Billshark Review: Is It Worth It?

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Updated: 1st Aug 2021
Written by Bradon Matthews
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Money
August 1, 2021
Written by Bradon Matthews

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These days most people have a variety of different bills and subscriptions coming in.

Whether it’s internet, cable, cell service, or home security, you’ve likely got some mix of monthly expenses charged to your account.

With the vast array of discounts and service providers, most of us know we could probably save some money on these bills. The problem is that few of us have the time to track down the deals.

But what if there were a service that did all the work of getting a better deal for you?

That’s where Billshark comes in.

What Is Billshark?

Billshark is a company aimed at reducing your monthly bills.

Founded in 2015 and backed by Shark Tank investor Mark Cuban, Billshark’s goal is to negotiate better monthly rates for a wide variety of services. They reach out to service providers on your behalf with the intent to save you money.

In essence, the company focuses on saving you money through deals and negotiations you are too busy to handle yourself.

How Does Billshark Work?

Billshark has a straightforward model of operation.

To start, you simply sign up for a free account on their website. Once you’re signed up, you select the services and bills you’d like Billshark to attempt to lower. There is no starting fee, so this initial process is entirely free.

To start, you can use their optional savings calculator to get an idea of your potential savings. This step isn’t necessary but can serve to help you decide if Billshark is worth it.

Once you’ve selected the bills you want to lower, you provide Billshark with your information related to the accounts. From there, Billshark assigns one of their “sharks” to negotiate your bills.

This negotiator serves as a point of contact for you as well, reaching out to request any information they may need to access your accounts and find you savings. This makes it easy to manage your account and stay in the loop about the negotiations.

If Billshark manages to save you any money on your monthly bills, they receive their payment as a percentage of your total savings. This makes using Billshark a safe bet, as it is impossible to actively lose money with them.

You have to make money for them to make money.

What Does Billshark Offer Consumers?

Billshark offers consumers a few nice perks.

Chief among these is the ability to save money. Because Billshark makes their money via a percentage of your monthly savings, they are genuinely incentivized to save you as much as possible.

This means that signing up with Billshark provides you a solid chance of reducing your monthly bills.

In addition, Billshark’s payment model means there is no way for you to actively lose money when you sign on with them.

Since they make their money by charging a percentage of your savings, you can’t be charged anything without saving more than the fee.

By doing this, Billshark reduces the hassle and stress of using an outside company to reduce your monthly bills. If you don’t save, you don’t get charged, and the fee will only rise in proportion to your savings.

Billshark Features and Benefits

Billshark comes with a few unique features that separate it from the competition. Let’s explore these to better understand how Billshark aims to benefit you.

Bill Negotiation

As stated, Billshark’s main feature is its bill negotiation.

Billshark is committed to saving you money on any of your monthly subscriptions. They do this by having their negotiators reach out to any services you’re subscribed to and work to reduce the monthly cost of these subscriptions.

There are multiple benefits to using Billshark’s bill negotiation.

The first is the savings. We’d all like to save money where we can, and Billshark’s negotiators are well-versed in finding you savings you might otherwise miss.

The second is the convenience factor. Billshark is perhaps the easiest way to save money on your subscriptions.

On your end, all that is required is to sign up and tell them which subscriptions you’d like to save on. This means you don’t have to spend your own time finding deals and negotiating with each of your subscription services separately.

Subscription Cancellation

In addition to negotiating lower monthly rates, Billshark offers you an easy way to cancel your unused subscriptions.

Just as you can easily tell Billshark which services you’d like them to contact to try to lower the bill, Billshark lets you select services you’d like them to cancel for you.

Not only is this an easy and convenient way to avoid unnecessary monthly bills, but Billshark will even try to get refunds for unused services.

This is a win-win: you don’t have to jump through the hoops of cancelation policies, and you may even receive some unexpected money in the process.

Insurance Quotes

Billshark offers users a free insurance comparison tool. This tool is easy to use and ensures you aren’t overpaying on insurance in a few simple steps.

To start, you provide a little bit of background information. This includes your current monthly payments and a brief sketch of your insurance wants and needs.

From there, Billshark analyzes rates from over 40 different insurance providers and gives you a side-by-side comparison to your current plan.

This makes it exceptionally easy to avoid overpaying. You don’t have to spend time entering information into each potential insurance company’s website. Instead, Billshark handles it all at once and directs you to the plans with the most savings potential.

Billshark Rewards

A relatively recent addition to Billshark is the rewards program.

When you use Billshark to negotiate your monthly bills, they automatically send you a redemption code. This is done in partnership with Chooseyourreward.com.

This code allows you to choose from a few different rewards. You can redeem the code for $25 in dining rewards, $50 in travel rewards or grocery coupons, or $100 in shopping rewards.

While not hugely substantial, this reward program is a nice little bonus to the savings already on offer with Billshark.

Billshark Fees Explained

One of the best parts about Billshark is that there is no risk of losing money.

Billshark has no required up-front fees for its services. Instead, they make their money by charging you a percentage of the money they save via their negotiations.

That being said, the percentage they take is hefty. They take 40% of any savings they find.

This 40% is due as soon as the new rates are negotiated. Rather than charge you over time, they charge the full 40% of your projected savings for the new contract term.

This means you might pay more in the immediate future than you would have otherwise. Regardless though, you’ll still be saving a net 60% in the long run.

Should Billshark save you a substantial amount and you would like to pay over time, they do offer a payment plan. The plan only costs an additional $9 and spreads your payments out over 2 to 6 months.

How Do I Open a Billshark Account?

Opening a Billshark account is fast and easy.

To start, go to Billshark’s website and hit the “sign up” button in the upper-right corner. A screen will appear, prompting you to enter your contact information and create a password.

After providing this, you’ll be prompted to upload the information for your monthly bills.

The final step is providing your payment information. You aren’t charged immediately, but you can’t review any savings they find once your account is created. You automatically accept the savings and pay the 40% commission fee.

Billshark Alternatives

While Billshark is a great place to search for savings, it isn’t your only option. Let’s look at how Billshark stacks up to its competitors.

#1. Truebill vs. Billshark

Truebill is a company with a lot of similarities to Billshark.

Like Billshark, Truebill works by analyzing your monthly bills and trying to negotiate better deals on them.

Truebill charges the same 40% commission fee and has the same 85% success rate as Billshark.

That being, there is one difference between Truebill and Billshark: Truebill has premium services that cost between $3 and $12 a month.

These premium services include things like balance synching, cancellation concierge, and smart savings plans. Many of these things are offered for free with bank accounts, so they may not be worth the money.

Billshark does have a slight advantage in that it offers a rewards program for signing up. Aside from that, the two are really quite similar.

#2. Billshark vs. Ask Trim

Like Billshark, Ask Trim is a service aimed at reducing your monthly bills. Ask Trim goes about this in a significantly different manner, though.

Where Billshark uses actual people to negotiate, Ask Trim uses software. The software is primarily focused on canceling recurring subscriptions, but it will reach out and ask various companies for lower rates.

Ask Trim’s billing model is significantly different. Rather than taking a percentage, Ask Trim charges a flat $99 a year.

Another big difference, Ask Trim’s success rate is only 70%, a full 15% below Billshark.

Which service is right for you depends on how many subscriptions you have and how much you stand to save. If you could save a significant amount, Ask Trim might wind up putting more of that money in your pocket, thanks to their flat rate.

That being, Ask Trim does have a lower success rate, so they may not manage to get you the same savings Billshark might.

Ask Trim could also wind up costing you if they don’t find you any savings, something you don’t need to worry about with Billshark.

#3. Emma vs. Billshark

Emma is a budgeting app that operates via an advanced learning algorithm.

This algorithm works by syncing to your accounts and analyzing your spending habits. From there, Emma recategorizes your spending into groups.

These groups can be accessed as easy-to-understand graphs, allowing you to better see how your spending is distributed.

Emma also works to create budgets for you. Based on the last 3 months of spending, Emma provides a clear, categorized plan to help you save and pay off debt while still managing your ongoing expenses.

Emma is available for free, though a premium version includes features like custom categories and split transactions. This version costs $4.99 a month or $49.99 a year.

While Emma can definitely help you save money through budgeting, it is much more hands-on than Billshark. Billshark tries to save you money automatically, whereas Emma tries to teach you how to spend more responsibly.

Which of these services is right for you depends entirely on your current financial status and the level of effort you want to exert on saving.

#4. Digit vs. Billshark

Digit is an app focused on building you a savings account via microtransactions.

Digit works by transferring money from your linked checking account into investment accounts regularly. Its algorithm analyzes your spending and balance and automatically determines how much you have to invest.

The typical investment amounts range from $2 to $14, meaning you’re never going to stress about the withdrawal. The monthly fee for Digit is $5, and you can expect to earn about .1% on your savings annually.

Comparing Digit to Billshark, it’s clear they take very different approaches. Digit simply moves your money around to build better habits, whereas Billshark seeks to find you the money you’re missing out on.

Both can be great tools for saving in different contexts.

Is Billshark Safe to Use?

While Billshark is generally safe to use, it is important to note that there have been some complaints against the company with the Better Business Bureau.

Some customers claim that Billshark has reduced the extent of its service to save money. For example, they may reduce your internet speed, then charge you the 40% fee for the savings.

While this isn’t the norm, it is something to be aware of.

Is Billshark Free to Use?

Billshark is free to use. They only charge you if they manage to save you money. This means you are guaranteed not to lose money when using Billshark.

Is Billshark Worth It?

While Billshark’s value will depend on your individual circumstances, for many, it is worth it. It saves you money, or you don’t pay. This means it is a no-risk service.

The only time it may not be worth it is if you’re willing to call and negotiate your monthly bills with each of your service providers to avoid the 40% commission fee.

How Does Billshark Get Paid?

Billshark gets paid by taking 40% of the money they save you on your monthly bills. By doing this, they ensure you will never lose money using Billshark.

Bottom Line: Billshark Review

Billshark is an extremely easy way to save some money on your monthly bills.

While the percentage Billshark takes may be high, the effort on your end is essentially nonexistent.

Since the vast majority of people are not interested in calling and negotiating new rates with their service providers, Billshark makes sense for many looking to save some money every month. If that sounds like you, give it a shot. You have nothing to lose.

Bradon Matthews
Bradon Matthews
Bradon is a philosophy student-turned content writer. He enjoys analyzing market information and trends to help you make sense of the complex and ever-changing world of finance. Through this, he hopes to provide practical advice so you can feel more confident managing your money.