BillGuard (for iPhone) Review

If everyone went over their credit card statements with a fine-tooth comb and reported any questionable or unwanted charges immediately, there wouldn't be much need for an iPhone app like BillGuard. But not everyone does. I know I don't. BillGuard, described by its developer as a "personal finance security service," is a smart, useful, innovative iPhone app (also available on Android) that's simple—almost fun—to set up and use. It displays your credit card charges as they occur, flagging any that have been frequently reported by members of its network as questionable or unauthorized. You can either confirm that those charges are authorized or ask BillGuard, via a simple automated reporting system, to contact the merchant on your behalf.

Used conscientiously, it can help you nip those pesky unwanted charges in the bud—and save you some money and aggravation.

Gray Charges and Security Breaches
BillGuard doesn't promote itself as an identity theft-prevention tool, though it can work like one if you check it regularly. Rather, its mission is to help you avoid "gray charges," unwanted hits on your credit cards. Maybe you signed up for something and forgot about it. Or maybe the merchant used misleading, deceptive language or hid a recurring charge in fine print that you're unlikely to have seen. BillGuard claims that U.S. cardholders spend $14.3 billion in gray charges annually, so it's a good idea to keep an eye out for them.

If you follow financial news, you know that last year there were numerous data breaches at major corporations like Target. In response, BillGuard has added a watchdog feature to alert you via email and phone when these occur, in case you don't hear about it quickly.

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A Familiar Routine
BillGuard requires a passcode when you first download the app and set up an account. That's a good thing. You should always protect information related to your finances, including what you purchase and where you shop. Once you've signed in, you only have to enter the four-digit passcode to get back in instead of typing your sometimes-unwieldy login credentials. I like this.

The setup works the same way as any other application that connects directly to your financial institutions (like Mint or LearnVest). You select your card issuer from the list supplied or search for it if it doesn't appear. Enter the user name and password you use to access your account online, and BillGuard takes a few minutes to set up the connection, showing you a helpful instructional video while you're waiting. The company used to charge $9.99 if you wanted to track more than two accounts, but thankfully, that's no longer the case. The service and app are free to use.

BillGuard's home page is a dashboard that displays a small window and four navigational buttons. Your total credit card debt incurred so far in the current month appears in the window, along with your balance.

The four icons bring you to four different types of content: Inbox (transactions from merchants that the crowd has reported as a potential problem); All (all transactions); Analytics (a line graph illustrating the current month's transactions); and Savings (online coupons that may lower your expenses based on your spending).

Help with Transactions
BillGuard makes good use of the iPhone's navigational tools, though you can't always return to the dashboard with a single action. On the home page, there are icons in the upper-right and upper-left corners. One opens your utilities menu, and the other lets you add another card. As you move deeper into the app, you use navigational buttons like the back arrow and Cancel to reverse directions.

You can do one of two things when you're viewing a list of transactions. Tapping on a line item provides additional details about the merchant and transaction, calling up a green check mark and orange push pin buttons. Clicking the check mark turns the transaction green in your list, signifying that it's an authorized charge. You can also simply swipe it to the right.

Tap the push pin, and another small window of options opens. If you click the Help Me Recognize This button, BillGuard provides links that let you ask a friend about it via email or text message. You can also start a search in Google from that point to try and figure out what the charge is. The Report/Contact Merchant button takes you to the Report Charge window, where you can select your problem from a list that includes Stolen Card, Forgotten Charge, and Hidden Fee. You'll be able to enter text expanding on that, and then you can authorize BillGuard to contact the merchant for you.

A Simple, Friendly Solution
Personal finance management applications are just getting started when they connect to your financial institution and download transactions. They have many other features. BillGuard is much less complex, but it's still very smart, in a couple of ways. First, it draws on the experience of other consumers to let you know when what you're experiencing with a particular merchant is widespread. And second, it has isolated one element of personal finance that can get lost in the noise of more robust applications. BillGuard provides a quick and easy solution to one clearly-defined problem–gray charges. Which are you more likely to do, pore over your printed or downloaded credit card statement, or pull out your iPhone and spend a minute or two with a cool app? BillGuard is one personal finance app I'm going leave on my iPhone long after I've finished testing it.