How does Truebill work?
First, you will have to connect your bank account or credit card account to the app. Rest assured your information isn’t sold to third-parties, but there are a few ads for insurance and credit card companies.
Once everything is synced correctly, you can easily view all of your bills in one spot. Plus, it shows you what you frequently spend money on. Oh yes, your Chipotle addiction is included.
The app can send you notifications when they notice changes in your bills and gives you the opportunity to have them lowered on your behalf.
Truebill Can Lower Your Bills
Truebill can negotiate your bills for a lower rate. There is a 40% fee based off of how much you save. You avoid taking time out of your day to listen to hold music and leave the negotiations to Truebill. They mostly deal with telecom providers like Sprint, AT&T, Cox, and Verizon but Truebill negotiates with around two dozen providers.
Truebill touts that there is an 85% chance that they can lower your bill. Who wouldn’t want to take advantage of those odds? If you have ever dealt with trying to lower your internet or cable bill, you know how hard this can be. Not only do you have to dig up a secret phrase or passcode just to get customer service to speak with you, but there’s also another valuable component you are giving up: your time.
We put this feature to the test. With Truebill, one of our The Money Manual editors was able to lower her internet bill by roughly $8 per month (see video above). This was an annual savings of $100 of which she paid 40%, or $40, to Truebill.
Does Truebill Sell My Information?
Truebill won’t sell your information to third parties, but it does advertise insurance and credit cards through the site. If you choose to connect to the insurance or credit card comparison sites, your information will be passed through to these companies.
Other than that, your information is kept private and secure.
Most people who use personal finance apps like Mint, Turbo Tax or You Need A Budget (a.k.a. “budget ynab”) aren’t put off by giving these apps access to their financial information. Similarly to those apps, Truebill is read-only. If a hacker were to access your account, they could see how much money you have (and where), but they couldn’t transfer it out of your linked accounts.
That said, Truebill uses bank-level security (256-bit encryption), which is the gold-standard in the financial world. It accesses your financial accounts via a third-party provider called Plaid, which is widely used and trusted in the industry. Note that Plaid does support two-factor authentication for some banks, but not all.
Is Truebill worth it? That depends. Are you willing to spend the time it takes to cancel unused subscriptions, call up various service providers to negotiate lower bills, and call and convince your bank and credit card companies to refund a punitive fee?
For some people, the answer is “no.” If you know you should do those things but won’t, then Truebill is one of the best money hacks you can use.
But Truebill or similar apps don’t do anything that you can’t do yourself for free. Of course, since you can cancel the service at any time, you can game the system: sign up for Premium, let Truebill cancel your unwanted subscriptions and negotiate your eligible monthly expenses, and then cancel. You can continue to use the budgeting app for free.
You can download TrueBill for iOS and Android in the App Store and Google Play, and learn more about the service here.