finance, Uncategorized

My Experience with Snowball: The Spare Change Debt App

 

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I tried  Snowball to send my spare change to my credit card, and here’s what I experienced: transparency, amazing customer service, and some extra payments to my debt.

After you download the mobile app you create a login. You can attach either a credit card or a loan in which you want your spare change to go to. You can even link multiple accounts for when you pay one off! You also sync up the account that the funds will be coming from. This is the account that will be monitored. I used my checking since that’s where most of my financial transactions take place.

 

Each transactions gets rounded up to the nearest whole dollar, the difference from what you spent and that whole dollar gets sent as a contribution to your debt! It is wise to know that the contributions do not take place of your minimum payments. These payments are in addition to what you should already be paying monthly. In my opinion, Snowball does a fantastic job of making clear.

 

Aside from the easy account creation/login, here are some of things I loved!

You can set a limit to how much spare change you send. I use my debit card A LOT, so if I wanted to I could limit my spare change contributions to $30 a month (or any amount you chose). This is super helpful if you want to put a cap on your contributions.

If you don’t have enough spare change, you wont overdraw your account. Snowball won’t pull funds from your account if you don’t have them! I was concerned that my spare change transactions would add up too quickly for me to get a handle on. Not only were they manageable, but I did’t have to worry about going in the negative.

The customer service was AMAZING. When I first downloaded the app my transactions weren’t showing up. I sent an email to cancel my account because I assumed the app simply was’t working. I quickly got a response from a real person, the co-founder and CEO! I can’t express how much it means to me when a company takes the time to send a genuine response. I felt really appreciated when I saw the response wasn’t an automated messaged.  Anyways, He expressed they would close my account, but were sad to see me go. I mentioned the glitch I was experiencing, and that I’d be happy to stay if it was fixed. Soon after, an IT associate emailed me back walking me through the easy steps to get my transactions working! Turns out I had changed my banking password, so it was me and NOT the app after all. My app was up and running perfectly after that.

The Transactions/Contributions pages show you the amount of spare change, from which transactions, and when it’ll get sent. This makes it super easy to track what has been sent and match it to your credit card statement. The layout is clear and easy to understand.

The ability to ‘PAUSE’ contributions. Say cash is tight, your well ahead of payments, or for whatever reason you want to temporarily suspend payments- you can pause the contributions! You’ll still get charged $1.99 for the app, but at least your reminded of this on that ‘Pause’ page, so there aren’t any surprises.

 

Which leads me to the fee. The first month you use the app it’s free and afterwards it’s only $1.99. I found this to be fair and easy to manage. I know people get bent out of shape about fees, but the app is providing a service, so I didn’t mind the fee at all. I think two bucks a month is fair.

The transparency: anytime I had a question, I was easily able to find the answer either on the app itself or on the website. I felt this company did a fantastic job of covering their bases. As a user I felt confident that Snowball wasn’t taking advantage of my financial information or charging my needlessly.

Amongst all the positives I only found one negative, and it isn’t even a reflection of  Snowball. Whenever I’d search for the webpage on my desktop, I’d have a hard time pulling it up. That’s probably because the app is fairly new and the word ‘snowball’ is often paired with debt and finances. If you want to search for the webpage easily just Google ‘snowball financial corp’ or remember the actual link savethesnowball.com. I’m sure as the app gets popularized this won’t be much of an issue.

All in all, Snowball is super easy to use, and I would absolutely recommend it. I ended sending quite a few extra dollars towards my credit card debt. The withdrawals from my checking were in small enough increments that I did’t end up missing them but big enough to make a difference on my debt.


Disclaimer 

I do not receive any monetary compensation for reviews or mentioning products/services. When I mention a product it’s because I genuinely find it useful. 

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