Apparently, if you trust your credit card statement blindly, you might be losing a good amount of money! Well, unless of course, you’re using an app like BillGuard.
BillGuard is a personal finance app that is focused on one thing – to help you find out if you’re charged right by your credit card company and flag bogus items! And I have to say, it does it pretty well.
BillGuard automatically monitors your credit card and debit card activities and statements to check for unusual transactions. Now, I know what you’re thinking.
Doesn’t your bank already do that? Well, technically yes. But there’s a difference.
BillGuard does this by crowd-sourcing data from thousands of other BillGuard customers. Which means that if there are any entities that are creating false claims and bogus entries, it is highly likely that BillGuard already knows about them and tells you proactively if found charging in your account.
Let’s say for instance, you had a shopping spree and you shopped from many places in one day, and you ate at McDonald’s.
If you have a charge from McDonald’s on your credit card, BillGuard looks at the amount and other couple of other factors comparing them to what they are seeing with other McDonald users and their bills and cleverly identifies if there has been a fraud or suspicious charges.
And if they find something suspicious, they’ll flag the charge on the app, alerting you.
You can then investigate the charge on your own.
Also, let’s assume that you see a charge on your credit card that you don’t recognize. BillGuard finds it out for you since they have the information already sourced from the wisdom of the crowd.
And now, the best part.
Let’s assume that you’ve been wrongly billed. Normally you wouldn’t notice it on your statement and would pass it for “one of those charges”. But BillGuard will not.
It will enable you to raise a dispute and claim the money back to your account. Cool, isn’t it?
Check out the tweets of people who successfully managed to get their money back from fraud/wrong charges on their credit card.
I found $130 in fraud charges so far. I cannot recommend this app enough! http://t.co/KA37CXcdpV
— Tyler Sheridan (@tylersheridan) August 7, 2014
BillGuard Review : Getting Started
Getting started with BillGuard is super easy! Just register with an email address and enter your bank account details as is. Then you’re all set.
BillGuard runs through all the account transaction to check if there are any fraudulent/suspicious charges/activities. One quick run and you’ll find several suspicious charges (OK, Unsure and Flags). Some of them might be legit, but some of them are false alarms.
BillGuard uses the feedback you provide to help others, so it’s a win-win strategy for all. The more you help, the better it gets.
Easy to use
Like many personal finance apps out there, BillGuard is effortless to use. The only real hard part, if at all, is to punch in all your account numbers. Once you’re done, the app pulls everything it needs from the accounts. There is no need to refer the help section – at least in my case. Everything was pretty straight forward and you have the app ready to go at any time, with beautiful UI, notifications and stats!
BillGuard automatically looks for suspicious charges in your account, so it’s super easy to stay on top of things. Whenever they detect a suspicious charge, you’ll get an alert. Very handy!
Just like in Mint, BillGuard too helps you to categorize your charges so you know where the money is going. A nice way to organize your personal finances!
Data Breach Alerts
As a new feature, BillGuard will now alert you for if data at the place you’ve shopped recently have been breached. A nice, proactive way to keep yourself protected, especially when there are several data breaches reported these days (Target data breach).
Detect “grey” charges
BillGuard let’s you detect and “kill” unauthorized charges on your credit card easily. According to them..
BillGuard automatically scours your transactions for questionable charges, then sends you alerts when suspicious charges are posted to your account. Thanks to our technology, we’ve identified $50 million in grey charges for BillGuard users.
How to claim your money back with BillGuard?
1. Swipe a charge left and tap on “Report/Contact Merchant.”
2. Fill out all the fields.
3. Make sure the slider is on for “Get your money back.” This lets us know you’d like BillGuard to contact the merchant on your behalf.
4. Tap on “Report” to submit.
After you submit a report, BillGuard will send an email directly to that business to begin the dispute process.
You’ll get a response via email, so keep an eye out for emails from our Resolve Resolution Center (firstname.lastname@example.org). If the contacted business gives you your money back, you’ll also hear about it via email.
Source – BillGuard Blog
So, should you get BillGuard app?
I would say, yes.
BillGuard is a great app that is very helpful in protecting your personal finances, most of the times proactively and almost always effectively. There are probably no other app out there that will help you raise a dispute and get your money back from fraud charges on your credit card.
And BillGuard aces at protecting your bills.
Check our BillGuard Reviews here.