Cleo App Review: Can This AI Chatbot Help You Budget Better?
If you like using AI to make daily tasks easier, it can also make handling your finances easier.
The budgeting app Cleo is like an AI financial assistant that uses a chatbot to make money management more approachable. It aims to provide typical budgeting app features but in a hyper-personalized way. You’ll be able to chat with Cleo and ask “her” questions so you can make smarter decisions. That modern feel has made it popular among Gen Z and millennials, but anyone can benefit from it.
Whether you’re intimidated or excited by the use of AI in your finances, you probably have a lot of questions. Read our Cleo app review to learn more about its features, pricing and how it compares to other budgeting apps.
What Is Cleo?
Cleo is a budgeting app that uses an AI-powered chatbot to give you personalized advice about your finances. The creators of Cleo wanted users to feel like they were talking to a trusted friend, so the chatbot can sometimes have a “sassy” personality.
You can connect Cleo to your bank account as well. That allows the app to give you insights into your spending. It might warn you that your dining out increased last month or you spent less on gas than you usually do, so you could put that money into savings. That’s why it’s especially helpful to people who need a little guidance when it comes to budgeting and spending.
Key Features of the Cleo App
These are some of the features Cleo offers:
- Budgeting tool: Categorize your expenses and track your spending.
- Round up: Round up your purchases to the nearest dollar, and Cleo will set aside the difference.
- Debt reset: Those with a plus subscription can use this tool to manage debt. It tracks the progress of your payments and puts information about what you owe in one place.
- Cleo Builder: This costs $14.99/month and comes with a Cleo card, which aims to help build your credit. Credit builder cards do that by having you deposit an amount that serves as your credit limit. Then you use that money to pay it off, and the on-time payment boosts your credit score.
- Credit score monitoring: If you have a plus or builder subscription, you can check your credit score through Cleo.
- Spending breakdowns and tips: You can chat with Cleo about your spending habits and where you could make changes.
How Much Does Cleo Cost?
There are several versions of Cleo to choose from. They include:
- Free version: You get budgeting tools, chat insights and basic spend tracking. This is great for beginners or people who have more simple budgeting needs.
- Cleo Plus ($5.99/month): Adds cash advance and credit score access. This is better for people who want to do more than monitor spending and need occasional cash advances.
- Cleo pro ($8.99/month): Adds advanced AI features like voice chat and conversation memory. This is ideal for those who want the AI features to be as advanced as possible.
- Cleo Builder ($14.99/month): Adds access to a secured credit builder card.
Pros and Cons of Using Cleo
Pros
- Tries to make finances more fun
- The app is good for beginners
- Personalized advice
- Credit builder card available
- There’s a free version
Cons
- Not ideal for detailed budget customization
- Salary advance limited to up to $250 and not available to all users
- Premium features can add up ($14.99/month for builder)
- Not everyone enjoys the “cheeky” aspect of the chatbot (some users may find the humor off-putting or gimmicky)
Who Is Cleo Best For?
Those who are new to budgeting or those who would like a fun twist on it would enjoy Cleo. It’s especially ideal for people who like to leverage AI in their everyday life. Younger people, like Gen Z and millennials, tend to gravitate toward it more because of this. However, anyone who wants to ditch the spreadsheets and get more personalized advice can benefit from it.
If you’re in need of more in-depth budgeting and AI features don’t appeal to you, you have other options. We have a list of some of the best budgeting apps out there for you to compare your options.
Is Cleo Safe and Legit?
Cleo is a safe and legit budgeting platform that uses a read-only bank connection, so you can’t move money around with it. As far as user experience goes, reviews are mixed but mostly positive. It has a 3.8/5 star rating on TrustPilot, a 4.6/5 rating on the App Store and a 4.5/5 rating on Google Play. Some users say they had negative experiences with customer service and they could not get cash advances like they expected. In fact, the company settled with the Federal Trade Commission this year over complaints it deceived consumers about how much money they could get and how quickly.
However, positive reviews say the app is fun to talk to, great for getting small cash advances when available to you and is helpful for managing money. Some users have also found success with the credit builder card.
Cleo App vs. Other Budgeting Tools
Here’s how Cleo compares to similar budgeting apps:
| Feature | Cleo | Rocket Money | YNAB |
|---|---|---|---|
Fun AI chatbot |
Yes |
No |
No |
Free plan available |
Yes |
Yes |
No |
Credit builder |
Yes |
No |
No |
Cash advance |
Yes |
No |
No |
Custom budgeting |
No |
Yes |
Yes |
Cleo App Review: Should You Use Cleo for Budgeting?
If traditional budgeting isn’t what you’re looking for, Cleo is a solid choice for you. You won’t have to rely on spreadsheets and calculators. Instead, you lean on the help of an AI chatbot and other budgeting tools. You can also upgrade your subscriptions to include a credit builder card and voice chat features.
If you’re looking for something more robust and detailed, there are other apps that can give you that. However, even if you’re just curious about Cleo’s methods and the use of AI in budgeting, you could try the free version. You may find you enjoy the “cheekiness” that Cleo brings to the table.
Cleo App Review FAQs
Yes, there’s a free version. However, many features like the secured card and credit monitoring tools require a paid subscription.
No. Cleo uses read-only access and doesn’t move your money.
Up to $250, depending on account activity and eligibility.
If you use the Cleo Builder program, which includes a secure credit card, it will report your activity to the credit bureaus. You just have to make sure to pay on time.
It depends on what you prefer. Cleo is casual, chat-based and fun. Rocket Money is good for tracking subscriptions and bills. YNAB works best for in-depth budgeters.
