Is Rocket Money a Scam? 

If you’re thinking of using Rocket Money, you need to know: Is Rocket Money a scam? 

Below, we explain whether Rocket Money is a scam and discuss some steps you can take to improve your safety when using this platform. 

What Is Rocket Money?

Rocket Money is a personal finance app.

It promises to help you manage and optimize your money by giving you a comprehensive view of your finances (e.g., bank accounts, credit cards, subscriptions, bills, etc.) in one place. 

With Rocket Money, you can:

• Track and cancel subscriptions.
• Monitor spending.
• Save money (the app can learn your spending habits and schedule small deposits for you).
• Set budgets and financial goals.
• Negotiate bills (a premium feature gives you access to human experts who will negotiate with service providers to potentially lower your monthly bills). 

Rocket Money has both free and premium versions available. 

Is Rocket Money a Scam?

No, Rocket Money is not a scam. It’s a legitimate personal finance app, but it may not be the best for privacy (see the “privacy” section below). 

Rocket Money app was reviewed by PCMag in 2024, with a rating of 4.0 out of 5.0 stars (“Excellent.”)

The app is also rated positively by CNET. In 2025, Rocket Money was chosen as “CNET’s Editor’s Choice Winner for Best Budgeting App.” 

Internet users’ opinions on Rocket Money are mixed. 

Many people find it very helpful for identifying and canceling unwanted subscriptions. 

By far, the biggest complaint is about the bill negotiation feature. The app can charge a 40% (sometimes higher) cut of the first year’s “projected savings,” which some users say quickly eats up any discount gained.

Rocket Money has a 4.6 out of 5.0-star rating (from 88,425 ratings) on Google Play and a 4.4 out of 5.0-star rating (from 196,954 ratings) on the App Store. 

Rocket Money is Better Business Bureau (BBB) accredited and has an “A+” rating from the BBB.

Security

Rocket Money describes its security measures on its security page. 

According to this page, Rocket Money uses bank-level 256-bit encryption, partners with Plaid for securely connecting to financial institutions (without ever storing login credentials themselves), and hosts their services on Amazon Web Services (AWS), a provider used by top government agencies.

Rocket Money also notes you can revoke access to your accounts at any time. 

Privacy

There have been a few privacy controversies associated with Rocket Money. 

In December 2022, the Electronic Privacy Information Center (EPIC) filed a complaint with the CFPB against Rocket Money for unfair, deceptive, and abusive trade practices. 

According to EPIC, Rocket Money:

• Uses dark patterns to deceive consumers into giving up their private financial data without complete knowledge of the cost of services. This involves listing the app as free initially and only revealing the costs of most services after users have linked their bank accounts. EPIC says this bait-and-switch tactic is unfair. 
• Forces users to link their bank accounts with Plaid, Inc., a “known abuser of consumer data.” 
• Uses dark patterns to deceive users into paying for services advertised as free. This involves hiding the “$0” payment option during the sign-up process and manipulating the sliding scale for payment, discouraging users from choosing free services and sometimes charging an annual lump sum for seemingly low monthly rates.
• Uses dark patterns as part of its Bill Negotiation feature to manipulate users into giving a higher percentage of their savings. Rocket Money also reportedly charges a large negotiation fee upfront based on projected annual savings without clearly disclosing this to users. It also makes the Bill Negotiation refund process extremely burdensome. 
• Use consumer reports for self-promotional marketing purposes in violation of the FCRA.
• Makes false promises regarding user data privacy. Though Rocket Money assures users that their information will not be sold or accessed by third parties, the company’s privacy policy reportedly states that they do share personal information, including financial data, with third parties for their own services and marketing. 

The EFF also claims that by collecting and sharing users’ financial information, Rocket Money acts as a Consumer Reporting Agency (CRA) but fails to limit the use of consumer reports to purposes that are permitted. 

Rocket Money describes the kind of data it collects, why, and whom it shares it with in its privacy policy (which applies to all Rocket Family companies).

Rocket Family collects the following information about you:

• Provided data: Personal details such as name, contact information, financial and demographic data.
• Automatically collected data: Transaction details, device and usage information, location data, and tracking data (cookies, web beacons, etc.).
• Third-party data: Information from external sources like credit bureaus, identity verification services, and third-party integrations (e.g., Plaid).

It uses this information to deliver, improve, and personalize services, communicate about products and promotions, perform analytics and marketing, detect fraud, and comply with legal obligations.

This data may be shared internally among Rocket Family companies and with affiliates, externally with vendors, service providers, marketing partners, and, for targeted advertising purposes, with third parties. 

The company may also share aggregated or de-identified data.

So, Should You Use Rocket Money?

Depends.

You should weigh Rocket Money’s useful features (e.g., budgeting and subscription management) against some of the questions mentioned above surrounding its transparency and data handling. 

If data privacy and clear pricing are top priorities for you, it might be a good idea to look at alternative financial apps. 

How to Use Rocket Money Safely

• Manage account permissions. Only link the necessary financial accounts via Plaid, and periodically review the permissions you’ve granted. 
• Use a strong password. Use a unique, strong password for your Rocket Money account. A password manager can be a good idea. 
• Monitor financial activity. Regularly check your bank and credit accounts for any suspicious or unauthorized activity. 
• Be cautious with Rocket Money’s premium features. Take advantage of free trials to fully understand what you’re paying for, especially when it comes to features like bill negotiation. Be wary of hidden fees or dark patterns that might lead you into unnecessary charges.
• Limit sensitive data sharing. Only provide information that’s necessary for the services you use. If certain features aren’t essential, avoid them to minimize your data exposure.
• Stay informed. Keep an eye on updates from consumer privacy advocates and reviews about Rocket Money. 
• Keep the app updated. Update the Rocket Money app to the latest version when it becomes available. Updates can include security patches that protect against new threats. 
• Beware of phishing scams. Be on the alert for phishing emails or messages that may attempt to trick you into providing your Rocket Money login credentials or personal information.