A company called BillShark has been making waves in the personal finance world by claiming to save people thousands of dollars a year on their bills. But is this too good to be true?
Let’s take a closer look at what BillShark has to offer, learn more about how they work, and if they’re worth your time and attention!
What is BillShark?
BillShark is a service that promises to save you money on your bills. They claim to be able to negotiate lower rates on things like your cable bill, your cell phone bill, and your internet bill. And not only that, but they say they can do it without you having to lift a finger!
Sounds too good to be true, right? We thought so, too. That’s why we decided to take a closer look at BillShark and see what they’re all about.
How does BillShark work?
People often fail to realize when the services they pay for change in price. They’re also often unaware when these price changes are a breach of contract.
Basically, BillShark renegotiates and cancels your bills the same way you would… if you wanted to or could. They get in contact with your service providers on your behalf and try to lower your bills by diving into the fine print within your contracts.
Once you sign up for their service, you’ll need to give them some information about your bills. This includes things like how much you’re currently paying and what services you’re subscribed to.
From there, their team of so-called “bill sharks” will go to work negotiating lower rates on your behalf. And if they’re successful, the savings will be passed on to you. They say that on average, their clients save $600 per year with their service.
One of the best things about BillShark is the sheer number of services and subscriptions they can renegotiate and cancel for you. Let’s take a look at some of the most popular ones:
BillShark can help renegotiate your payments with:
- Cable TV: If you’re paying too much for cable, BillShark can negotiate a lower rate on your behalf. In some cases, they’ve even been able to get people’s bills completely wiped away!
- Cell Phone Plans: Have you ever felt like you’re paying too much for your cell phone service? Well, BillShark can help with that too. They claim to have saved their clients an average of $35 per month on their cell phone bills.
- Internet: If you’re paying too much for internet, BillShark says they can help lower your rates. They claim to have saved people an average of $10 per month on their internet bills.
- Home Security: If you have a home security system, BillShark can help lower your monthly payments. They say they’ve saved people an average of $15 per month on their home security bills.
- Satellite Radio: If you’re paying for satellite radio, BillShark can help lower your monthly payments. They say they’ve saved people an average of $5 per month on their satellite radio bills.
BillShark can also help cancel unwanted subscriptions and memberships, like:
- Gym Memberships: Have you ever signed up for a gym membership and then stopped using it? Well, BillShark can help cancel your membership for you.
- Magazine Subscriptions: If you have any magazine subscriptions that you no longer want, BillShark can help cancel them for you.
- Online Memberships: BillShark’s team can cancel online memberships like Coursera, Amazon Prime, and more on your behalf.
- Streaming Services: If you’re paying for any streaming services that you no longer use, BillShark can help cancel them for you.
How much does BillShark cost?
By this point, you’re probably wondering… what’s the catch?
Well, the unsurprising catch is that BillShark is not a free service. While the company doesn’t charge a fee upfront, they do charge you fees based on the amount of money they save you.
For bill renegotiations, BillShark charges users 40% of the annual savings they net. For example, if the company renegotiates your cell phone bill and saves you $120 per year, BillShark would charge you $48 (i.e., 40% of $120).
For bill cancelations, BillShark charges a flat fee of $9. While some of the subscriptions they cancel are less than $9 a month, over the course of a year most will pass this threshold.
How much can you save with BillShark?
The amount you save with a service like BillShark will depend on a number of factors, including:
- Number of Services: The more services you subscribe to, the more potential for savings.
- Current Rates: Whether you’re overpaying will depend on what rates you’re currently paying.
- Contract Flexibility: Some contracts leave more room for negotiation than others.
While we can’t give you an accurate estimate regarding your potential savings, we can give you a range. Based on customer reviews (more on those later) and information from the company’s website, it seems that many people save between $240 and $1,000 annually.
For more accurate savings estimates, BillShark actually offers a handy “Lower Your Bills” estimator tool on their homepage. Just enter a service, service provider, and your current monthly payment.
Pros and Cons of BillShark: The Pros
- Can save you a lot of money on your bills
- Can save you a lot of time talking to reps
- Accredited by the Better Business Bureau (BBB)
- High Trustpilot rating
- Easy to use
Pros and Cons of BillShark: The Cons
- Fees can be high (40% of savings for renegotiations, flat fee of $9 for cancellations)
- You can see the same results yourself (with some time and effort)
- They’re not as well known and don’t have the track record of other popular bill-cutting apps
Is BillShark legit?
When people hear about the incredible savings BillShark offers, many are (rightfully) wary of a scam. Well, we’re happy to report that BillShark is totally legitimate!
Our first piece of evidence is the fact that BillShark is backed by Mark Cuban!
Additionally, on BillShark’s verified Trustpilot page, the company is currently rated 4.1/5 with 53 reviews. Most reviewers report positive experiences with the company, with many saying they were able to save a significant amount of money on their bills.
The negative reviews mostly focus on BillShark’s fees, with the main complaint being that they were unaware of BillShark’s 40% renegotiation fee. While this is understandable (40% is a substantial amount), it’s unfair to say the company hides it—it’s clearly advertised on their homepage!
Finally, BillShark has also been an accredited business with the Better Business Bureau (BBB) since 2016. Currently, the company has an “A” rating from the BBB itself and a rating of 3.79/5 from BBB users.
All signs point to BillShark being a perfectly legitimate company.
BillShark reviews (by real users)
The BillShark app has pretty good ratings on both iOS and Android.
On the Apple App Store, they’ve garnered over 70 reviews with an average rating of 4.6/5 stars. On Google Play, they’ve garnered over 380 reviews with an average rating of 4.1/5 stars.
Check out some user reviews below:
“Much easier than doing it myself. The app saved me a ton on my Verizon bill. I had tried negotiating in the past and always got frustrated, ending up with me hanging up and just paying full price. I tried the BillShark service and was able to lower my Verizon bill from $145 to $120 per month. I didn’t even have to wait on hold. Plus, they texted me every step of the way. I am impressed.”
“The BillShark app is reliable and very user-friendly. They’ve succeeded in lowering the bills for every single bill I’ve sent them. Cost is quite reasonable compared to their amazing quality.”
“I love this app, as I have tried several in the past in hopes that they would lower my internet bill, but none of them were successful. This app was amazingly able to reduce it in just a few minutes.”
“It works well, and if they can’t lower my bill, I don’t pay anything. It’s smooth and easy to use.”
“I tried negotiating with my home security provider multiple times before but was always rejected. I’m happy I found this app to help me with it, as it successfully lowered my bill quickly.”
Is BillShark worth it?
What BillShark provides isn’t some highly technical, money-saving method to save you money on your bills. They’re getting in contact with the providers and either renegotiating your contracts or canceling your subscription—things that you can do yourself!
With that in mind, if you’re someone who’s comfortable negotiating your own rates, or you’re not sure that BillShark will be able to save you any money, then their service might not be worth it.
On the other hand, BillShark’s service isn’t useless just because you could replicate the results. Many people simply don’t have the time to spend hours on hold with customer service reps, or the patience to read through contracts.
At the end of the day, whether BillShark is worth it comes down to your individual circumstances.
If you’re someone who hates haggling with customer service, and you’re confident that BillShark can save you money, then their services might be worth the fee. However, their fees can really add up, so that may be a dealbreaker for some.
No matter what, we recommend doing some research on your own before signing up for any kind of financial service.
And as always, feel free to reach out to us if you have any questions—we’re happy to help!
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