In the world of managing personal finances, several digital tools exist to help consumers at each step of the way. From building savings and managing debt to investing with spare change, money apps can lend an impressive, necessary helping hand for common financial issues in 2024.
Although many individuals find it easier to use apps and other digital tools than going on the personal finance journey alone, not all apps cater to financial needs equally. Fortunately, app creators are focusing their efforts on more comprehensive tools that provide a more robust experience in multiple aspects of one’s financial life.
Bright Money is a financial application meant to do just that. With the help of artificial intelligence (AI), Bright helps consumers pay off credit cards in a smarter, more efficient way while also helping build savings and plan for other financial goals along the way.
Bright differs from other money management apps with its focus first on managed debt. However, Bright Money’s various features give users greater reach toward meeting their most pressing money needs. Here’s our Bright Money review of the pros and cons of how it works.
The Basics of Bright Money App
Bright is an AI-driven mobile application that helps users pay off debt quicker, build savings over time, and boost their credit scores. According to its founders, Bright provides an easy path to financial well-being through automated financial planning for anyone.
With the help of its patented technology, MoneyScience ™, Bright utilizes a complex framework of algorithms to study a user’s finances and goals and uses that data to move funds to make payments to credit cards and add to savings automatically.
Connects spending accounts
After users download Bright from the App Store or Google Play, they sign up for the app and connect their checking and credit card accounts. Bright uses these connections to learn more about financial habits over time, allowing it to create a plan that works best for paying down credit card balances and adding to savings.
Optimized debt payments are made from Bright Stash account
Once accounts are connected in the app, small amounts move from the user’s checking account to the Bright Stash account based on the algorithms. Credit card payments are then made from the Bright Stash account according to the user’s goals.
Bright ensures these payments are optimized to save money on interest and avoid late fees. When finances change, Bright automatically adjusts to set aside more or less cash for credit card payments without the user doing any of the work.
Builds savings
Above and beyond making credit card payments, Bright app users also have the option to build savings along the way. Savings goals can be set in the app, like emergency savings or a vacation account. Week by week, Bright sets aside an amount into each savings goal automatically. The app evaluates how much a user can save while also setting aside funds for credit card payments to help balance out these common financial objectives.
Bright Savings accounts earn interest, and, just like credit card repayment plans in the app, savings can be adjusted as financial circumstances change. Bright Money’s banking services are provided by Evolve Bank & Trust or CBW Bank, Members FDIC. All Credit Builder accounts are made by CBW Bank, Member FDIC.
Prioritizes financial goals
Each of these financial goals is built into a user’s Bright Plan. Think of it as a menu of goals, with the prioritized items at the top. Users have the full capability to change the order of financial goals over time, based on their unique preferences.
Key Bright Money Features
The Bright app comes with many features that users can utilize to reach their financial goals faster and more efficiently. The most notable include the following.
- Automation of credit card payments based on a user’s goals and finances
- Automation of savings weekly based on a user’s goals and finances
- Small amounts transferred every few days instead of a single, larger amount each month
- AI technology that quickly learns payment due dates and minimum amounts, so users do not face late or missed payments
- Ability to set multiple savings and credit card repayment goals
- Withdrawal of funds and reversal of payments available in the app
- Ongoing support with Bright experts
- Optional credit lines and Credit Builder account to help improve a user’s credit report and score
🙂 The Pros of Bright Money
Bright offers several advantages over other money management mobile apps that can make reaching specific goals easier for users.
Easy account creation
First, users have the ability to seamlessly and securely connect most bank and credit card accounts in the app in a matter of minutes. Bright currently supports a wide range of banks and cards, and they are always adding additional account connectivity based on user feedback and requests.
A focus on credit card debt
Additionally, a significant perk of the Bright app compared to other financial management tools is its focus on credit card repayment. Instead of only shining a light on spending trends and budgeting, Bright creates a plan for users meant to help them save money on credit card debts over time.
Using the algorithms behind the scenes, Bright determines how to repay card balances best and more efficiently than users may be able to accomplish on their own. Because Bright moves small amounts every few days to the Stash account for future payments to credit cards, users don’t feel the pinch of large payments all at once.
Even though Bright’s focus is on lowering the interest charge while paying down credit card debt, users can use the Bright Money co app to also pay off other debts, such as a mortgage loans, auto loans, personal and business loans, etc.
Savings on credit card interest
Similarly, Bright users save an average of $700 to $1000 on credit card interest by using the app. This is thanks in part to the optimization of payments. Bright’s MoneyScience technology determines the timing of payments as well as the amounts. It automatically shifts money from the Stash account to the appropriate card when the time comes.
Users can opt out of the MoneyScience plan and instead use the Avalanche or Snowball method to repay debt. This flexibility is not found in many other money apps.
Credit score boost
In addition to the potential credit score boost users receive when making on-time payments to their cards through the app, Bright offers another way to improve credit. Users can sign up for Bright Credit Builder in the app.
With this tool, Bright establishes a small line of credit for the user and makes payments over time. The added credit account and on-time payment history help boost a user’s credit score since these details are reported to the credit bureaus.
Ongoing support with money-back guarantee
Bright also offers ongoing support to users via telephone, live chat, or email, and touts a money-back guarantee. Any issues with the app can be quickly reported and remedied. Users can also ask questions about certain app features and how to use them more efficiently through Bright’s support team.
- Live Chat: Available 24/7
- Email: [email protected]
- Phone: +1 (856) 832-6419 (Mon-Fri, 9am-7pm EST)
Learning resources
Finally, Bright offers a robust library of personal finance resources, available in the app and online. Topics range from building wealth and saving strategies to understanding options for debt relief. Users have full access to these learning resources anytime.
💡 The Cons of Bright Money
Although there are several advantages to using Bright, a few drawbacks exist.
Not all banks or cards are supported
Although Bright does offer connectivity with several different banks and card issuers, not every financial institution is available through the app. However, users who do not see their bank or card as an available connection may reach out to Bright support at [email protected] to request it be added.
Mostly for credit card debts
On the debt management front, Bright is tailored to saving money by paying down credit cards using its proprietary algorithms. Other debts, like student loans, car loans, mortgages, or personal loans, are not the main focus. As a result, users who want to create repayment plans or goals for these debts may need to establish savings goals instead of repayment plans outside Bright.
Concerns over late or missed payments
Bright is relatively new to the personal finance world, so there are not many consumer reviews to date. However, some of the reviews available note issues with late or missed payments to credit cards linked in the app. Bright promises that its algorithms work diligently to learn about minimum payment amounts and due dates for each user. Unfortunately, there is always a potential of a missed or late payment when relying entirely on an automated, technology-driven app.
Not comprehensive financial planning
Part of Bright’s mission is to bring AI-driven financial planning to everyone who needs or otherwise wants it. While its debt repayment and savings tools in the app are promising, neither provides a comprehensive financial plan. Users can learn about other topics related to their personal financial lives through Bright’s resources. However, the app is not a full-service financial planning tool.
Pricing: fees and costs
Bright comes at a cost to users after an initial 10-day free trial. To receive all the benefits available in the app, users pay $9.99 per month when paid monthly. However, membership can be as low as $7.42/mo. if billed annually, or $8.99/mo. when billed twice a year. For someone who is trying to get out of debt or build savings, this added cost may not be worth it in the long run depending on the size of the debt, interest rates, and other variables.
| Annual Plan | Semi-Annual Plan | Monthly Plan |
|---|---|---|
| $89/yr. (equals $7.42/mo.) | $53.94/6mo. (equals $8.99/mo.) | $9.99/mo. |
Additionally, other money management apps have lower monthly fees or are made available for no cost. However, they may not offer the same automation or tools that, according to Bright, allows users to pay off debt 8 times faster than they might otherwise.
Who Should Consider Bright Money App
Bright Money is a promising money management app dedicated to helping users live a better financial life. Its focus on debt repayment and optimization marries well with its ability to automate savings for its users over time. Individuals who have credit card debt may find Bright the most useful on their finance journey. The app takes the work out of calculating payments and timing those payments, so users save on interest charges and progress toward paying down their balances.
Additionally, users who want to boost their credit score faster may find the credit booster tool in the app beneficial. Individuals focused on automating savings for specific goals like building an emergency fund or paying for a significant expense in the future are also likely to benefit from the app.
However, consumers considering Bright should weigh the features of the app with the drawbacks. Anyone who wants a free tool to help manage finances may be better served with a different app. Similarly, individuals interested in more comprehensive financial planning and budgeting may find Bright lacking.
Final Thoughts on Using Bright Money to Pay Off Debt
Since its start, more than 50,000 users have found Bright Money to be beneficial, and the app has helped eliminate more than $150 million in credit card debt. These figures, alongside the real-life testimonials on the company’s site, show that Bright is an innovative, affordable automation tool for users interested in paying down credit card balances while also building savings.
Questions, Comments, and Bright Money Customer Reviews ❔
If you decide to use Bright Money to eliminate credit card and other debt, please return to share any positive or negative experience you had with the company in the comments section below. And don’t forget to leave us a comment if you have any other feedback, complaints, questions, or thoughts regarding our Bright Money app review.
