Companies are increasingly offering goods and services as monthly subscriptions and offer tempting free trials to get started, but it’s hard for consumers to track and cancel subscriptions they don’t want.
Individuals spend an average of $520 a year in recurring charges for unwanted subscriptions. Learn about some new programs that can help stop the charges.
ClarityMoney is a free mobile phone app that looks not only for recurring charges, but scours a user’s particular financial situation to identify any deals that might help the user save money.
Developers say that they are trying to make the power of vast search engines and algorithms used by large companies to identify and retain customers available to those customers to ensure they are getting the best deal they can.
ClarityMoney is currently in beta for iOS and will be available on Android shortly.
Users are warned before they are billed by using HiatusApp and can cancel any subscriptions they don’t want before they are hit with recurring charges.
The app has been available to iPhone users since 2016 and is on deck for Android. Developers say that HiatusApp will ask users if they want to cancel a subscription and then automatically cancel on their behalf.
AskTrim.com is a financial tool that uses artificial intelligence to track users’ accounts. In addition to tracking credit card balances, the program will scan users’ financial information, identify subscriptions or other recurring charges, and ask the user for permission to cancel.
Further, say developers, Trim will identify services, like cable bills, that may have been increasing over the years. The program will ask the user if Trim should negotiate a lower price with the provider and then use a chat bot try and get the user a credit or lower price.
Available to both iPhone and Android users, Truebill is a one step process for eliminating recurring charges, say developers. Currently, the app allows users to see all recurring charges in a monthly summary of their financial accounts and then cancel any they no longer want.
Additionally, developers say that they are planning to add a feature that will identify bank fees and automatically request a refund on behalf of the user.
Available to Capital One credit card holders, this program monitors users’ Capital One account for recurring charges. If the program identifies a recurring charge or a subscription that appears to be increasing in price, it will notify the user. The user then can cancel with the company. Card holders are automatically enrolled in this program.
Identifying and canceling recurring charges is an important step to protect your finances. Unfortunately, canceling these recurring charges can be extremely difficult.
If you are concerned about recurring charges from an unwanted subscription, contact the attorneys at Bradley/Grombacher.