Brightmoney Reviews

Bright - Crush card debt. Build credit. Plan for life after debt.

brightmoney.co
3.59
140 reviews
Great Rating
Based on 140 user experiences

Rated 3.59 out of 5 by 140 Happy Customers

43.6%
14.3%
13.6%
14.3%
14.3%
All 5 ★ 4 ★ 3 ★ 2 ★ 1 ★ 😊 Positive 😐 Neutral 😞 Negative Reset Filter
C

Look elsewhere

Even though it was not linked to my account in any way they charged my Cash App 89 for a membership fee I didn t authorize They told me they charged Venmo I sent screenshots showing they didn t Every agent gave me a different answer Finally a supervisor got involved I m told I m a priority but I m not holding my breath How can they charge my CA without me saying to I didn t even have it linked to them Ggggrrrrr Should I report them to the BBB
H

If I could leave 0 stars I would

If I could leave 0 stars I would I have requested to be reimbursed for the 89 membership fee and any 10 fees taken out since November 30 2023 I have been informed every time I ve inquired about this it ll be deposited in 2-3 business days I even have a confirmation number and email that states I d receive the refund on December 4 2023 The customer service is horrible It appears to be automated and this company is dishonest and unethical with their business practices I accidentally started the membership and have not been able to get any resolution Stay away from this app they are thieves dishonest unethical incompetent and a waste of time And again after reaching out they have stated the same things Now I m being told the credit builder was never cancelled After all of the trouble to be reimbursed the 99 total they continue to not alleviate or resolve this issue Now I m getting told that it s my bank account This company is not a good company STAY AWAY STAY AWAY THEY ARE THIEVES AND HAVE HORRIBLE CUSTOMER SUPPORT I have already notified the BBB
D

Please read the reviews here and not on YouTube or their site

Update 12 7 They still taking out of my account smart round up off and still taking out of my checking account Still no repayment from Bright Do not I repeat do not add your checking account nor routing account with this company As you notice the reply to this post is very inaccurate Right now I m waiting on them to pay to get my account out if the negative They were charging my banks overdraft fees I wouldn t have even been in overdraft if it wasn t for them However I will say the agent that s helping me so far is nice she s the only reason for 1 star I ll update once they get my account straight
B

Update

Update Don t trust this company They ll take the membership fee from your account without telling you and after you try to retrieve the money back they ll sneakily talk to you into deleting your account so it will not be found when verifying it
K

They keep taking out little bits of

They keep taking out little bits of money from my account won t verify my other credit card I try and it won t take the info I put in and my 5 on time payments should have been done by now They drag it out and take ten dollars a month for membership
C

Stay far away from this company as

Stay far away from this company as possible They charged me 83 for membership when I had cancelled my membership months ago They will continue to give you theRun around when been reimbursed I m now in the process to take out legal actions against this company Trust me don t let themFool you
T

Do NOT trust this company

Do NOT trust this company I like in other reviews was charged 89 for a service I did not signup for and want no part of I have requested a refund from the phone that my bank provided I spoke with Richard who sent me an email that my money would be refunded in 5 days This is a fraudulant and predatory company Don t look twice at this name if you see an offer
T

Mysterious Account and Unauthorized Charges

I m having a very strange experience with Bright Money though it looks like the representative I called today Joanna will be doing her best to help me and resolve this issue soon I got a notification today on my bank account about an 89 charge from Bright Money which caused it to overdraft I don t recall ever being a member with them I called their customer service and Joanna informed me that the account was opened in 2022 and a paid subscription was started in Nov 2023 I don t recall opening any account with them and I most definitely did not start a subscription last month Joanna helped me with cancelling my subscription requesting a refund and then she told me that she will close my account so this does not happen again I am hoping this will all go as described and I will get the refund I m giving this 1 star for the company for their poor security and fraud prevention monitoring practices something like this should never be happening to so many people but if this was just a review for Joanna I would give it 4 or 5 stars I might post an update here on my review for the company if when this issue is fully resolved and I get my refund
A

Total Sham

Really wish i had read the reviews prior to signing up for this I have the round up turned off but yet still see two deposits every few days of 01 cent which is taken back a couple days later One of these deposits caused my account to be overdrawn since i didn t give them access to my full money I have decided to take the 30 i deposited into this stupid app back Requested the transfer on 12 12 Was supposed to have the money back on 12 15 That changed to 12 18 which changed to 12 19 which is now 12 21 Shady af Do yourself a favor and don t trust this company It s a sham As soon as my 30 is safely returned i will be cancelling my membership and reporting them to my bank as fraudulent to keep them from renewing my membership or making any more deposits
I

Treat Urgent

Don t put in your information or connect no bank account to this application as they are used to taking money off people account without any future notice before hand and then it takes them weeks to month to initiate a refund I was never using the app and i was told am active when i dont even have the app on my phone and they ve not done anything for me Does this mean a ghost is using this app on my behalf on their phone Don t stress yourself to use this app except you wanna cry or add to your frustration and depression i won t warn again It s best you work on yourself and build your credit or save some funds than use this i repeat don t fall for this scam of a app except you wanna dig your early grave in pain

About Brightmoney

Pay off high-interest cards faster. No credit check. Instant approval. Plus Credit Builder, Smart Assistant and Personalized Financial Plans.

United States

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Frequently Asked Questions

Brightmoney is a financial technology company that offers a digital platform designed to help individuals in the United States manage and pay off credit card debt. It provides an automated, structured solution by analyzing a user's financial situation, creating a customized debt payoff plan, and helping execute that plan through a dedicated Brightmoney savings account.

Brightmoney securely connects to your existing bank and credit card accounts to analyze your debt profile, including balances and interest rates. Using a proprietary algorithm, it generates a personalized payoff strategy, typically employing the 'debt avalanche' method to target high-interest debt first. You set a weekly savings goal, and funds are automatically transferred from your checking account to a Brightmoney savings account. Once enough is saved, Brightmoney automatically makes an extra payment on your targeted credit card.

No, Brightmoney is not a loan provider, debt consolidation loan service, or a debt settlement program. It does not lend money or negotiate with creditors on your behalf. Instead, it is a management tool that helps you accelerate repayment of your existing credit card debt using your own income through an automated savings and payment strategy.

Key features include a personalized debt payoff plan, automated savings transfers and credit card payments, progress tracking dashboards showing debt reduction and projected debt-free dates, financial insights into spending patterns, and credit score monitoring to track the impact of your repayment efforts.

Yes, Brightmoney charges a monthly membership fee for its service. The specific fee structure is clearly communicated during the signup process.

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About Brightmoney

Brightmoney: A Comprehensive Overview

Brightmoney is a financial technology company that provides a digital platform focused on helping individuals in the United States manage and pay off credit card debt. The company positions itself as a smart, automated solution for consumers seeking a structured and efficient path to becoming debt-free. Its core service involves analyzing a user's financial situation and creating a customized debt payoff plan, which it then helps execute through a dedicated Brightmoney savings account.

Core Functionality and Service Offering

The Brightmoney platform operates by connecting securely to a user's existing bank and credit card accounts. Using this data, its proprietary algorithm performs a detailed analysis of the user's debt profile, including outstanding balances, interest rates (APRs), and monthly cash flow. Based on this analysis, Brightmoney generates a personalized debt payoff strategy. This strategy typically employs the "debt avalanche" method, which prioritizes paying off cards with the highest interest rates first to save money on interest over time.

To implement the plan, Brightmoney facilitates the opening of a FDIC-insured savings account held at Evolve Bank & Trust. Users set a weekly savings goal, and Brightmoney automatically transfers funds from their linked checking account into this dedicated savings bucket. Once enough has accumulated to make an impactful extra payment on the targeted high-interest card, Brightmoney automatically executes the payment on the user's behalf. This approach aims to simplify the process, removing the need for manual calculations and transfers, and promoting consistent, disciplined saving towards debt reduction.

Key Features and User Experience

The platform is designed for simplicity and automation. Key features include:

  • Personalized Debt Payoff Plan:A clear, step-by-step roadmap showing which card to pay and when.
  • Automated Savings & Payments:Handles the fund accumulation and payment execution automatically.
  • Progress Tracking:Provides dashboards and visuals to track debt reduction, interest saved, and the projected debt-free date.
  • Financial Insights:Offers analysis of spending patterns and how they relate to debt.
  • Credit Score Monitoring:Includes access to credit score tracking to see the impact of debt repayment.

Brightmoney charges a monthly membership fee for its service, which is clearly stated during the signup process. It is important to note that Brightmoney is not a debt consolidation loan or a debt settlement program. It does not lend money or negotiate debts with creditors. Instead, it is a tool for managing and accelerating the repayment of existing credit card debt using the user's own income and a structured savings mechanism.

Target Audience and Value Proposition

Brightmoney primarily targets individuals with multiple credit card balances who feel overwhelmed by managing different due dates and interest rates. Its value proposition centers on convenience, strategic optimization, and behavioral support. By automating the tactical aspects of debt repayment, it allows users to focus on their broader financial habits while the platform works systematically to reduce their most expensive debts. The service appeals to those who prefer a hands-off, digitally-native solution over traditional manual budgeting or generic financial advice.

In summary, Brightmoney.co presents a modern, tech-driven approach to a common financial challenge. It combines data aggregation, algorithmic planning, and automated execution into a single platform aimed at demystifying and accelerating the journey out of credit card debt.