cheapbills.com.au Cons

While Cheapbills.com.au presents itself as a convenient solution for managing utility bills, a closer look, especially through an ethical lens, reveals significant drawbacks. The most critical issue stems from its direct promotion and facilitation of interest-based financial products, which are unequivocally impermissible in Islam. This single factor overshadows any potential benefits it might offer in utility comparison, rendering the platform ethically problematic for those seeking to adhere to Sharia principles.

Promotion of Interest-Based Financial Products

The most glaring ethical concern with Cheapbills.com.au is its explicit inclusion of comparisons for “Home Loans,” “Credit Cards,” “Loans,” and “Mortgages.” In conventional finance, these products are built upon the concept of Riba (interest), which is strictly forbidden in Islamic jurisprudence. The prohibition against Riba is fundamental, as it is seen as exploitative and unjust.

• Direct Conflict with Islamic Ethics: By offering these services, the platform directly facilitates transactions that are against core Islamic financial principles. A Muslim individual or family cannot ethically engage in these forms of conventional borrowing or lending.
• No Sharia-Compliant Alternatives Offered: The website does not indicate any distinction between conventional and Sharia-compliant financial products. It simply lists them as services, implying standard interest-based offerings. This lack of ethical filtering or alternative provision is a major red flag.
• Encouragement of Impermissible Transactions: Even if a user only intends to compare utility bills, the presence and promotion of these financial products on the same platform can normalise or encourage engagement with impermissible transactions. This is a significant concern for a platform purporting to help people manage their finances.

Limited Transparency on Commission Structures for Financial Products

While it’s common for comparison sites to earn commissions from providers, the specific details regarding how these commissions are structured for financial products like loans and credit cards are often opaque. This lack of transparency can lead to concerns about potential conflicts of interest.

• Bias Towards Higher Commission Products: Without clear disclosure, there’s a risk that the platform might implicitly or explicitly favour providers who offer higher commissions, potentially steering users towards deals that are not genuinely the best for them, or worse, towards ethically problematic financial arrangements.
• User Information Usage: While they have a Privacy Policy, the extensive information required for financial comparisons (which often includes credit history, income details, etc.) raises questions about data handling for services that are fundamentally impermissible.

Incomplete Comparison Scope for Utilities

Although the website explicitly states it doesn’t compare “all brands in the market,” this limitation means users might miss out on genuinely cheaper or more suitable utility deals from providers not on Cheapbills.com.au’s panel.

• Missed Savings Opportunities: Consumers could potentially find better deals by directly checking a wider range of providers, especially smaller, local ones not partnered with the platform.
• Curated Selection: The “selected Australia’s leading energy retailers” implies a focus on larger, well-established companies, which may not always offer the most competitive rates for all consumption patterns.

Potential for Over-Reliance on Comparison Services

While comparison services are convenient, an over-reliance on them without independent research can lead to complacency. Users might assume they’re getting the absolute best deal simply because it’s presented by the platform.

• Lack of Personalised Advice: The comparison is automated, and while it considers some personal details, it lacks the depth of personalised financial advice, especially concerning the ethical implications of different financial products.
• Dynamic Market Changes: Utility and financial markets are constantly changing. A comparison made today might not be optimal next month, requiring continuous re-evaluation that simply using a static comparison tool doesn’t fully address.

cheapbills.com.au Review & First Look