Two years ago, BillGuard launched to help consumers identify fraudulent charges on their credit cards. Now it’s hoping to save them money with the launch of a new iPhone app determined to identify and dispute so-called “grey charges” — that is, charges that they might have agreed to but forgot about.
When it comes to grey charges, think free trials that result in subscription charges, for instance, or your grandmother’s AOL dialup subscription. Those charges are incredibly common, and usually are easy to resolve.
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The problem is that most customers don’t pay enough attention to their credit card accounts to know that they’re there or dispute them. According to a study conducted using BillGuard data, there are approximately 233 million grey charges posted to U.S. credit cards every year, resulting in about $14.3 billion lost by consumers annually.
The BillGuard iPhone app seeks to make identifying those charges easier by highlighting new questionable charges users might get. While the BillGuard web product was designed mainly as a set-it-and-forget-it type of application, the iPhone app hopes to keep users engaged with push notifications, letting them know of questionable charges as they pop up.
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