A new report by BillGuard examines the problems credit and debit cardholders are having with grey charges. Every year, millions of American consumers are forced or misled into paying fees and charges they never wanted or intended to pay. These charges, called ‘grey charges’, are typically small in nature, buried in terms of service agreements, and are written in a way that often confuses the average consumer.
The report discusses all 11 kinds of deceptive grey charges, including ‘free to paid’. The worst of the grey charges, it equates to approximately 115 million transactions, resulting in $6 billion in losses to consumers. An example of a free to paid grey charge is when a retailer offers a product for free during a trial period with a product return policy that is often misleading with obscure shipping dates, ultimately resulting in a charge the consumer didn’t want.
The problem with grey charges stems from the fact that they aren’t illegal. As a result, the existing laws on the books can’t stop them. Therefore, consumers must take control over their finances and card charges by exploring other opportunities and options.
The best option available is the BillGuard’s iPhone app. The free app intelligently prioritizes noteworthy, recent, and recurring charges across all of a cardholder’s credit and debit cards. The app uses crowdsourced analytics from BillGuard’s national Transaction Intelligence Network™ to help users quickly spot and recognize charges deemed questionable by other cardholders on their cards.
Robert Siciliano is a personal security expert & and is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen. See him knock’em dead in this identity theft prevention video. Disclosures. For Roberts FREE ebook text- SECURE Your@emailadress -to 411247.