Rocket Money

Rocket Money Reviews

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Rocket Money Reviews

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About Rocket Money

Rocket Money helps you manage your subscriptions and bills. The app tracks your subscriptions and cancels them for you when needed. The Rocket Money app can detect what bills can be lowered and can negotiate better rates for you. The company takes a percentage of these savings as a fee. You can also track your credit score, create a budget and more with Rocket Money. Some features are free, while others require a premium membership.

Pros & Cons

  • Manages subscriptions
  • Tracks spending
  • Automates savings
  • Multiple other free services
  • Requires sensitive financial info
  • Bill negotiation costs 30%-60% of savings

What is Rocket Money

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.

How does Rocket Money work?

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 packages

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 products

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.

Subscription management
The Rocket Money app identifies your subscriptions and compiles them so they’re easy to track. You can also see upcoming payments, helping you avoid late fees and overdrafts. Rocket Money can help you cancel subscriptions, and if you sign up for a Premium membership, it can cancel them for you.
Spending insights
Once you connect the Rocket Money app to your accounts, it can identify your top spending categories. It also notifies you if you have upcoming charges or a low balance so you can avoid overdraft charges and late fees.
Bill negotiation
The Rocket Money app scans your bills to find potential savings, and its negotiators can contact the company on your behalf and negotiate better rates for you. They also help with refunds on fees.
Rocket Money can analyze your transactions to determine how much you’re spending in different categories each month. You can also create goal trackers and set up alerts for when you're nearing your spending limits in different areas.
Autopilot savings
Rocket Money can automate your savings and analyze your accounts to determine the best time for you to save. You choose a goal and the transfer frequency, and you can withdraw, pause or close your account at any time. Rocket Money savings accounts are insured by the FDIC.
Credit scores
The Rocket Money app gives you a breakdown of your credit to see what’s impacting your credit score and how. It also offers real-time alerts for credit score changes and identity theft protection up to $1 million.
Pay advance
Rocket Money offers an interest-free pay advance of up to $100 with no credit check. It deposits the money directly into your account, and you pay it back once your paycheck comes in.

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.

Rocket Money costs

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.

Rocket Money FAQ

What services does Rocket Money offer?

Rocket Money has a variety of services, including:

  • Subscription management
  • Automated savings
  • Spending insights
  • Credit monitoring
  • Bill negotiation
  • Budgeting

It also offers the Rocket Visa Signature credit card.

Is Rocket Money free?

The Rocket Money app is free to download and use, but it does have optional features that require you to purchase a Premium membership or pay fees.

How do I cancel Rocket Money?

The Rocket Money cancellation process varies, depending on which service you’re canceling.

To cancel your Rocket Money Premium membership:

  1. Select “Premium” in the app’s settings menu
  2. Choose “Modify”
  3. Follow the steps for cancellation

To cancel bill negotiation:

  1. Email Rocket Money’s support team
  2. Ask them to cancel your bill negotiation

To close your Rocket Moneyruebill savings account:

  • In the app, find your account balances and select Smart Savings
  • Choose the account you wish to close
  • Click “Edit” in the top right corner
  • Select “Close Account” and confirm

To close your entire Rocket Money account:

  1. Navigate to the settings menu
  2. Select “My Profile”
  3. Choose “Delete my account.”
How does Rocket Money make money?

It’s hard to say conclusively because Rocket Money makes money in several ways, including fees for premium membership and successful bill negotiations. However, the company does state that it doesn’t sell users’ financial data.

Is Rocket Money safe?

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.

Rocket Money Reviews

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    How do I know I can trust these reviews about Rocket Money?
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10

    Reviewed July 22, 2024

    Rocket Money expects you to pay them 30-60% of your to use a budgeting software for something a halfway smart person with 6th grade math skills should be able to do with paper and a pencil. On top of wasting money paying them that's not really saving anything and also they want financial info.

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      Reviewed May 15, 2024

      I used this company over two years ago and negotiated ONE bill with them. I paid the fee to have them negotiate the bill and never used them again. My accounts weren't even linked with their app anymore and I had not managed my money or subscriptions in, like I said, over two years. Two days ago, I randomly was charged $168 for them negotiating a bill that I did not request them to negotiate.

      The funny thing is, the bill did decrease, because I had called my internet company and changed my service back in March (it is now May) and Rocket Money has the nerve to say they negotiated the bill and charge me when they had nothing to do with my change in service or the negotiation. According to their fine print, I have to cancel the negotiation request (which I didn't make) before the changes take place (changed 2 months prior to their claims) or I will be responsible for the negotiation fee. THIS IS A SCAM! Just make a spreadsheet and look at your bank statements. DON'T USE ROCKET MONEY!

      Reviewed Jan. 31, 2024

      Joined the 7 day trial offer. Info they had regarding my bank accts did not match bank statements. They were not able to cancel subscription I had no knowledge of. Tried to cancel the trial, company has no phone service. Tried to cancel online, is impossible. Had to call Rocket Mortgage to help. Have been working on this for 4 days now.

      Profile pic of the author.

      Reviewed Dec. 21, 2023

      For the truly clueless. If you are honestly incapable of monitoring your life this app is for you. Use it if you can't figure your finances on your own. If you don't check your accounts and are surprised when you are overdrawn by all means waste even more money on this app.

      Reviewed Sept. 25, 2023

      I ran into an issue with subscriptions I had. If you don’t have your passwords to these accounts you’re on your own. They can’t do a thing for you so for me it was a waste of money. So you pretty much have to do the work yourself.

      Profile pic of the author.

      Reviewed Aug. 28, 2023

      I canceled my subscription and the company keeps charging my card. This company is a scam. You can’t reach anyone that actually works at the company. I will be contacting the attorney general’s office.

      Reviewed July 12, 2023

      They charged me for a bill they didn’t lower and when I contacted them I got absolutely no help. Just was told wait two weeks and see what happens. Even though I had confirmation and proof that they did not lower the bill. Structured like a scam with no recourse for the user. Avoid this app and service. I’m actually losing money because of them.

      Reviewed June 29, 2023

      Hard to cancel after you have started with a company that helps cancel other cards or bills. They continue to take money out of my account. Have tried to cancel several times. Would not recommend this company to anyone. It is a SCAM.

      Reviewed June 28, 2023

      The app says that someone will respond within 24 hours. I’ve been waiting 3 days although I was working with someone who promised me last week that she would continue helping me on Monday. Messages unanswered. Would never recommend Rocket Money!

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      Rocket Money Company Information

      Company Name:
      Rocket Money