If you are looking to take out your first credit card or your latest credit card, you may be interested in the many credit card comparison sites that exist online. While they may seem like a great help, there are a few things to keep in mind.
It’s important to know that the service of credit card comparison can come with a big conflict of interest. Most credit card comparison sites rely on advertising revenue and affiliate marking, that means that these sites get paid commission when customers click on cards to apply.
This fact can leave users wondering whether or not the cards have been chosen because they actually deserve to be on the list, or just because they’re paying to be on the list. According to a recent investigation by Business Time, they found that many of the comparison sites were well below par.
Many sites featured the same types of cards, which definitely points to them being on the list simply because of the commission the sites were receiving for including their card. They also ran up against the issue that many card comparison sites encouraged cards that did not prescribe to a set list of qualifications for the applicant. Based on their study, it seems that the entire industry has been impacted by the popular and problematic pay-to-play model.
So where does this leave you? If you can’t trust card comparison sites, how should you work to find the best card for you?
In the end, it’s all about getting into the nitty gritty and finding a card that you don’t only qualify for, but that will help you get the most value out of your purchases.
If you are working with a strong credit score, the main thing to focus on is finding a card that rewards your type of expenses. If you travel a lot for work, find a card that offers points and cash back for using the card for travel. If you spend half your life in your car, look for a card that offers rewards on gas purchases. If you are a family man or woman and are looking to keep your home in tip-top shape, find a card that will reward you for shopping for groceries, home appliances, and more.
If, on the other hand, you are struggling with a less-than-great credit score, your main focus will be to actually qualify for a card at all. When you are not going to qualify for the most desirable types of credit cards, it is important to just make sure that you apply for cards that you have a good chance of qualifying for. That’s because applying can have a negative impact on your credit score. Make sure to be realistic about what types of cards you apply to, and remember, it might be wise to steer clear of all the credit card comparison sites out there. They may not have your best interest in mind.