Truebill is a financial app that analyses your payment history to identify unused recurring subscriptions and allows you to cancel them. It also assists you in lowering your bills through negotiation.
All types of bill payments are handled automatically in today’s internet-dominated world.
In general, automation is a good thing because it frees up people’s time so they can focus on things that are important to them. You don’t have to waste time and energy logging into your accounts to pay bills or transfer funds.
However, automation has a negative side effect. It’s easy to forget that you have some sort of payment system in place.
Subscription services such as Amazon, Netflix, and Hulu know that when you sign up for automated billing, you are less likely to cancel your services. It is very easy to forget that you have subscribed to services, and they can drain your account every month without you realizing it. Truebill comes in handy here. Truebill can help you save hundreds of dollars per year by eliminating unnecessary subscriptions. Is Truebill a legitimate company? Can it truly assist you in saving money? In this Truebill review, we will answer all of these questions and more.
What is Truebill | Truebill Reviews
Truebill is an app that can help you save money on your monthly bills. Truebill’s goal is to analyze your monthly spending, identify recurring purchases, and provide you with the option to cancel them. Instead of going through your financial transactions by hand, Truebill can do it all for you. Truebill can help you negotiate certain bills to pay a lower rate, in addition to removing unwanted subscriptions. Truebill will take a percentage of the money you save as payment (more on that later), so this feature is not free like subscription monitoring. It also has some additional features, such as outage monitoring. We’ll go over these in greater detail below, but suffice it to say that they’re designed to help you save even more money on your monthly bills.
How Does Truebill Work? Truebill Reviews
Truebill offers four major services: subscription management, bill negotiation, outage monitoring, and electric bill savings. We’ll go over each of these items one by one.
Truebill’s most common application is to track your monthly subscription bills.
After creating an account, you can link your bank and credit card accounts. Truebill will scan all of your transactions, identify your recurring subscription payments, and tell you how much they cost you each month.
Simply click “cancel subscription” to cancel any subscription you want from there.
Truebill will also map your payments to a calendar so you know when they’re due. This calendar is a very useful tool for planning your monthly payments. Truebill can also assist you in obtaining refunds and overdraft fees for canceled services.
Truebill can also help you negotiate your bills. Truebill will contact telecom services directly to negotiate a lower rate for you.
Upload a copy of the bill you want to negotiate first. Truebill then contacts the company directly and attempts to negotiate a lower rate.
Truebill can assist you in finding a better plan, lowering fees, or locating promotional rates. Truebill claims that they can save you up to 20% on your cable and telecom bills.
However, this service is not free. Truebill will deduct 40% of the amount you save. So, if you save $200 per year on subscription costs, Truebill takes an $80 cut.
Truebill will typically charge you as soon as you receive the savings, and you will be required to pay the amount as soon as you receive the savings. That means you’ll lose money in the first month even if you save money overall over the course of the year.
Outage Monitoring and Electric Saver
Truebill also monitors cable and internet service providers in your area for outages. Truebill automatically requests a refund or credit to your cable account if there is an area-wide outage.
This is a one-of-a-kind feature that few other money-saving apps have. Depending on your cable provider, this could add up to a lot of money over time.
Truebill will also collaborate with its partner Arcadia Power to help you save money on your electric bill. This feature is not available everywhere, but it is available in areas with deregulated electricity.
According to users, this electric saver feature can save you up to 30% on your monthly electricity bill. That adds up to a lot of money over the course of a year.
Truebill Fees | Truebill Reviews
The Truebill app is free to download, and subscription monitoring is also free. However, if you want to cancel subscriptions directly from the app, you must pay for the premium service.
Truebill premium costs between $3 and $12 per month, or $36-$140 per year. Balance syncing, premium chat, cancellations, concierge, smart savings, and other features are available with the premium.
Bill negotiation is also costly. Truebill will take 40% of the money you save by changing your bills.
They charge this fee in advance, so you must pay it as soon as you have secured your savings for the year. Truebill, fortunately, will only charge for bill negotiation if they are successful.
So, if your bill is not negotiated, you are not required to pay. Similarly, Truebill takes 40% of the credit you receive from monitoring electrical outages.
Truebill can be used for free, but your options will be restricted. Once you’ve secured your pay advance, you can also leave Truebill a tip. This is entirely optional, and choosing not to tip will have no effect on your Truebill services.
Does Truebill Sell My Information? Is It Safe to Use?
Truebill, according to its website, uses your information to present ads for financial products from its partners, but it does not provide these companies with personally identifying information.
However, if you choose to sync with insurance or credit card comparison platforms, your information will be shared with them.
Otherwise, Truebill is completely risk-free. The app connects to your bank account, but because it lacks permissions, it cannot initiate any transfers.
So, even if a hacker gains access to your Truebill account, they will not be able to steal your money or do anything else. Truebill encrypts your personal information with industry-standard 256-bit encryption.
Truebill Pros & Cons | Truebill Reviews
- Subscriptions should be canceled. Truebill will search your transaction history for any unwanted subscriptions that are draining your bank account. It’s much faster than going through them by hand.
- Bill bargaining Truebill will also handle the time-consuming task of bill negotiation on your behalf. Even after fees, this can save you a lot of money on your bills each month/year.
- Monitoring for outages. Outage monitoring is a one-of-a-kind feature that will credit and reimburse you for any cable or telecommunications outages in your area. It’s a feature that few other apps have.
- It is not free. Truebill’s basic services are not free, but if you want to cancel your subscriptions from the app, you must pay for the premium version. They also take 40% of the money saved through bill negotiation.
- Ads within the app. If you have the free version, you will have to endure in-app advertisements until you upgrade to the ad-free premium service. It’s not a big deal, but it will irritate some people.
- Poor customer feedback. Truebill’s BBB page is littered with complaints, the majority of which concern their negotiating services and fees. These negative reviews are more than enough to put a user on the fence.
Final Words | Truebill Reviews
So, is Truebill worthwhile to use? Yes, it is, we say. If you have a large number of subscriptions and don’t want to waste time searching through your accounts, Truebill can do it for you.
It’s also useful if you don’t want to deal with bill negotiations yourself. Some of the fees are quite high, particularly those for bill negotiation, but the premium service subscription is not.
Truebill will probably be of little use to you if you are already on top of your bills and spending. However, if you are too busy, it may be worthwhile.