the service is dissected into its component pieces, which are as follows:
Using the Rocket Money app, users can easily track and manage their subscriptions. The app flags recurring bills and allows users to see if the amount they are paying for a subscription has changed over time.
One popular feature of Rocket Money is its subscription cancellation service. Users can easily see all of their active subscriptions in one place and have the option to cancel them with just a few clicks.
Popular subscriptions you can cancel using the Rocket Money app include:
This not only saves users money on unnecessary expenses, but also simplifies their financial lives by reducing clutter and keeping track of recurring payments.
Additionally, Rocket Money provides suggestions on ways to lower bills and save money on subscriptions. Users can utilize this feature to potentially save money on their monthly expenses.
Overall, Rocket Money simplifies the process of managing subscriptions and helps users save money in the long run.
In addition to subscription management, Rocket Money also offers bill negotiation services. The app uses artificial intelligence to analyze a user's bills and find potential savings opportunities, such as negotiating lower rates for cable or internet plans.
To use the bill negotiation feature, users first upload a copy of their most recent bill with one of their service providers or connect directly to their online account. They then provide information about the services they are currently receiving.
Rocket Money then uses its negotiation techniques to lower the user's current rate, often by getting them on a promotional plan, cutting back on unnecessary fees, or simply negotiating a lower rate. On average, Rocket Money saves its customers around 20% on their existing telecom plans.
Once a successful negotiation has been made, Rocket Money charges a percentage of the savings as their fee for the service. The percentage varies depending on the type of bill and the amount saved, but it is typically around 25-35%.
In addition to negotiating for lower bills, Rocket Money also offers other financial services including credit card optimization and refinancing options for loans and mortgages.
Using the app, you can easily track and understand your credit score. With just a few clicks, you can access your complete credit report and history. The app also sends alerts for any changes or updates that may affect your score, allowing you to stay on top of potential issues.
Furthermore, the app offers insights and advice on how to improve your credit standing. This can range from tips on responsible credit usage to helping you dispute any errors on your report.
By regularly monitoring and improving your credit with the help of Rocket Money, you can ultimately save money in the long run through lower interest rates and more favorable lending options.
Users can also set budgets and savings goals within the app and receive personalized investment recommendations based on their risk tolerance and financial goals.
The software analyzes your accounts to find the best time to save, allowing you to meet your savings goals quicker and avoid overdraft fees.
Overall, Rocket Money aims to make managing personal finances easier and more efficient for individuals.
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The answer to the question of whether rocket money is safe is a resounding yes. Firstly, Rocket Money is committed to safety and uses top-notch security technology to protect all user information and transactions. All sensitive data is encrypted, and access to accounts is protected through multi-factor authentication processes.
Indeed, Rocket Money utilizes bank-level 256-bit encryption to protect your data. This means that accessing your information would require an extremely complex and nearly impossible code to break through. In addition, Rocket Money connects with financial institutions through the Plaid service, meaning that you will never be asked for your banking credentials directly by the app.
Not only does Rocket Money take measures to protect your personal information, but they also state that they do not sell your data to third parties. This means that your information will not be shared or used for profit without your knowledge or consent.
The company adheres to strict regulatory compliance standards, ensuring that all financial activities are carried out in accordance with government regulations.
Furthermore, Rocket Money has a dedicated team of experts constantly monitoring and improving the platform's security measures. These experts work tirelessly to prevent potential threats and quickly address any issues that may arise.
Furthermore, Rocket Money hosts its data on Amazon Web Services, a highly secure platform that is trusted by entities such as the U.S. Department of Defense to store sensitive information.
In conclusion, the use of advanced encryption techniques, connection through a trusted third party service, and commitment to protecting user data all make it clear that the Rocket Money app is safe to use.
In short, users can rest assured that their funds and personal information are secure with the app.
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Based on the information provided in the statement above, it can be concluded that Rocket Money is indeed a legitimate company.
To further elaborate, Rocket Money has been registered with the appropriate government agencies and has obtained all necessary licenses and permits to conduct its business operations. Additionally, the company has a strong reputation within the financial industry, with numerous positive reviews and testimonials from satisfied customers.
The company employs state-of-the-art security measures to ensure the safety and privacy of users' personal and financial information.
Overall, there is no indication or evidence to suggest that Rocket Money is not a legitimate company. As such, those considering using their services can do so with peace of mind knowing that they are in good hands.
So, is Rocket Money free?
Overall, Rocket Money is a free app to use, but there are optional premium features that come at a cost.
The cost of the premium version membership is on a sliding scale, ranging from $3-$12 per month.
The features of the Rocket Money Premium version non included on the free version are:
This membership can be canceled at any time and renews automatically.
Aside from the optional premium membership, there may also be fees for certain services within the app such as transferring funds or making purchases with a virtual debit card. However, these fees will vary depending on the specific service being used.
Additionally, users may also have to pay fees for things like overdrafts or excessive transactions with their linked bank account.
Overall, the cost of using Rocket Money really depends on the individual and their usage of the app and its various features and services.
Find below a selection of helpful reviews left by customers on both the Google Play Store and the Apple App Store.
Pro: The user interface is very clean and easy to navigate. I also love the budgeting feature, which helps me stay on track with my spending.
Con: I've had some issues with connecting my bank accounts, and customer support has been slow to respond to my inquiries. Also, the fee for transferring funds to my external bank account is a bit high. Overall, though, this app has been helpful in managing my finances.
Pro: This app is so helpful in keeping track of my expenses and saving goals. The automatic savings feature is also great for building up my savings without having to constantly transfer money manually.
Con: The customer service can be slow to respond and there have been a couple glitches with linking my bank accounts. Also, there are limited options for investment funds compared to other similar apps. Overall, though, I'm happy with this app and would recommend it to others looking for a straightforward way to manage their finances.
Both Rocket Money and Trim are personal finance apps designed to help users save money. However, they each have different features and functions.
Rocket Money offers a round-up feature, where it automatically rounds up user purchases to the nearest dollar and saves the extra change. Users can also set up automatic transfers to their savings account and track their spending with personalized budget categories.
Trim, on the other hand, focuses primarily on finding ways for users to save money through services like canceling unwanted subscriptions, negotiating bills, and finding better car insurance rates. They also offer a bill tracking feature and the ability to set financial goals.
In terms of saving money, Trim's specialized services may be more effective for those looking for specific ways to cut down on expenses. However, Rocket Money's round-up feature and budget tracking tools may be better suited for those looking for a more hands-on approach to saving in day-to-day purchases.
It ultimately depends on the individual's specific needs and preferences when it comes to managing their finances. Both apps offer useful features that can help users save money, but it may be worth experimenting with both to see which one works best for you.
In terms of negotiating bills, Rocket Money identifies potential savings opportunities. Their amazing team members reach out to service providers to negotiate lower rates or explore alternative options that may offer better deals.
They also work with their clients to ensure they are on the most suitable payment plan for their needs and regularly review bills to spot any discrepancies or unexpected charges.
Overall, our goal is to help our clients save money and optimize their spending so they can reach their financial goals more efficiently.
One way Rocket Money makes money is through their premium subscription. Users can pay a monthly fee for access to additional features and services, such as bill negotiation.
Another way the company generates revenue is through their savings fee. Whenever users save money through the use of the app, the company takes a percentage of those savings as payment.
Additionally, Rocket Money may also make money through partnerships with banks and financial institutions, as well as through advertising and sponsored content.
So is Rocket Money a scam? Is it safe and legit to use? The answer is no, Rocket Money is not a scam. It’s a legitimate way to find, track, and cancel your paid subscriptions and recurring bills.Is it safe to use? Absolutely. In fact, it’s one of the safest ways to make money online. Finally, is it free to use? Yes, you can sign up and start making money without spending a penny. What are you waiting for? Go ahead and download the app now!
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