Have you ever looked at your credit card statement and noticed a charge from “Rocket Money” that you don’t remember making? If so, you’re not alone.
Many people have questions about Rocket Money charge on credit card, and this blog is here to explain everything you need to know about these transactions.
Table of Contents
We’ll cover what Rocket Money is, why you might see charges from them, how to manage these charges, and address common concerns.
What is Rocket Money?
Rocket Money, formerly known as Truebill, is a financial management app designed to help users track expenses, manage subscriptions, and save money. It acts as a personal financial assistant by consolidating all your financial information into one platform.
Rocket Money is widely known for these key features:
- Subscription Management: Helps track and cancel unwanted subscriptions.
- Budgeting Tools: Allows users to set monthly budgets and monitor spending.
- Bill Negotiation: Attempts to negotiate lower bills on your behalf (like cable or phone bills).
- Custom Alerts: Sends notifications for upcoming bills or unusual charges.
While Rocket Money offers free basic services, it also has a premium version, which comes with added perks like enhanced tracking and priority support.
Why Am I Seeing a Rocket Money Charge on My Credit Card?
If you’re noticing a Rocket Money charge, it’s likely for one of these reasons:
You Signed Up for the Premium Plan
Rocket Money offers a premium membership, which typically costs between $3 to $12 per month, depending on what you opted to pay during setup. This charge might appear as “Rocket Money” or “Truebill” on your credit card statement.
Bill Negotiation Fee
If Rocket Money successfully negotiates a lower bill for you (e.g., reducing your internet bill), they charge a one-time fee, which is typically 40% of the savings for the first year. For example: Savings Amount Rocket Money Fee $100/year $40 (one-time fee) $200/year $80 (one-time fee)
Mistaken Subscription or Trial Sign-Up
Sometimes, users sign up for the service but forget about it. Alternatively, someone else with access to your card might have registered.
Fraudulent Charges
In rare cases, unauthorized charges may occur. If you believe this is the case, contact Rocket Money or your credit card issuer immediately.
How to Manage or Cancel Rocket Money Charges
If you’re unsure about a Rocket Money charge or no longer wish to use their service, here’s what you can do:
Check Your Rocket Money Account
- Log into your Rocket Money app or website.
- Go to the “Settings” or “Membership” tab to view your subscription details.
- Confirm if you’re on a premium plan or if any bill negotiation fees have been applied.
Cancel Your Subscription
To cancel your subscription:
- Open the Rocket Money app.
- Navigate to the “Settings” menu.
- Select “Manage Membership” and follow the prompts to cancel.
Request a Refund
If you believe the charge was unauthorized or made in error:
- Contact Rocket Money’s support team via their app or website.
- Provide relevant details (e.g., the date and amount of the charge).
- Request a refund. Refunds are not guaranteed, but Rocket Money is known for its responsive support.
Dispute the Charge with Your Bank
If you cannot resolve the issue directly with Rocket Money, you can file a dispute with your credit card issuer. This process typically involves:
- Contacting your bank’s customer service.
- Providing details of the charge.
- Explaining why you believe it’s unauthorized or incorrect.
Tips to Avoid Unwanted Rocket Money Charges
Here are some tips to ensure you stay in control of your finances while using Rocket Money:
- Monitor Your Subscription Plan: Regularly check if you’re on the free or premium plan.
- Read the Fine Print: Understand fees associated with bill negotiation or other premium services.
- Set Alerts: Use the app’s custom alerts to avoid missing any charges or renewals.
- Review Bank Statements: Look for any recurring charges and take immediate action if something feels off.
Pros and Cons of Using Rocket Money
| Pros | Cons |
|---|---|
| Tracks and cancels subscriptions | Premium plan has variable pricing |
| Offers bill negotiation services | Bill negotiation fees can be high |
| Budgeting tools help control spending | Limited features in the free version |
| Easy-to-use interface | Refunds are not guaranteed |
FAQs: Rocket Money Charge on Credit Card
What does Rocket Money do with my credit card information?
Rocket Money uses bank-level encryption to keep your financial data secure. Your credit card information is primarily used for tracking expenses and processing payments for premium features or negotiated savings.
Can I use Rocket Money for free?
Yes, Rocket Money offers a free version. However, the free plan has limited features compared to the premium version, which includes subscription management, bill negotiation, and advanced budgeting tools.
How do I know if Rocket Money is worth it?
Rocket Money is ideal if you want to:
- Cancel unused subscriptions easily.
- Save money on bills without negotiating yourself.
- Get a clear view of your spending habits.
If you don’t think these features justify the cost, the free version may be enough.
Can Rocket Money cancel my subscriptions automatically?
Yes! Rocket Money identifies your active subscriptions and can cancel them for you upon request. For premium members, this is often a seamless process.
Final Thoughts
Rocket Money is a helpful tool for managing your finances, especially if you struggle with tracking subscriptions or want assistance negotiating bills.
However, it’s essential to understand the fees involved and regularly monitor your subscription status to avoid unexpected charges.
If you’re ever unsure about a Rocket Money charge on credit card, take quick action to investigate and resolve it.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Always review the terms and conditions of any financial service you use and consult a professional for personalized assistance.
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