Stop Recurring Charges from Burning a Hole in Your Pocket!

In today’s credit card enabled age, not many of us carry a lot of cash in our wallets. Nevertheless, there still may be a ‘hole in your pocket’ through which you lose money on an annual or even a monthly basis.

These days, there are a number of services and products which are sold by subscription. For example, in order to obtain some specific software, music or even movies, you may have to sign up for a recurring charge on your credit card.  While this can be convenient in certain ways, it also has a downside. Let’s say that a consumer signs up for a music streaming service and then completely forgets about it. In such cases, if he forgets to carefully read his credit card statement every month, he may end up paying the related charges for years without even using the service!

Matters also get complicated because many companies don’t inform consumers before charging them again – they remain silent and continue with their billing. And even if you go to the site and try to cancel the service, sometimes you just can’t figure out how to unsubscribe! In the meantime, these recurring charges over a period of time burn a considerable hole in your pocket. And before you realize it, you’ve paid out hundreds of dollars for a service or a product that you’ve not even used!

Here’s what you can do to bring such charges under control, or at the very least figure out what you’re paying for.

1. Make a List

Without looking at your monthly credit card statement, first try and remember all the recurring services to which you’ve subscribed. The main motive for this exercise is that if it is something essential, you should be able to recall it. Once you’re through, match your list against your card statement to spot any charges you may have missed. Consult all previous 12 credit card statements so that you can identify annual charges as well.

2. Cancel Unrequired Recurring Charges

For this, you can visit the website, call the vendor or send a certified letter to the company asking them to stop the service. Always make sure that you make a note of the cancellation date, just in case you get into a dispute with the merchant at a later time.

3. Put all Recurring Charges on a Single Card

This is a good way to manage recurring charges. Instead of having them spread out over multiple debit and credit cards, you can simply put them all on one card. This will make it easier to track them.

4. Keep Changing Your Card Number

Most credit card companies often change their customers’ card numbers at regular intervals without being asked to – and this can be a great thing. When you’ve had the same number for a long period of time, many merchants may have its details in their database. In some cases, changing your card number may lead to a cessation of recurring charges. However if the merchant uses a processor that offers automatic card updating, they may get access to your card number even after you’ve changed it. In fact, you could even continue to be billed even after you’ve closed a credit card.

5. Use Apps or Websites to Manage Recurring Charges

Apps such as Truebill and websites such as AskTrim.com can help you identify recurring charges and cancel subscriptions that you don’t need. You can use personal finance sites, such as Mint.com or YNAB.com, to manage such billings as well.

Turn the Tables with Up to $250,000 Unsecured at 0%

At Fund&Grow, we’re all about getting you money from credit card companies.  For example, you can get an unsecured loan of up to $250,000 without paying a single cent as interest! We help our clients get these funds through creative credit card financing. And what’s more, you can use the money for any purpose, from business financing to a down payment for your home! If you are interested, give us a call at (800) 996-0270 and let’s discuss your specific situation and goals.