Overview of Rocket Money (formerly True Bill)
In this article, we’ll explore the pros and cons of Rocket Money, a budgeting app that originated as True Bill. If you’re considering using this application, read on to find out what it offers and how it may fit your financial needs.
Pricing Plans
Rocket Money has a basic plan that is free, while the Premium version costs between $12 to $16 per month, with a 7-day free trial available. This offers users a chance to test the waters before committing.
Key Features
Rocket Money stands out with several features designed to help you manage your finances effectively:
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Easy Subscription Cancellations: One of the most appreciated features allows users to cancel unwanted subscriptions quickly, helping to avoid unnecessary expenses.
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Spending and Credit Score Tracking: The app provides tools to monitor your spending habits and manage your credit score effectively.
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Automatic Savings: Users can set up automatic savings to help reach their financial goals.
- Bill Negotiation Services: Rocket Money will negotiate bills on your behalf, saving you between 35% to 60% on specific services.
Premium Features
The Premium version also includes:
- Comprehensive bill negotiation services
- Network tracking
- Access to credit reports
- A concierge service for subscription cancellations
Pros of Using Rocket Money
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Cost Savings: Approximately 80% of users report saving money by canceling unwanted subscriptions through the app.
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Ease of Use: The application links directly to your bank account, making it simple to manage finances.
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Quality Ratings: The app has received an A+ rating from the Better Business Bureau, reflecting its reliability.
- Interest-Free Pay Advances: Qualifying users can access up to $100 interest-free.
Cons of Using Rocket Money
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Non-refundable Fees: The bill negotiation fee may reach up to 60% of the savings, which could offset total savings.
- Limitations in Negotiations: The service does not cover internet, landline, or cable bundles.
Conclusion
Overall, Rocket Money is a robust tool for anyone looking to streamline their finances. While it has some limitations, its ability to negotiate bills and cancel subscriptions quickly makes it a valuable option. I strongly recommend trying out Rocket Money, especially if you’re a first-time user. Thanks for reading!
