New survey compares the comparison sites for credit cards
By Consumers Union on Thursday, November 1st, 2012
These days, credit offers abound on the Internet – and, as a result, so do a whole crop of “comparison sites” for credit cards. But which comparison sites help consumers do meaningful comparison shopping for the right credit card?
In a survey report released this week, the nonprofit group Consumer Action reviewed 54 comparison sites based on the following factors:
- Intuitive user interface and search filters. Uncluttered, easy-to-read user interfaces, with simple-to-find searches.
- Results from a variety of issuers. We did three sample searches to see what popped up across the sites.
- Ability to search anonymously. Allow users to search for credit cards without creating a profile, username or submitting an email address.
- Unbiased educational information and advice.
- Side-by-side comparison of fees and rates for several select cards.
- Search filters to allow consumers to narrow their search by credit score, rewards options, 0% balance transfer or cash back cards.
- Personalized reviews posted by users allow vistors to gain insight from consumers who’ve applied for or used a card.
- Current and up-to-date card information.
- Credit card debt repayment calculators and other interactive tools to help consumers assess the impact of interest rates and minimum payments on card debt.
The group found that three sites – Card Hub, CompareCards.com and CreditDonkey – met all of the above criteria, and several additional sites met most of the criteria. To see more results, check out this chart.
The report also includes some tips to help consumers determine what they need (or don’t need) from a credit card.
For more information and advice about credit cards, you can also visit our website.