My friend Sydney has joined me at Financial Samurai to provide more insights, starting with a review of Cinch Financial, a Boston-based fintech startup founded in 2012 by Sean Collins and Joe Ranft. Cinch aims to simplify the overwhelming array of choices in financial products by offering unbiased ratings on banking, credit cards, auto and home insurance, and mortgages. They even have a tool called BillSnap which analyzes your bills and suggests savings, a feature that’s quite innovative in the financial tech landscape.
Here’s how it works: you answer some straightforward questions—like your spending habits and what rewards you want—and Cinch recommends products tailored to your needs. I tried it out with credit cards and was impressed by how it calculated potential annual rewards, helping me see how much I could earn compared to my current cards.
Cinch doesn’t stop at credit cards; their auto insurance tool also personalizes recommendations based on your driving record and priorities, like customer service or price. Although my current insurer, USAA, wasn’t in their search pool due to its military family restrictions, it highlighted that Cinch still has some gaps to fill as they expand.
Their most standout feature is BillSnap. I uploaded my cable bill to see if I could get a better deal and they advised me to stick with my current plan but buy my own modem to save money. It’s practical advice that can lead to real savings.
While exploring Cinch Financial, I found the interface user-friendly and the process of filling out questionnaires pretty seamless, which speaks volumes in today’s cluttered digital space. However, there are areas for improvement, such as expanding the product comparison features and providing more local options. It’s also not clear how sustainable their free service model is long-term, and more transparency about how they score products would be beneficial.
In conclusion, Cinch Financial is a valuable tool for anyone looking to navigate the complex world of financial services without the usual hassle. For those wanting to keep a closer eye on their finances, I also recommend using Personal Capital to track your net worth and investments, ensuring you’re on the right path to financial security.
