Rocket Money Reviews

Rocket Money is both a company and a personal finance app with a focus on managing your monthly bills and subscriptions. It can help you track, analyze and adjust your monthly budget to better align with your financial goals.

At the time of publishing, Rocket Money has helped its over 2.7 million users save more than $100 million and cancel over 1 million subscriptions. It's headquartered in Silver Spring, Maryland, but it has offices in San Francisco, California.

To use Rocket Money's app features, you need to download the app, create an account and connect your bank and credit card accounts so the concierge can analyze your spending and monitor your subscriptions and recurring payments.

Linking your accounts will require you to provide fairly sensitive financial information (like the login credentials for your checking account), but Rocket Money and its partner Plaid use bank-level 256-bit encryption to help keep your information secure.

Once you have the app set up, you can view your spending insights, manage and cancel subscriptions and access Rocket Money’s other services from your smartphone. Most services are free, but some may require you to sign up for its Premium account or pay a fee.

Rocket Money’s services generally fall into two tiers: free and Premium. Both can help you save money, but a Premium plan does more of the heavy lifting for you.

Rocket Money’s free features include:

• Subscription management
• Spending insights
• Budgeting capabilities

Rocket Money’s Premium membership is more robust, offering everything available for free and adding features such as:

• Concierge cancellations
• Prioritized customer service
• Unlimited budgets
• Custom budget categories
• Smart savings accounts
• Real-time balance syncing
• Credit tracking and reports

It also offers other features. For example, if you have Rocket Money negotiate lower prices for your bills, the company takes 30%-60% of the money it saves you.

Rocket Money has two main products: its app and the Rocket Visa Signature credit card.

The Rocket Money app has several features to help you better manage your finances.

Although it hasn’t fully launched at the time of publishing, Rocket Money’s credit card, the Rocket Visa Signature, is advertised to have a number of interesting features. Its SmartPay function helps keep your credit utilization low, potentially improving your credit score and helping you avoid significant debt. Cash-back and merchant-level controls are also available.

Some of Rocket Money’s services, like subscription management, are free to use. However, other features require you to buy a Premium membership or pay in other ways.

For Rocket Money Premium, the lowest subscription is $4.

Rocket Money also charges for bill negotiation services. You only pay if the negotiation is successful, but the company takes 30%-60% of the savings it negotiates for you.

You may have other costs, depending on the services you use. These can include maintenance fees for your savings account and optional gratuity when getting a pay advance.

Use of the Rocket Money app requires you to disclose sensitive financial information, so it’s smart to make sure your data is safe. Rocket Money uses bank-level encryption to protect your information, and it doesn't sell your financial data. The company has also partnered with Plaid to handle users’ online banking credentials, so that data is never stored on its own servers.

Rocket Money offers a bounty to anyone that finds and documents security issues in its products.