Financial goals are a lot easier to conquer if one takes full advantage of technology and automation. You might never have to worry about a thing if you consider automating your bill payment. However, financial automation doesn’t come without any problems.
It can be effortless to lose track of your subscriptions and bills without checking in on them from time to time (monthly). When you know that your bills are already taken care of, you might forget to check and make sure whether you’re paying for some unnecessary services. After all, there’s always the possibility of some long-forgotten random subscriptions still to be active— they do have a knack of sneaking up on you and completely throwing your budget off course.
This is why there’s something called Truebill.
Truebill can effectively assist you in reducing the negative impact of automation on bill payment. In our Truebill Review, we’ll discuss a method of getting rid of surprise subscriptions and reducing your monthly bills to a bare minimum. Before we go any further in this review, let us show you everything that we will cover:
The role of the Truebill is quite simple – it helps you lower your bills. This app helps you seek out all unnecessary subscriptions so you can cancel them. This company has managed to take over the most challenging part in the arrangement of bills or getting rid of them for good. So, instead of wasting your time debating with bill providers on the phone, you can just download the Truebill app and let them take hassle over your cancellation processes.
Truebill is best for those who are or prefer working on a tight budget. Such people will face no problems setting aside their savings and automating schedules every month to help them achieve their financial goals.
According to their CRO, Yahya Mokhtarzada, Truebill has over one million active users, and they are signing up more or less, 5.000 to 10.000 a day, towards the end of 2020.
How much you save depends on how much you can slim down your monthly spending. While doing so, Truebill’s budgeting features allow you to track your spending via the app while you slowly reduce your redundant subscriptions. That being said, each month, the app will show you how much you spend in each category and, therefore, track your progress over some time.
Did you know that it is possible to save thousands of dollars every year by negotiating discounts on your bill?
Most people don’t know this and bypass massive savings potential since they don’t want to haggle with customer service representatives. Truebill takes this step out of the process, and all you need to do is upload your recent bill or give them access to an online account.
Some of the companies that Truebill is willing to negotiate with include Planet Fitness, Treehouse, Netflix, and so many more. You can read the entire list by visiting their website.
Truebill has a very reliable and trustworthy reputation on the internet. It has helped its clients save over $14 million through the application.
What’s more, Truebill uses 256-bit encryption for your data, which is equivalent to a bank’s safety. Also, since this app uses ‘Plaid’ to sync with financial institutions, users aren’t required to submit their banking credentials to Truebill.
Ask yourself first: Am I paying for something that I no longer need? If your answer is ‘yes,’ well, this is the right subscription tracker for you.
Truebill helps two kinds of users with their services: those who are unknowingly paying for subscriptions no longer in use and those who are paying for extra services they don’t need anymore.
Truebill tracks your spendings by first allowing you to search through a comprehensive list of bill providers. This list will include many mainstream companies such as DirecTV, Comcast Charter, AT&T, and more.
All of these companies are eligible for price checks via the app, and all you need to do is give them access to your monthly bills. This can either be done by signing into your billing account and syncing it with Truebill or simply uploading your bill’s images (in a PDF format).
Truebill can be downloaded on most devices, including desktop computers, laptops, and tablet PCs. Shortly after its success, the app was also made available on Android and Apple devices.
Truebill is not BBB accredited and has an ‘F’ grade on the BBB website and a 1.67 star-rating/5 solely.
We are guessing this grade is made upon the basis of sixty customer reviews (complaints). A further look into the matter led us to more than thirty complaints to have been resolved in the last three years, and just twenty-six in total to have been taken care of just in this last year.
The Truebill app offers users the chance to categorize their expenses in super intuitive budget options. You can also make your custom categories based on your budgeting needs.
Some of the preset categories include:
Truebill’s website claims that they have helped their clients save up to 20% of their existing telecom bills with the help of their negotiation techniques.
To claim this service, you will be required to directly connect to your billing account or upload a recent copy of your bill. Once you are linked, Truebill will help you cut out ungenuine fees, lower rates, and subscribe to promotional plans.
The above being said, it is good for you to know that once Truebil makes arrangements for lowering your bill, it will charge you immediately. To be more precise, you’ll face no more than 40 percent of the yearly savings you’ll make.
For example, if you are to save a hundred dollars a year, this means that Truebill will bill you forty dollars as compensation for their services—a fee that you will be billed right away.
It can review all of your transactions by connecting your checking and credit accounts to this budgeting app. So, as soon as you put in your info, Truebill starts to flag recurring bills and changes in the bill, thereby searching for ways to lower your bill.
In addition, Truebill is also convenient because it organizes your entire bill into a calendar and pinpoints recurring monthly charges to help eliminate unwanted expenses.
Truebill gives its clients the ability to send letters to banks to request refunds on late fees or overdrafts on linked accounts. This process can be done through the application’s dashboard once you have set up an account.
It is worth mentioning here that not every bank allows Truebill to seek refunds for outages and fees on your behalf. Therefore, you might be stuck with a portion of the legwork.
Truebill’s Smart Savings Account allows users to set aside some money automatically to reach their individual savings goals. The only responsibility you have is to choose how much you would like to transfer and how often you would like the amount to be transferred. This here is entirely in your control and up to you.
In addition, Truebill also monitors the outages on some services such as your phone service, internet, and cable.
Approved refunds can be seen in the account within just two weeks of the refund request. And if these requests aren’t approved within this period, then Truebill advises its users to get in contact with their bank and follow up on their refund request. However, keep in mind that this kind of monitoring can take up much of your time. Instead of constant tracking and checking, let Truebill monitor the overall process for you.
Truebill’s free credit score is calculated based on your Experian credit report and the VantageScore 3.0 model. This scoring model is widely spread and frequently used by most top 25 lenders; however, it isn’t used on all websites.
Truebill is an excellent option for those searching for a way to save money by canceling their overdraft fees.
This application sends notifications to users whenever they are charged an overdraft fee instead of sending an email. Generally, it takes a couple of weeks for Truebill to hold these bills.
Speaking of it, Truebill founder Haroon Mukhtarzada estimated that their approach works more than 50 percent of the time. However, these outcomes depend on how many times you have asked for refunds; as you know, banks want to speak with the bank account owners. Consequently, once you get alerted by Truebill of an overdraft fee charge, you should give your bank a call as soon as possible.
Yes, there’s a free version, and users who opt for this version will have to sit through some irritating in-app ads. Even though we found that this doesn’t affect the application’s usability, they have the potential to waste our time.
Truebill users can pick their price for the premium version, which typically varies from $3 a month to $12 a month. Alternatively, you can also settle for a yearly subscription which costs no more than $36 to $48 a year.
The price you pay for converting to premium depends on the features you use. Some of these features include:
And you are free to call off your subscription at any given time; this could be easily done through the app itself.
Since bill negotiations can be a very time-consuming process, Truebill charges its customers for this service. However, users are only billed if the negotiation was successful. Therefore, a successful negotiation costs forty percent of the users’ first year of savings, ten percent lower than Truebill’s competitors.
Truebill offers its customers the chance to get refunds on internet outages, appearing as a credited amount on your financial statements. Like Bill Negotiations, if the outage refunds are successful, Truebill charges customers forty percent of the amount.
Truebill’s Pay Advance is initially a free feature. Once you repay the pay advance, you can tip Truebill an amount up to 24 percent of the size of the advance payment – however, this is your decision solely.
Haven’t you started yet with Truebill? Let us do it together in this Truebill review and see step by step how Truebill works.
Step 1: Visit their official website and (supposing) you don’t have an account with them – create one. All you need to do is type in your: name, last name, a valid email address, and think of a strong password.
Step 2: Now that you have your account, log in and give it a minute or two until it connects you with your bank account/s and credit card/s.
Step 3: Since, Truebill is now able to access your finances, with the help of automation, it’ll start analyzing and looking for any recurring bill payments.
Step 4: Trubeill has stumbled upon some recurring services, now it’s up to you to choose to continue paying for them, or you’d want to end it.
Step 5: If you are certain some services are no longer needed, but you are still paying for them, Truebill will put an end to it with a single click in the app. They will find out who’s the billing provider and call off your subscription with them instead of you.
We already mentioned that Truebill allows its users to connect via their app, so let’s see how the app works with no further ado.
The Truebill app has a lot to offer. However, we won’t do this step by step, instead will divide it into a couple of short sections that will elaborate on everything the app does/offers.
We usually pay a bill as it comes, so we stop questioning why this month’s bill is different from the previous one. We do this, and we forget one important fact—we can always negotiate our bill rates; hence, we save thousands of dollars instantaneously.
Instead of handling the negotiating process, Truebill will gladly take care of it if you provide them with the latest bill and give it access to your account.
Take great advantage of their budgeting feature since you’re looking to keep your budget a bit tighter. This feature lets you keep track of all your expenditures while taking care of the subscriptions too. In other words, you can have a monthly overview (by category). Moreover, you can also set up the budget for each of the categories.
This is the section where you find out what you have been paying for the past months, or even worse, for the whole year. Good that you have chosen the best subscription tracker app because once Truebill is given access to your bank accounts, it’ll start showing you recurring services and let you decide whether you need them canceled or not.
This feature lets you manage your Smart Savings and set up a Smart Goal. No matter the amount you decide to transfer in this feature, you’ll start noticing the difference real soon, month by month. In the end, this is money that you can use in any way you want to.
Electricity is quite variable, good that you have Truebill that has excellent tracking and negotiating skills. What can they do about this? They will research the lowest possible price of a kW regularly for you.
If there’s a service that you are regularly using, and if an outage happens, there must be a refund too. However, if the provider notices that you aren’t seeking what’s yours to have, they usually won’t notify you. Again, Truebill steps in and clears out things for you. The app will keep an eye on cable service, phone service, or internet providers, and once it notices an outage happening, it will ask for credits when needed.
Truebill may be one of the best subscription tracking apps. However, it does have some good alternatives too. So let’s see who they are:
Both Truebill and Trim are free applications, but both will charge a percentage of your first year of savings, and herein lies the difference. Trim charges 33 percent of your savings, whereas Truebill charges 40 percent.
Truebill’s premium services are charged monthly at $3 or yearly from $36 to $48. While this price includes a host of services, including bill cancelation, Trim offers the latter for free. Both of these applications charge a maintenance fee of $2 on your savings accounts, but if you’ve moved to Truebill Premium, these charges are waived off.
BillShark is yet another very similar app that tracks your bills and negotiates them for you. BillShark has also set its fee of successful negotiations at 40 percent of your yearly savings. This company boasts an 85 percent success rate, and when you download and install this app, you will be required to capture and submit photos of your bill and input which parts of the bill you would like the service to negotiate.
While all of this seems quite similar to Truebills’ services, past users of both apps have been super impressed with BillShark’s detail-like listings on their savings.
Mint is a particularly well-known money management application, and it has greater brand recognition than Truebill.
While it may have no significant advantages over Truebill, Mint tends to offer more frequent promotions and discounts for its users. That being said, Truebill has a wider variety of services, especially in terms of its premium version. Also, Mint has a few hiccups according to its users, such as not connecting to smaller banks.
Simply put, Mint can only show you how to spend less, whereas Truebill takes significant action so you can start spending smartly and save thousands of dollars. However, worthy of your knowledge would be that MInt is free, while Truebill isn’t. Truebill still takes the lead in this competition since it offers features that Mint doesn’t have. Truebill still proves that its features are worth your money.
No review is complete without customer ratings. Let us not drag this on and see how well or not so well Truebill stands on some reputable review rating sites.
Reaching Truebill isn’t a difficult task. All you need to do is visit their page and fill out their web form. As soon as your request reaches one of their customer representatives, they will call you and settle whatever needed. But before you do that, you might want to check their FAQs section and see if you can find an answer there.
To sum up. The Truebill subscription tracker app has proven successful, and it boasts over a million satisfied users so far. If you can’t be bothered but still want to be in the loop of things, you better go for this subscription tracker and worry no more when it comes to what you’re paying and how much.
You don’t need to have an over costly budget to afford it, but yet, you will be able to save hundreds or thousands of dollars; because Truebill makes sure for you to get some money on the side and doesn’t let you pay things you don’t even use (anymore).
We hope this Truebill review made things easier for you, and you are already on their official website.
1. Is Truebill Legit?
Truebill has a very credible reputation online, and it uses 256-bit bank-level encryption for its data. It is also considered a reliable and trustworthy service because it uses the Plaid service to sync the app with financial institutions, which means that you will not be asked to enter banking credentials to Truebill.
2. How Does Truebill Make Money?
Truebill sets aside forty percent for each dollar saved through the app as its saving fee. This fee is only charged when the users’ savings are secured, and this fee applies to your first year of savings. Moreover, this is the percent you pay ONLY if the negotiations were successful.
Therefore, if Truebill helped you save $500 a year on your bills, the company will charge around $200.
3. Is Truebill FDIC (Federal Deposit Insurance Corporation)-insured?
Yes, Truebill is FDIC-insured because your Smart Savings account through the app will be held in an FDIC-insured savings bank account in the USA.
4. How often does Truebill sync bank information?
Account balances on Truebill are automatically updated at least once every 24-hours. Premium account holders can use the ‘Sync’ button (that’s on their dashboard) right beneath the ‘Net Cash’ to refresh balances in real-time.