Last updated Jul. 19, 2024 by Peter Jakes
In a world where every dollar counts, managing subscriptions, tracking expenses, and negotiating bills can be a time-consuming and stressful affair. Enter Truebill, a financial management app with a mission: to simplify this complexity and save you money. But is Truebill truly a legitimate bill negotiation service, or is it just another flash in the pan? This 2023 review delves into the platform’s features, effectiveness, and pros and cons to help you decide if Truebill is worth your investment.
What is Truebill?
Truebill, founded in 2015, is a tech-driven financial app designed to help consumers manage their finances by negotiating bills, canceling unwanted subscriptions, and providing insights on spending habits. Recently rebranded as Rocket Money, the app leverages cutting-edge technology and a team of experts to save users time and money. Available on both iOS and Android, Truebill claims to have saved its users over $100 million to date through bill negotiation, subscription cancellations, and other financial management services.
Features of Truebill
1. Bill Negotiation
How It Works: Users can link their account to Truebill, identify bills they want to negotiate (e.g., cable, internet, phone), and let Truebill take care of the rest. Truebill’s team of negotiation experts will contact service providers on your behalf to get you a lower rate.
Success Rate: The negotiation process is transparent, and Truebill only charges a fee if they succeed in lowering your bills, typically taking a cut of 30-60% of the savings.
2. Subscription Management
Identification: Link your bank account, and Truebill automatically identifies and categorizes your subscriptions.
Cancellation: Users can cancel unwanted subscriptions with just a few clicks through the app, ensuring you don’t waste money on services you no longer use.
3. Budgeting and Tracking
Automatic Categorization: Truebill continuously tracks and categorizes all your transactions, providing a clear, real-time overview of your finances.
Custom Alerts: Set up custom alerts for bill due dates, low balances, and other financial activities.
4. Savings Goals
Automated Savings: Truebill offers an automated savings feature where you can set goals, and the app will periodically transfer small amounts into a savings account.
5. Credit Score Tracking
Monitoring: Truebill provides free credit score monitoring and reporting, helping you stay on top of your credit health.
Improvement Tips: Get personalized tips to improve your credit score.
Pros of Truebill
- Ease of Use: The app has a user-friendly interface, making it easy even for those who are not tech-savvy.
- Comprehensive Financial Management: From bill negotiation to budgeting, Truebill offers a suite of financial tools to help manage your money better.
- Performance-Based Charges: Truebill charges fees only if they successfully negotiate a lower bill, reducing financial risk for users.
- Time-Saving: The app handles time-consuming tasks like bill negotiation and subscription cancellations, giving you more free time.
Cons of Truebill
- Cost: While the app is free to download, premium features and successful bill negotiations incur fees, sometimes up to 60% of the savings.
- Privacy Concerns: Linking your financial accounts for comprehensive tracking may raise some privacy concerns.
- Variable Savings: The amount you save varies, depending on multiple factors like the type of bill and your service provider’s flexibility.
- Limited to U.S. Market: Truebill is currently available only for users in the United States, limiting its accessibility for an international audience.
How Effective is Truebill?
Real-World Impact
Many users report significant savings and an overall positive experience with Truebill. Whether it’s reducing cable bills by $20 a month or identifying a forgotten gym subscription, Truebill has shown a consistent ability to save users money.
Customer Support
Truebill boasts a robust customer support system, including chat support and a comprehensive FAQ section that addresses most common queries and issues. The company is also active on social media platforms, where they engage with users and address concerns.
Data Security
Truebill employs industry-standard security measures, including 256-bit SSL encryption, to protect user data. They have transparent policies regarding data privacy and reassure users that their data is safe.
Dissecting Customer Reviews
In general, customer reviews are overwhelmingly positive. Users appreciate the seamless integration with their bank accounts, ease of canceling subscriptions, and the substantial savings from successful bill negotiations. However, some users have noted the high fees as a downside, especially for minimal savings.
Case Studies
- Stephanie’s Story: Stephanie from New York managed to save over $300 annually on her cable and internet bills. She found the fee well worth the savings and convenience.
- Mark’s Experience: Mark in California used Truebill to identify and cancel three forgotten subscriptions, saving him $45 a month. However, he expressed concerns about the percentage cut taken from his savings on bill negotiations.
FAQs Section
1. How does Truebill make money?
Truebill primarily earns revenue through their negotiation fee, which is a percentage of the amount saved on bills. They also offer a premium membership with additional features.
2. Is Truebill secure?
Yes, Truebill uses 256-bit SSL encryption and adheres to rigorous security standards to protect user data.
3. What kinds of bills can Truebill negotiate?
Truebill can negotiate various bills, including cable, internet, phone, and even certain medical bills.
4. How much does Truebill charge for bill negotiation?
Truebill charges a fee of 30-60% of the amount they save you on your bills. This fee varies depending on several factors, including the type of bill and your service provider.
5. Can Truebill cancel all types of subscriptions?
Truebill can cancel most subscriptions linked to your bank account or credit card. However, some subscriptions may require you to cancel them manually.
6. Is Truebill available outside the U.S.?
As of now, Truebill operates only within the United States.
7. How do I contact Truebill customer service?
You can reach Truebill customer service through the chat support feature in the app or by accessing their FAQ section and support email.
8. Do I have to link my bank account to use Truebill?
Linking your bank account enhances Truebill’s ability to track your subscriptions and spending accurately, but it is not mandatory for using all features.
9. Is there a premium version of Truebill?
Yes, Truebill offers a premium version with advanced features like custom budgeting categories, unlimited budgets, and premium chat support.
10. Can Truebill help me improve my credit score?
While Truebill primarily focuses on bill negotiation and expense tracking, they provide credit score monitoring and tips to help you improve your credit score.
Truebill offers a promising platform for those looking to manage bills, track subscriptions, and save money without investing too much time and effort. Although it comes with some costs and limitations, Truebill remains a legitimate and effective service for financial management in 2023.
✓ Short Answer
Truebill is a robust financial management app offering features like bill negotiation, subscription management, and budget tracking. Widely acclaimed for its efficiency in saving users money and time, Truebill charges performance-based fees for successful negotiations. Despite some privacy concerns and the costs involved, Truebill remains a legitimate service for managing personal finances in 2023.
By following the detailed analysis presented here, you can make an informed decision on whether Truebill is the right financial tool for you in 2023. Its transparent, performance-based model combined with user-friendly features makes it a noteworthy option for anyone looking to streamline their financial management.
