June 20, 2024

Rocket Cash is a financial-management and budgeting platform accessible on net browsers and thru each Android and iOS cell apps. Though its best-advertised characteristic is its means to seek out—and assist customers cancel—month-to-month subscriptions, the platform is highly effective and complete sufficient for many non-public shoppers, providing customers the choice to trace their credit score rating in addition to their bills, price range by class, see upcoming payments forward of time, and extra.

Rocket Cash does hold a number of of its Most worthy options—together with the oft-touted subscription-cancellation concierge—behind a paywall. Happily, its price is on a sliding scale beginning as little as $4 per 30 days. 

Rocket Cash

Options

Construct a price range by particular person expense categorization and create financial savings targets each individually and with a accomplice

TIME’s Take

An inclusive, intuitive, and well-designed expense tracker and budgeting platform, RocketMoney can meet the financial-management wants of most on a regular basis shoppers (although it lacks the accounting functionalities and options constructed particularly for small enterprise homeowners that packages like Quicken supply). Its free model is highly effective sufficient to profit quite a lot of customers, and its paid subscription is inexpensive sufficient to be worthwhile for a lot of, too.

Who’s Rocket Cash greatest for?

  • Budgeters in search of a substitute as Mint shutters.
  • Starting budgeters hoping to get a deal with on their funds.
  • These seeking to trim their many recurring month-to-month subscriptions.
  • Individuals who want to negotiate their payments, however don’t wish to go to the time or problem themselves.

How does Rocket Cash decrease payments?

Rocket Cash can assist you decrease your payments in a couple of alternative ways—although two of its hottest bill-lowering companies come at a price.

Rocket Cash is well-known for its cancellation concierge service, which lets you robotically unsubscribe from month-to-month subscriptions on the contact of some buttons—and get any refunds you’re eligible for, too. Nevertheless, cancellation concierge is barely accessible on the Premium degree, which begins at $4 per 30 days.

Rocket Cash additionally affords a bill-negotiation service wherein stay representatives name and negotiate your payments for you. This characteristic comes at a further price, however provided that the payments are efficiently lowered. If that’s the case, you’ll select how a lot to pay on a sliding scale between 30% and 60% of the ensuing financial savings.

Execs and cons

Execs:

  • Free model accessible
  • Cash-saving options like cancellation concierge, sensible financial savings account, and invoice negotiation accessible
  • Premium tier provided on sliding scale

Cons:

  • Some favourite options, together with cancellation concierge, solely accessible for Premium subscribers
  • Stay buyer assist solely accessible to Premium members
  • Account linking by Plaid could be sluggish

Advantages

Free model

Starting budgeters and people merely making an attempt onerous to make ends meet will profit from the truth that Rocket Cash’s free service capabilities effectively as a budgeting and expense-tracking platform. Though money-saving options like cancellation concierge and invoice negotiation are paywalled, free customers can nonetheless get pleasure from a sturdy and precious private finance administration expertise.

Cash-saving options

Though they have to be paid for, Rocket Cash’s money-saving options set it aside from rivals. So far as TIME is conscious, it’s the solely financial-management app that provides stay bill-negotiation companies and computerized subscription cancellation. And, after all, the straightforward act of making a price range and seeing the place your cash is definitely going—each of which can be found on the free tier—could be useful money-saving strategies for a lot of.

Pay what you need

Even Rocket Cash’s paid merchandise supply customers flexibility. Each its Premium subscription and its bill-negotiation companies are priced on a sliding scale, beginning at simply $4 per 30 days for Premium and 30% of the cash saved on account of negotiation.

What could be improved?

Greatest options paywalled

We are able to’t actually fault Rocket Cash too onerous on this entrance—in spite of everything, each for-profit firm’s first objective is to become profitable. However from the consumer’s perspective, having to pay for a few of Rocket Cash’s greatest and most well-advertised options, together with its automatic-savings possibility and subscription-cancellation concierge, is usually a bummer. Happily, the sliding scale mitigates this impact to some extent.

Stay buyer assist is paywalled

Whereas Rocket Cash is already outperforming a few of its rivals by having stay buyer assist in any respect—and well-rated stay buyer assist, at that—it’s true that stay assist (by way of in-app chat) is barely assured to paying Premium members.

App could be sluggish

Though purposeful, Rocket Cash’s cell app is usually a bit laggy and sluggish in comparison with some rivals’ apps. Nevertheless, total, the apps each rank effectively amongst customers, with each the Google Play and Apple Retailer model boasting rankings of 4.3 stars on the time of this writing.

How does Rocket Cash evaluate?

Rocket Cash affords all of the must-have options that almost all financial-management platforms do, together with precious extras to those that are keen to improve to its Premium subscription. For instance, Premium members get entry to automatic-savings choices constructed to work along with your price range, subscription-cancellation concierge companies that make dialing down your month-to-month payments a breeze, and net-worth monitoring to see how your monetary standing modifications over time.

Sure—seven-day free trial for Premium membership, and free model is out there

Sure—34-day free trial earlier than $14.99 per 30 days (or $8.25 per 30 days billed yearly)

Sure—14-day free trial earlier than $8 per 30 days

Computerized fee (subscription) monitoring

Sure, with cancellation concierge at Premium degree

Rocket Cash vs. Mint

With Mint slated to close down in early 2024, lots of its customers are on the hunt for a substitute platform. Rocket Moneyoffers lots of Mint’s core options, together with budgeting by class and expense monitoring, in addition to extra options like invoice negotiation and cancellation concierge (although each of those latter are paid companies).

Like Mint, a purposeful free model is out there for these seeking to handle their cash at a low price. You gained’t be subjected to ads to be able to use the free product (although many product-upgrade screens seem as you navigate the app). Rocket Cash additionally affords stay buyer assist for its Premium members, which is unavailable at any tier of Mint.

Rocket Cash: In-depth evaluation

Let’s take a more in-depth take a look at Rocket Cash’s options and instruments.

Usability

Rocket Cash’s app and net platforms are each intuitive and straightforward to navigate—although the interface could arguably really feel a bit crowded and overwhelming at first. TIME appreciates that Rocket Cash doesn’t require any software program downloads to work on a desktop, and its cell purposes for each Android and Apple are well-rated by customers.

Budgeting-tool choices

Rocket Cash’s budgeting instruments make it easy to see how a lot you’re spending each month. The app analyzes your precise transactions to find out which bills are prone to be payments (and, after all, you can even add your individual). The whole lot is customizable so you may tailor your price range to your particular wants. The app additionally affords a forecast of upcoming payments and warnings if you spend greater than you’ve budgeted for.

Expertise

Rocket Cash companions with Plaid—a agency whose companies are utilized by well-respected fintech corporations the world over, together with the likes of Venmo—to allow seamless and protected knowledge switch out of your exterior checking, financial savings, funding, mortgage, and bank card accounts. Its sensible software program lets you simply see at a look which payments and computerized funds are developing in addition to all of your recurring bills, making it far simpler to seek out cut-worthy line gadgets in your price range.

On the safety facet, Rocket Cash makes use of bank-level know-how to make sure your delicate knowledge stays non-public, together with 256-bit encryption.

Customer support

Rocket Cash is very regarded on buyer satisfaction boards like TrustPilot, the place it enjoys a score of greater than 4.5 out of 5 stars by way of virtually 4,000 opinions on the time of this writing. The corporate is accredited by the Higher Enterprise Bureau, the place it scores a B score and maintains about 3.5 out of 5 stars.

Social options

Whereas Rocket Cash doesn’t have any built-in social-media integration, it does supply Premium members the chance to share their monetary profile with a accomplice, member of the family, or monetary advisor. As a result of it makes use of fintech large Plaid to allow connections to exterior accounts, it seamlessly integrates with the overwhelming majority of banks and bank card issuers.

Firm status

As talked about above, Rocket Cash is very regarded amongst prospects, sustaining favorable customer-service rankings on a number of boards. Whereas comparatively younger with a founding date in 2015, over the close to decade since its inception as Truebill, the corporate has maintained a strong observe historical past of security, safety, and repair.

Different companies provided

Rocket Corporations, which now owns Rocket Cash, additionally owns Rocket Mortgage, Rocket Loans, and is the issuer of the Rocket Visa Signature® Card.

Extra on Rocket Cash

Is Rocket Cash protected?

Rocket Cash makes use of the identical safety know-how as banks do together with 256-bit encryption. Its accomplice, Plaid, is trusted by many outstanding fintech corporations together with Venmo. In brief, Rocket Cash is about as protected as any on-line monetary service could be.

Who owns Rocket Cash?

Rocket Cash was based as Truebill again in 2015 by Yahya Mokhtarzada. The corporate was acquired by Rocket Corporations in 2021 and its identify modified in August of the next yr.

How a lot is Rocket Cash?

Rocket Cash affords a free model of its product that retains lots of its Most worthy options, together with budgeting, credit-score entry, subscription monitoring, and extra. Nevertheless, its subscription-cancellation concierge service is out there solely to Premium members. The Premium tier additionally comes with bonus goodies like limitless budgeting, automated financial savings choices, real-time synching, and extra. 

The Premium subscription is out there on a sliding scale from $4 to $12 per 30 days. Subscriptions are billed yearly on the $4 and $5 degree.

What’s Rocket Cash Premium?

Rocket Cash Premium is the corporate’s paid subscription service, which has similarities to its free model however with added extras. Moreover, members might want to improve to Premium to get pleasure from a few of Rocket Cash’s most prized instruments, together with a subscription cancellation concierge service and automatic financial savings. Premium members additionally get precedence assist, account-sharing entry, limitless budgeting, net-worth monitoring and extra.

How does Rocket Cash become profitable?

Rocket Cash’s financial-management app makes use of the software-as-a-service (SaaS) enterprise mannequin. The product earns cash when members join Premium memberships, which price between $4 and $12 per 30 days. Moreover, Rocket Cash additionally affords a bill-negotiation service individually from its Premium memberships, and customers with efficiently lowered payments can select to pay between 30% and 60% of the ensuing financial savings for the service. 

As talked about above, Rocket Cash’s father or mother firm additionally affords quite a lot of different monetary companies and merchandise, together with mortgage loans, private loans, and bank cards, which add to the agency’s total revenues.

How do I cancel Rocket Cash?

To cancel a Premium Rocket Cash subscription, open the app and faucet on the Settings icon within the higher left nook of the Dashboard (it seems like a bit gear.) From this display screen, faucet on Premium Membership, after which Handle Membership.

You’ll see a slider akin to how a lot you pay every month for the service. Drag the slider right down to $0, and the Replace Subscription button will change to Cancel Subscription. The app will information you thru a couple of extra screens to finalize and make sure your cancellation.

To cancel a invoice negotiation earlier than it’s begun, you’ll must ship an e-mail to [email protected]. You may as well toggle the bill-negotiation characteristic to “off” within the Methods to Save part of the app to maintain additional negotiations from starting.

Backside line

With a sturdy suite of capabilities accessible on the free platform and inexpensive upgrades accessible, Rocket Cash is usually a workable budgeting answer for all kinds of on a regular basis shoppers. Whereas its main money-saving capabilities are paywalled, for customers with many month-to-month subscriptions or who want to implement the platform’s computerized financial savings possibility, the improve could also be worthwhile.

Rocket Cash

Options

Construct a price range by particular person expense categorization and create financial savings targets each individually and with a accomplice

Steadily requested questions (FAQs)

What was Rocket Cash referred to as earlier than?

Rocket Cash was initially often called Truebill when it was based in 2015. The corporate was acquired in 2021 by Rocket Corporations—which additionally owns Rocket Mortgage, Rocket Loans, and is the issuer of the Rocket Visa Signature® Card. Its identify modified in late August, 2022.

Why did Truebill change to Rocket Cash?

Truebill modified to Rocket Cash following its acquisition by Rocket Corporations. The product was renamed to suit alongside the remainder of the buying firm’s merchandise.

Find out how to add your Apple Card to Rocket Cash

After many consumer requests, Rocket Cash has achieved performance with Apple Card—although Apple Financial savings accounts nonetheless can’t be synced to the platform. So as to add your Apple Card to Rocket Cash, merely choose the Settings icon, faucet on Linked Accounts, Faucet on Hyperlink a brand new establishment, and seek for Apple Card. Have in mind this may solely work on the iOS app, not on net or Android units.

** Empower Private Wealth, LLC (“EPW”) compensates Time Stamped for brand spanking new leads. Time Stamped will not be an funding shopper of Empower Advisory Group, LLC.

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