Product Overview of Rocket Money (formerly Truebill)
Rocket Money, previously known as Truebill, is a comprehensive personal finance management (PFM) app designed to help users take control of their financial lives. Here’s an overview of what the product does and its key features:
What Rocket Money Does
Rocket Money is a user-friendly app available on both mobile and web platforms, aimed at helping users manage their money more effectively. It focuses on saving users money, reducing unnecessary expenses, and providing insights to improve their financial health.
Key Features and Functionality
Subscription Management
Rocket Money identifies and manages all of your subscriptions, allowing you to review and cancel any unwanted or unused services with a single click. This feature helps in avoiding unnecessary recurring charges and keeps track of upcoming bills to prevent late fees and overdrafts.
Bill Negotiation
The app scans your bills and negotiates lower rates with service providers on your behalf. This includes negotiating better rates for services like cell phone, cable, and even car insurance. If the negotiation is successful, Rocket Money charges a small portion of the first-year savings, typically between 30% to 60%.
Budgeting and Spending Insights
Rocket Money analyzes your spending habits and helps you set a budget. It categorizes your expenses and provides real-time alerts for upcoming charges or low account balances. Users can create custom budget categories and track their spending to ensure they stay within their financial goals.
Smart Savings
The app offers a smart savings feature that automatically transfers money from your linked account to a savings account based on your spending habits. You can set savings goals, choose your savings frequency, and have full control over your savings account.
Credit Scores and Reports
Rocket Money provides free access to your credit score and a detailed credit report. It also offers insights into how different factors affect your credit score and sends notifications for any changes or potential issues that could impact your credit.
Net Worth Tracking
Users can track their net worth, which helps in monitoring their overall financial health. This feature is part of the premium version and provides a comprehensive view of your financial status.
Pay Advance
For users connected to their checking account, Rocket Money can identify paycheck schedules and offer pay advances of up to $100 if the account is at risk of overdraft. This advance is repaid when the next paycheck is received.
Identity Theft Protection
The app includes identity theft protection, monitoring your accounts for fraudulent activity and providing a 24/7 concierge service to help you through any identity theft issues.
Premium Features
Rocket Money offers both free and premium versions. The premium version, available on a “pay what you think is fair” model ($3-$12 per month), includes additional features such as advanced budgeting, full credit reporting, and automated subscription cancellations. For users with a home loan serviced by Rocket Mortgage, a free premium account upgrade is available.
In summary, Rocket Money is a robust financial management tool that helps users save money, manage subscriptions, negotiate bills, track spending, and monitor credit scores, all while providing a comprehensive view of their financial health.