Truebill - Detailed Review
Finance Tools
Truebill - Product Overview
Introduction to Rocket Money (formerly Truebill)
Rocket Money, previously known as Truebill, is a leading personal finance app that aims to empower individuals to manage their finances effectively. Here’s a breakdown of its primary function, target audience, and key features.Primary Function
Rocket Money is designed to help users save money, reduce unnecessary expenses, and take control of their financial lives. The app uses AI to identify and cancel unwanted subscriptions, negotiate lower bills, and provide tools for budgeting and savings.Target Audience
The target audience for Rocket Money includes anyone looking to improve their financial health. This can range from individuals managing multiple subscriptions and bills to those seeking to optimize their savings and credit scores. With its user-friendly interface, it is particularly beneficial for people who want a simple and intuitive way to monitor and manage their finances.Key Features
Subscription Management
Rocket Money helps users identify and cancel unwanted subscriptions, ensuring they are not paying for services they do not use.Bill Negotiation
The app negotiates lower rates for various services like cable, internet, and phone bills. If successful, users are charged a percentage of the first-year savings.Budgeting and Spend Tracking
Users can create custom budgets, track their spending, and receive notifications for unusual transactions. The app syncs in real-time with bank accounts to provide accurate and up-to-date financial information.Credit Monitoring
Rocket Money offers credit score tracking and full credit reports for premium users, helping them monitor and improve their credit health.Smart Savings
The app allows users to set up automatic savings contributions based on their spending habits, making it easier to save money without much effort.Net Worth Tracking
Users can visualize their debt and assets through in-app graphs, providing a clear picture of their financial situation.Pricing
Rocket Money offers both a free and a premium version. The free version includes basic features like budgeting, spend tracking, and credit scores. The premium version, which uses a “pay what you think is fair” model ($3-$12 per month), includes additional features such as subscription cancellation, bill negotiation, and advanced budgeting tools. By integrating these features, Rocket Money simplifies financial management, helping users save time and money while making informed decisions about their financial health. Truebill - User Interface and Experience
User Interface and Experience of Rocket Money
The user interface and overall user experience of Truebill, now known as Rocket Money, are generally praised for their simplicity and ease of use, though there are some notable points to consider.
Ease of Use
- Setting up the app is relatively straightforward and quick. It typically takes about 10 minutes to download, link your accounts, and get started.
- Users have found the initial onboarding process easy, involving connecting your banking and credit card accounts to get a comprehensive view of your spending and subscriptions.
User Interface
- The interface provides a detailed and user-friendly snapshot of your financial accounts, making it easy to track recurring expenses and manage subscriptions. You can see all your financial accounts in one place, receive immediate notifications for transactions, and access your accounts in real time.
- The app offers a calendar view of your expected recurring payments, helping you stay on top of your bills and compare your spending from month to month.
Features and Functionality
- Rocket Money allows you to categorize your income and expenses, itemize business expenses, and track your net worth. It also offers features like Smart Savings, credit reports, and bill negotiation services.
- The app can automatically cancel unwanted subscriptions and negotiate lower bill rates on your behalf, though this service comes with a fee, specifically a 40% commission on the savings if you let the app handle it.
User Experience
- Many users appreciate the app’s ability to provide real-time updates and notifications, as well as its educational resources on budgeting and financial management.
- However, some users have reported issues with account syncing, where accounts may disconnect without user action, requiring frequent resets.
- Customer service has been a mixed bag; some users have praised the responsive customer support, while others have complained about the lack of a direct contact number and difficulties in resolving issues.
Feedback and Criticisms
- Despite the positive aspects, there are significant criticisms. Some users have expressed dissatisfaction with the customer service, citing difficulties in communicating with the company and resolving issues. There have also been complaints about the app’s handling of subscriptions and the high price level of the service.
Conclusion
In summary, Rocket Money (formerly Truebill) offers a user-friendly interface that simplifies managing your finances, but it is important to be aware of the potential drawbacks, such as the fee for using their concierge services and some users’ negative experiences with customer support.
Truebill - Key Features and Functionality
Overview of Rocket Money
Truebill, now rebranded as Rocket Money, is a personal finance app that leverages AI and various features to help users manage their finances effectively. Here are the main features and how they work:
Account Linking and Financial Overview
Users can link all their financial accounts, including checking, savings, credit cards, and investments, to Rocket Money. This allows for a comprehensive view of their financial situation in one dashboard. The app uses Plaid to connect to these accounts without accessing login credentials, ensuring security.
Spending Tracking
Rocket Money tracks your spending across different categories, such as restaurants or entertainment, and over specific time periods. This feature helps users identify areas where they can cut back on expenses and make more informed financial decisions.
Budgeting
The app enables users to develop a custom budget based on their spending habits. This feature is available in both the free and premium versions, helping users manage their income and expenses more efficiently.
Subscription Management
Rocket Money identifies all recurring subscriptions connected to your accounts and allows you to cancel any unwanted subscriptions with just a few clicks. The app’s team will handle the cancellation process on your behalf.
Bill Negotiation
For premium users, Rocket Money offers bill negotiation services. The app scans your bills to identify services that may be eligible for a lower rate. If you opt for negotiation, a team of expert negotiators will work with the service provider to reduce your bills. You are only charged a portion of the savings if the negotiation is successful.
Credit Monitoring
The app provides credit score monitoring and access to credit reports. Users can view their credit score over time and receive real-time alerts for any changes. This feature is available in both the free and premium versions, though the premium version offers more detailed credit reports.
Automatic Savings
Rocket Money includes a feature for automatic savings contributions based on your spending habits. This helps users save money without having to manually transfer funds.
Net Worth Tracking
Users can track their net worth through the app, which provides a clear picture of their overall financial health by considering all linked accounts and assets.
AI Integration
Rocket Money utilizes AI to analyze your financial data, identify recurring subscriptions, and suggest areas for cost reduction. The AI-driven system helps in automating tasks such as bill negotiation and subscription cancellation, making it easier for users to manage their finances efficiently.
Security and Data Protection
Rocket Money ensures the security of user data by using Plaid to connect to financial accounts without accessing login credentials. This protects sensitive financial information and maintains user trust.
Conclusion
In summary, Rocket Money combines AI-driven features with user-friendly tools to help individuals save money, manage subscriptions, negotiate bills, and monitor their financial health all in one place.
Truebill - Performance and Accuracy
Evaluating Truebill
Evaluating the performance and accuracy of Truebill, a prominent AI-driven finance tool, involves examining its key features, user benefits, and any identified limitations.
Performance
Truebill is highly regarded for its automated financial management capabilities. Here are some key performance highlights:
- Subscription Management: Truebill excels at identifying and tracking recurring subscriptions, allowing users to easily cancel unwanted services. This feature has been praised for its accuracy in detecting hidden subscription fees, potentially saving users hundreds of dollars annually.
- Bill Negotiation: The app’s bill negotiation feature is another strong point. Truebill analyzes users’ bills for services like cable, internet, and phone, and negotiates on their behalf, often resulting in savings of up to 30%.
- Outage Credits: Truebill monitors service provider outages and requests credits on the user’s behalf, which can save users an average of $96 per year.
- Budgeting Tools: The app provides comprehensive budgeting tools, including smart categorization, personalized budgeting insights, and reminders for upcoming bills. These features help users stay on top of their financial obligations and make informed budgeting decisions.
Accuracy
Truebill’s accuracy is largely dependent on its ability to connect securely to users’ bank accounts and financial institutions. Here are some points on its accuracy:
- Data Import and Categorization: Truebill Connect securely imports user data from bank accounts, ensuring accuracy and saving time. The Smart Categorization feature automatically sorts transactions into categories, providing a clear overview of spending patterns.
- Subscription Tracking: The app’s subscription finder accurately identifies recurring subscriptions linked to users’ accounts, allowing for easy cancellation of unwanted services.
- Bill Analysis: Truebill’s bill negotiation feature relies on accurate analysis of users’ bills to identify potential savings opportunities, which has been effective in securing discounts for many users.
Limitations and Areas for Improvement
While Truebill offers a range of beneficial features, there are some limitations and areas where it could improve:
- Revenue Model: Truebill takes 40% of the savings it negotiates in the first year, which might be a deterrent for some users. This fee structure could be seen as a limitation, especially for users who prefer to handle negotiations themselves.
- Geographical Restrictions: Some features, such as the Electric Save feature, are only available in select areas where electricity is deregulated. This limits the app’s full potential for users in other regions.
- Security and Compliance: While Truebill implements robust security measures, including encryption and two-factor authentication, maintaining high-security standards is an ongoing challenge. Regular security audits and updates are essential to protect user data.
User Experience
Truebill is generally praised for its user-friendly interface and effortless user experience. The app’s features are designed to be simple to navigate, even for those with limited technical knowledge. However, as with any financial app, ensuring seamless integration with various financial institutions and maintaining data accuracy can sometimes present minor issues.
In summary, Truebill performs well in automating financial management, accurately tracking subscriptions, and negotiating bills. However, it has some limitations, such as its revenue model and geographical restrictions on certain features. Overall, Truebill is a valuable tool for those seeking to optimize their spending and manage their finances more effectively.
Truebill - Pricing and Plans
Truebill Pricing Structure
Truebill, a finance management app, offers a clear and flexible pricing structure to cater to various user needs. Here’s a breakdown of their plans and features:
Free (Lite) Plan
- Download and Use: The app is free to download and use.
- Budgeting: Limited to 2 categories.
- Credit Score: Access to your credit score only.
- Link Accounts: You can link your bank accounts and credit cards.
- Balance Alerts: Receive alerts about your account balances.
- Subscription Management: Identify and review your subscriptions, though you’ll need to cancel them manually.
Premium Plan
- Budgeting: Unlimited budgeting categories.
- Credit Score: Full credit report and score.
- Link Accounts: Same as the free plan, with the ability to link accounts.
- Balance Alerts: Same as the free plan.
- Automated Cancellations: Truebill can cancel unused subscriptions for you.
- Realtime Sync: Real-time synchronization of your accounts.
- Shared Accounts: Ability to manage shared accounts.
- Premium Chat: Access to premium customer support.
- Export Data: Option to export your financial data.
Pricing for Premium Plan
- Monthly: $3 to $12 per month (pay-what-you-can model).
- Annually: $36 or $38 for the entire year. You can choose the amount that works best for you.
Additional Services and Fees
- Bill Negotiation: If Truebill successfully negotiates a lower bill for you, you can choose to pay them 30% to 60% of the first year’s savings. If the negotiation is unsuccessful, there is no charge.
- Pay Advance: This feature is free, but you can optionally tip Truebill a percentage of the advance amount (0% to 24%).
Summary
In summary, Truebill offers a free plan with basic features and a premium plan with additional functionalities, all while providing flexible pricing options to suit different user preferences and budgets.
Truebill - Integration and Compatibility
Integration and Compatibility of Rocket Money
When discussing the integration and compatibility of Truebill, now known as Rocket Money, it’s important to highlight its capabilities in connecting with various financial tools and services.Integration with Financial Tools
Rocket Money integrates seamlessly with a wide range of financial services and applications. Here are some key integrations:Bank Accounts and Credit Cards
Rocket Money can connect securely to your bank accounts, credit cards, and other financial institutions to automatically import your transaction data, ensuring accuracy and saving time.Investment Accounts
The app can integrate with investment platforms to help you optimize your portfolio based on your budget and financial goals.Credit Monitoring
It offers credit score monitoring, providing users with a comprehensive view of their financial health.Subscription Services
Rocket Money identifies and tracks subscriptions, allowing users to easily review and cancel unwanted services. This feature is particularly useful for managing hidden subscription fees.Bill Negotiation
The app integrates with service providers to negotiate bills on the user’s behalf, potentially saving users significant amounts on their bills.API and Open Banking Integrations
The use of API integrations and open banking allows Rocket Money to securely access your financial data with your permission. This enables a seamless flow of information between your various financial accounts and the app, ensuring your budget always reflects your current financial situation.Compatibility Across Platforms and Devices
Rocket Money is highly compatible across different platforms and devices:Web and Mobile Apps
The service is available both on the web and through mobile apps, allowing users to manage their finances from any device with a secure internet connection.Multi-Device Access
Users can access their financial information and manage their accounts from anywhere, using any device, as long as they have a secure network connection.User Experience
The app is designed with a user-friendly interface, making it simple to navigate even for those with limited technical knowledge. It offers customizable alerts, spending insights, and other features that ensure a streamlined and efficient user experience.Conclusion
In summary, Rocket Money (formerly Truebill) is highly integrated with various financial tools and services, and it is compatible across multiple platforms and devices, providing a comprehensive and user-friendly financial management solution. Truebill - Customer Support and Resources
Customer Support Options
Phone Support
You can contact Rocket Money’s customer service via phone at (888) 444-7492 or (650) 681-2295. However, it’s noted that phone support may not be the fastest way to get assistance, as the official website recommends using online chat for quicker responses.
Online Chat
Rocket Money offers a 24/7 live chat feature. You can access this by clicking the purple icon at the bottom right of the screen and typing your message or selecting from pre-prepared answers. This is the recommended method for direct and rapid answers.
Email Support
You can email the support team at support@rocketmoney.com. It is suggested to describe your question in detail and include your email address to ensure a prompt response. Emails are considered during working hours, which are Monday through Friday, 9 a.m. to 8 p.m. EST.
Additional Resources
Account Support
Once logged into your account, you can find the Contact section to reach out to Rocket Money specialists. This section provides various ways to get help, including the online chat and email options.
Goal Tracking and Budgeting Tools
Rocket Money offers features to help you set up and manage your budget. You can input your income sources, including regular salary and additional income like freelance work or rental properties. The platform also allows you to set recurring income and track your expenses, providing a clear overview of your financial situation.
Insights and Reports
The platform provides insights into your spending trends, allowing you to see if you’re spending more or less than you earn. You can view spending trends per category over time and see how much you’ve spent on a monthly, quarterly, or annual basis. These reports help you take control of your financial future by adjusting your spending as needed.
Subscription and Bill Management
Rocket Money is well-known for helping users cancel subscriptions and negotiate bills. The platform has saved members over $245 million by managing these aspects of their finances.
By utilizing these support options and resources, you can effectively manage your finances, track your spending, and achieve your financial goals with Rocket Money.
Truebill - Pros and Cons
Advantages of Rocket Money (formerly Truebill)
Rocket Money, previously known as Truebill, offers several compelling advantages that make it a valuable tool for managing your finances:Ease of Use
Rocket Money is user-friendly and easy to set up. It takes only a few minutes to download the app, link your accounts, and start using its features.Subscription Management and Bill Negotiation
The app excels at canceling unwanted subscriptions and negotiating lower rates for your bills, such as cable, gas, and cell phone bills. This can be done with a single click, saving you time and effort.Automated Savings
Rocket Money offers an automated savings plan through its Smart Savings feature. It can transfer small amounts from your linked account to your savings account based on your spending habits, helping you save money without much effort.Comprehensive Financial Insights
The app provides detailed insights into your spending habits, categorizing your expenses and offering suggestions for improvement. It also includes balance alerts, credit score monitoring, and real-time updates on your financial health.Credit Monitoring and Protection
Rocket Money gives you full access to your credit report and history, tracks changes to your credit score, and offers identity theft protection. It also helps you dispute overdraft fees and late charges with your bank.Budgeting Tools
The app helps you set up a budget based on your spending habits and provides goal trackers within various spending categories. It alerts you when you are close to your spending limits, ensuring you stay on track.Pay Advance Feature
If you’re running low on funds, Rocket Money can offer a pay advance of up to $100, which is repaid when your next paycheck arrives. This feature is optional and does not affect your eligibility for other services.Disadvantages of Rocket Money
While Rocket Money has many benefits, there are also some significant drawbacks to consider:Fees on Savings
One of the major cons is the 40% fee on the savings generated through bill negotiations. This means if the app saves you $100, you only get to keep $60, with the remaining $40 going to Rocket Money.Premium Subscription Costs
Although the premium subscription is relatively affordable, with prices ranging from $3 to $12 per month or $36 to $48 annually, it is still an additional cost. The premium features include custom spend categories, concierge help, and chat support, among others.Security Concerns
Like any financial app, there is a risk of security breaches since you need to link your bank accounts. However, Rocket Money uses industry-standard encryption to protect your data.Limited Budgeting and Investment Features
Compared to other personal finance apps like Simplifi, YNAB, or Trim, Rocket Money may fall short in terms of advanced budgeting and investment tracking features. It is primarily focused on reducing monthly expenses rather than comprehensive financial planning.Complaints and Reputation
There have been some complaints about the app, including issues with recognized vendors for services like car insurance and some negative feedback on the Better Business Bureau (BBB). In summary, Rocket Money is an excellent choice if your primary goal is to reduce your monthly expenses and cancel unwanted subscriptions. However, if you are looking for more advanced budgeting or investment features, you might want to consider other options. Truebill - Comparison with Competitors
Unique Features of Rocket Money
- Bill Negotiation and Subscription Management: Rocket Money is renowned for its concierge services, which include negotiating better rates for recurring bills, such as car insurance, and canceling unused subscriptions. This feature is particularly useful for users looking to reduce their monthly expenses.
- Smart Savings: The app offers an automated savings feature that analyzes your savings accounts to determine the optimal time and amount to save, helping you avoid overdraft fees and work towards your savings goals.
- Credit Score Tracking: While the basic version provides some credit score insights, the premium version of Rocket Money includes full credit report access and credit score tracking through Experian VantageScore® 3.0.
- Mobile Accessibility: Rocket Money has a well-developed mobile app for both iOS and Android, making it easier to manage finances on the go.
Alternatives and Competitors
Mint
Mint is a free budgeting app by Intuit that focuses more on creating savings goals and tracking spending habits. Here are some key differences:
- Budgeting Approach: Mint helps users create custom budgets and track spending across various financial accounts, including investments and credit cards. It also provides free credit score access through TransUnion VantageScore®.
- Features: Mint offers investment tracking, bill tracking with notifications, and real-time spending insights. However, it does not have the bill negotiation services that Rocket Money provides.
Trim
Trim is another budgeting app that offers similar services but with some distinct differences:
- Cost: Trim’s services are free if you are a OneMain or Brightway customer; otherwise, Rocket Money might offer more value for its relatively low costs.
- Accessibility: Trim does not have a mobile app, which could be a significant drawback for users who prefer mobile access.
- Features: Trim lacks the automated savings and credit score tracking features available in Rocket Money’s premium version.
Squeeze
Squeeze is a competitor that focuses on saving money on household bills by offering quotes and offers on services like auto insurance and cell phone plans.
- Features: Squeeze provides users with quotes and offers to help them save on household bills, but it does not have the comprehensive budgeting and savings tools that Rocket Money offers.
Cushion
Cushion is a fintech company that specializes in bill management and credit building.
- Features: Cushion allows users to organize and pay their bills, track Buy Now Pay Later payments, and build their credit score. While it overlaps with some of Rocket Money’s features, it does not offer bill negotiation or automated savings.
Bobby App
Bobby App is focused on subscription management and financial insights.
- Features: Bobby App helps users track their subscriptions, gain insights into fixed costs, and receive notifications for upcoming bills. However, it lacks the broader financial management tools and bill negotiation services of Rocket Money.
Conclusion
Rocket Money stands out with its unique bill negotiation and automated savings features, making it a strong choice for users looking to lower their monthly bills and manage their subscriptions effectively. However, depending on your specific financial needs, alternatives like Mint for comprehensive budgeting and spending tracking, or Trim for free bill negotiation services (if you meet the criteria), might be more suitable. Each app has its strengths and weaknesses, so it’s important to evaluate which features align best with your financial goals.
Truebill - Frequently Asked Questions
Here are some frequently asked questions about Rocket Money (formerly Truebill) along with detailed responses:
What is Rocket Money and how does it work?
Rocket Money is a personal finance app available on mobile and web that helps you manage your money, lower your bills, and cancel unwanted subscriptions. It uses various features such as tracking your spending, developing a custom budget, automatic savings contributions, monitoring your credit score and credit report, and tracking your net worth to improve your financial health.
What features does Rocket Money offer?
Rocket Money includes several key features:
- Tracking your spending and developing a custom budget
- Automatic savings contributions based on your spending habits
- Monitoring your credit score and credit report
- Tracking your net worth
- Subscription cancellation and bill negotiation services
- The ability to create custom categories within your budget and access to financial experts.
How much does Rocket Money cost?
Rocket Money has both a free and a premium version. The free version includes features like budgeting, spend tracking, and credit scores. The premium version, which offers additional features such as subscription cancellation, bill negotiation, and detailed credit reports, uses a “pay what you think is fair” model on a sliding scale of $3 – $12/month. There is also a free trial for the premium version.
How does the subscription cancellation feature work?
Rocket Money’s algorithm identifies all your recurring subscriptions. You can select any subscriptions you want to cancel, and the Rocket Money team will handle the cancellation process for you. This can be done with a few clicks, and for some subscriptions, the team will take care of the necessary steps to cancel the service.
How does the bill negotiation feature work?
Rocket Money scans your bills to identify services that may be eligible for a lower rate. If you indicate you’re interested in lowering your bill, the team of expert negotiators will negotiate with the service provider on your behalf. If successful, Rocket Money will charge you a small portion of your first-year savings, usually 30% – 60%. If the negotiation is unsuccessful, you won’t be charged.
Is my data secure with Rocket Money?
Rocket Money uses secure systems to protect your data. It integrates with your bank accounts and credit cards using the Plaid system, which is a secure and widely used platform for financial data linking. The app ensures that your financial information is safeguarded.
Can I use Rocket Money on multiple devices?
Yes, you can use Rocket Money on multiple devices. The app allows you to link multiple accounts and cards to a single profile, which can be accessed from any device, making it convenient to manage your finances across different platforms.
How does Rocket Money help with budgeting and savings?
Rocket Money helps you develop a custom budget and tracks your spending to provide insights into your financial habits. It also offers automatic savings contributions based on your spending patterns, helping you save money more efficiently. Additionally, you can set financial goals and automate your savings with ease.
What is the difference between the free and premium versions of Rocket Money?
The free version of Rocket Money includes basic features such as budgeting, spend tracking, and credit scores. The premium version adds additional features like subscription cancellation, bill negotiation, detailed credit reports, and the ability to create custom categories within your budget. The premium version also offers access to financial experts.
How do I get started with Rocket Money?
To get started, you need to sign up for a Rocket Money account and link your external credit cards and bank accounts using the Plaid system. Once your accounts are linked, the app will begin analyzing your subscriptions and bills, and you can start using its various features to manage your finances.
Has Rocket Money been successful in saving users money?
Yes, Rocket Money (formerly Truebill) has been successful in saving users money. Since its founding, Truebill has saved its members more than $245 million by helping them manage subscriptions, lower their bills, and build budgets.