Bright Money Review

Bright Money Review 2022 [Pros, Cons, & Pricing]

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Bright Money Review

We deep dive into the pros and cons, pricing, and reviews of Bright Money. Onto our Bright Money review!

What is Bright Money?

Bright Money is a financial management app that is dedicated to helping you pay off credit card debt, raise your credit score, and encourage saving habits. They help to create a management system that is best suited for your goals and needs through automatic savings and payments. Bright Money’s primary goal is to help you pay off debt faster with the help of their specialized technology algorithms and AI-operated platform.

According to their website, the Bright Money app has helped customers make over 5 million on-time payments, reduced $150 million in debt, and save an average of $744 annually. By using their trademarked MoneyScience algorithm and Smart Pace system, Bright Money makes paying down debt and saving easier.

How Does Bright Money Work?

As stated before, Bright Money functions by utilizing artificial intelligence. Their AI-based system is specifically designed to analyze your current financial status, according to the banking information you provide and find the best way to help you pay off credit card debt.

With Bright Money, you will need to provide basic personal information, such as your name and address. Then, you will also need to provide your gross annual income and link your bank account to the app. Finally, Bright Money will ask you what your main financial goal is. This goal can be paying off credit card debt, raising your credit score, or wanting to save money.

Once your account is set up, Bright Money’s AI system, MoneyScience, will run a thorough analysis of the current finances of the bank account you’ve chosen to link to. This analysis will then help the AI to create a specialized plan for you, referred to as your Bright Plan.

This plan will be tailored to your spending habits and use this information to allocate funds to your Bright Stash Account, and those funds are then used to make on-time payments. Through this process, Bright Money is able to raise your credit score while paying off your debts or increase your savings faster.

From there, you only need to use your Bright Money login to monitor your account and make any necessary changes.

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Bright Money App


  • MoneyScience System: This is the primary feature that Bright Money promotes. This AI algorithm was built by experts and is responsible for tailoring your account to fit your needs. Well-designed algorithms make financial decisions and actions much faster, with more precision, and MoneyScience is meant to do just that. Built around 34 other algorithms with the help of over 120 experts, this system relied on data science to help you.
  • Bright Credit Builder: This is a new feature that is only currently available in the United States, but one goal you can set to achieve with Bright Money is raising your credit score. Their AI system targets payments with the highest amounts and interest rates to pay them down faster. This decreases your utilization rate while making on-time payments, which are two primary factors in raising your credit score.
  • Automatic Savings: Bright Money isn’t only useful for paying off credit card debt, as they also offer savings accounts to users, known as Bright Stash Accounts. Bright Money savings accounts adjust to fit your current financial state, so if your income fluctuates, the Bright Stash account accommodates the changes. You can withdraw savings at any time, and every two or three days, more funds are added to the account on default.

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Bright Money Pros and Cons

With Bright Money still being a newer app on the market, there are a couple of pros and cons to go over before deciding this app is the right one for you.


  • Optimized Plans: Every user’s Bright Plan will look and act differently, as each account is optimized to their financial habits based on the company’s AI algorithm.
  • Full Access Free Trial: If you’re not immediately sold on using Bright Money after reading this review, then you can choose to open an account and try their all-access 10-day trial. You’ll be able to get the full experience during the free trial period and then can decide to provide your banking information or not.
  • Pause Option: If you ever need to stop the app from relocating funds into your Bright Stash account, you can! This feature can come in handy when you need all funds on deck in your checking account.
  • Set and Forget: Bright Money has an automatic payment system, so you can set the amount you want to enter into your account and let Bright Money handle the rest. All debts and savings will be paid automatically, and on time. For debt payments, the amount will be set to the minimum amount, unless you specify a different amount in the app.


  • Not Suited for Unstable Incomes: Because Bright Money uses an automatic payment system, this app might not be the best option for those who have an unstable or heavily fluctuating income. For example, if you run a small business or are a contract worker, you might not always have the funds to allocate toward a savings account or automatic debt payments.
  • Only Helps with Credit Card Debt: Bright Money won’t be of great use to you if you are looking for help with any other debt aside from credit cards. Although, the company is currently working on a feature to help with student loan debt, so it’s possible that this drawback could change in the future.
  • Monthly Fees: Bright Money isn’t a free service and requires a subscription fee, either monthly or annually. For some, this isn’t a feasible additional cost they can afford, as the annual plan costs $84, or if you pay monthly, $15 a month.

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Bright Money Reviews & Complaints

Because Bright Money and its’ algorithm are still new in the financial world, there aren’t many reviews of the company or the app, but most user reviews are glowing with appreciation. There are some users who state that the app made late payments or missed payments altogether. Other reviewers had issues with linking their bank, or that their card or bank wasn’t available in-app.

In the case that your bank isn’t available, you can email Bright Money directly and request the card or bank be added.

Bright Money Customer Service

The current ways to contact the company include email, [email protected], live chat, or by calling at (856) 832-6419. If you choose to call, the company hours are Monday through Friday, 9am to 7pm EST.

Frequently Asked Questions (FAQs)

How much does Bright Money cost?

Yes, Bright Money requires payment for their services. This fee ranges from $7 to $15, depending on if you pay monthly or annually. So, for the year, you would pay $84, or you could choose to pay $15 per month, which would total $180 a year.

Is Bright Money safe to use?

Yes! Bright Money is a secure platform that only uses your information to properly allocate and analyze your finances to best reach your goals. Bright Money uses Plaid, which is an FDIC-insured financial company that allows people to make secure payments through them, similar to Square or PayPal.

Is Bright Money legit?

Yes, Bright Money and all of its’ features were designed by experts and tested by many users before being made available by the public. Many users have noted how useful Bright Money has been for them, as well, on review sites including Trustpilot.

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Bright Money Alternatives & Competitors

If Bright Money doesn’t seem like the right choice for you, consider these alternatives:

  • Curadebt: Curadebt offers debt relief for credit card debt, medical bills, tax debt, personal loans, and other types of unsecured debt via debt settlement, debt negotiation, and debt consolidation options. Although Curadebt isn’t an app, the top-rated company does offer excellent debt relief options.
  • Tally: Looking for a more traditional way to consolidate and pay off your credit cards? Tally offers personal lines of credit with lower interest rates for those with credit scores of at least 580. Their estimated APR range is 7.90% to 29.99%, so the interest rate can still be considerably high. Tally offers loan amounts of $2,000 and up to $25,000, which the funds are then made available to you instantly. Tally also makes payments on the high-interest cards first, just as Bright Money does. There is no hard credit pull, but even though Tally is more traditional as a loan, they may not report to any of the three major credit bureaus.
  • Savology: This company is similar to Bright Money in a variety of ways. Savology is also an automated payment tool that costs $6 to $10 per month to use. They make personalized recommendations in various financial areas, including savings, assets, and retirement. Savology will also provide a report card that provides a measurement of your financial performance. This option is more suited for those who are looking for in-depth financial planning.
  • Quicken: This option is cheaper than Bright Money and Savology, as the subscription starts at $40 per year. Quicken is a desktop-based finance management software that allows you to set budgets, track your expenses, pay bills and overall create a comprehensive financial plan. They also offer web and mobile device syncing so that you can keep track of your funds wherever you go. There are more expensive, yet more feature-heavy plans available too.


Let’s wrap up the Bright Money app review with a quick summary. So, who is Bright Money best suited for? Bright Money is a financial management app that helps users build savings, pay off credit cards, and can help raise your credit score. This app is best suited for those with a fixed or stable income, as then the algorithm can function best to fit your financial needs. Bright Money is also best for those who want to set up an automatic payment system and have the app do the work for them.


Thanks for reading our Bright Money review.

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