The Simple Way to Put More Cash in Your Wallet
Yahya Mokhtarzada scrolled through his credit card statement and noticed something odd. There was a reoccurring charge for $40 to use in-flight Wi-Fi — a service he certainly didn’t use monthly and definitely didn’t need. Yahya promptly cancelled his subscription for in-flight Wi-Fi, but it got him thinking: how often was he accidentally paying for unused services and how many other people were falling victim to the same circumstances? So, he came up with a solution.
How Truebill Works
Think about every time you’ve traded your credit card information for a free trial on a product. That two-week free trial to stream Hulu Plus. 30-days for Spotify Premium. That three-month free trial for the FreshDirect unlimited grocery delivery pass. You get the picture.
Eventually these services start charging your credit card. And unless you’ve set up reminders about the end of your free trial period, you’re probably suddenly getting charged $7.99 or $9.99 or $12.99 a month. Fees that small might go undetected on your bill because not everyone is diligent enough to actively monitor each charge.
Now, you don’t have to worry about unnecessary, reoccurring charges or obsessively checking each line item on a bill yourself. Link your credit cards and/or bank accounts to BillNinja and suddenly you’re saving money.
Truebill will scan your linked accounts and alert you to new or suspicious subscriptions, notify you of duplicate transactions and let you know when you’re hit with unwanted and uncommon fees, like ATM or late charges.
The average Truebill user unearths $200 to $500 worth of savings in the five minutes it takes to sign up and link accounts.
Why Small Charges Matter
These small, seemingly innocuous, charges eventually begin to add up. What started as adding your credit card to a few services in exchange for a free trial turned into $60 in charges each month without you even noticing. That’s $720 a year being spent on services you don’t even use.
Maybe you’re not leaking $100 a month in fees, but even $400 (how much the average Truebill user saves) could be enough to fund a domestic vacation, help bolster an emergency savings fund, finally take those guitar lessons, get a fancy pair of Frye boots, or whatever it is you would do with an extra $400.
Finding and eliminating these small charges can help put hundreds of dollars annually back in your wallet and enable you to put your money towards the purchases that actually matter in your life.
One More Trick to Get Your Money Back
When Yahya discovered his monthly $40 in-flight Wi-Fi fee, he didn’t just stop with cancelling the charge. Instead, he also called up American Express — the card associated with the monthly fee — and explained the situation. He never intentionally opted into the service. He certainly didn’t use it and he’d just cancelled the subscription.
American Express actually reimbursed Yahya for the months of payments.
Will this strategy work for everyone on any reoccurring charge? Of course not. But go ahead and explain the problem to your credit card issuer’s customer service team and see if just maybe, they’ll reimburse you. It certainly doesn’t hurt to ask, because the worst they can say is no.
One thing is for sure, using Truebill can help slice out those unwanted subscriptions and protect your bottom line.
About the Author:
Erin Lowry is a Truebill contributor. She enjoys writing about all things personal finance, especially when it can help millennials save some extra money.