Bright Money Review: Is It Worth It?

Bright money is a financial app that aims to help you pay off your credit card debt. It uses automated technology to view your spending habits, allocates extra unspent money and helps you make sure your bills are paid on time.

There is a service fee and the possibility of overdraft and late fees.

The app operates on a paid subscription plan. All plans offer a free 10-day trial and there are a couple of different subscription options. If you opt for an annual plan it will cost $6.99 per month. If you choose a six-month plan, it’ll run you $8.99 per month. If you prefer a month-to-month subscription, it will cost you $14.99.

To help your personal money management, Bright operates with MoneyScience which is a data-driven system. The system designs a financial plan based on your finances and spending habits. It then will determine a specific amount of money to take from your checking account every two to three days which is placed in your Bright Account. This money is then used to pay your credit card payments. The system considers minimum payments due, credit card account balances, possible interest savings on debt, and how much money you can realistically put towards paying down your balances.

In the app, you still can have control over your money. You can move money back to your checking account from your Bright Account anytime. You can set limits on how much money Bright moves from your account each month. You can also set a balance limit so Bright won’t cause an overdraft or lower your checking account fall balance below a certain number. Using artificial intelligence, Bright is able to automatically adjust each week the amount it transfers from your account.

Below are five pros of using Bright Money

Convenience
Because Bright Money operates on an automated system, you don’t have to think twice about it. The algorithm understands your spending pattern so you aren’t short when you have to pay bills.

No Late Fees
With automated payments, Bright makes sure that your credit card payments are made on time.

Optimized Debt Repayment
Bright Money uses an algorithm that considers several factors to help reduce your credit card balances most effectively, helping you save the most interest.

Savings
Bright Savings will help you create goals for your savings and automatically set money aside for you.

Here are some of the shortfalls of using Bright Money

App Faults
With any technology, there are some drawbacks. There have been reports of bugs and missed credit card payments from the app. There have been other reports of account overdrafts from Bright Money and credit card overpayment.

Monthly Fee
There is a monthly fee to use Bright Money which ranges from $6.99 to $14.99.

Only Credit Cards
Bright Money is limited if you have other financial obligations like a mortgage, student loans, or a car loan.

Limited Website
Because the app and website are two separate systems, the website is extremely limited and is set to be discontinued.

Bright Money is an emerging financial technology that could help you pay off your credit cards. Since this is your finances, it's always good to do a thorough research before letting a company or app handle your finances. Always make sure that they're trustworthy.