RETURN TO HOMETechnology Tuesday
What is NerdWallet?
With new regulations changing the credit card industry every day, it’s getting harder to stay on top of what they all mean for your own bottom line. And many cardholders are becoming so frustrated with their current card providers that they’re out looking for new ones. However, the world of online credit card information is dominated by affiliate marketing sites who only want you to know about cards that pay them kickbacks. Even the more consumer-oriented sites provide only a limited view of the card universe, putting particular emphasis on “Sponsored Cards”.
But with more than 1,000 credit cards in the US alone, how can a consumer expect to untangle the mess of information and find the right card for their own spending habits, if they’re only given a limited view?
This is where NerdWallet.com comes in. With a database of more than five times the cards as other sites, and an unprecedented willingness to call “B.S.” on shady industry practices, we offer consumers the most complete and unbiased credit card information online. Along with reviews and analyses of rewards programs, fees, and interest rates, we objectively rank a user’s best credit card options, regardless of whether the cards pay us referral fees. Access to such a large selection of credit card information has proven to drive savings for our users, who have been able to save an average of $200 per year over their current cards.
“With so many credit cards available in the US today, it’s impossible for a consumer to personally research every card,” says Tim Chen, founder. “But we do the homework for you. Whether you are searching for a rewards card, low APR, or pre-approved card, we break it down into a few simple measurements to find the one that’s unequivocally best for you.”
What Makes NerdWallet Different?
We differ from established credit card sites because cards are ranked based on financial merit to our users, rather than financial merit to us. In fact, out of the more than 600 cards in our database, no more than 10% are sponsored results, explaining why NerdWallet.com has so many more search results.
And for each of those 600+ cards, we actually go through the trouble of reading the terms and conditions pages that most people skip over. We study credit cards, interest rates, and rewards programs 24/7, so that you don’t have to (yes, we said we were nerds up front). For example, did you know that gas and grocery rewards are almost never accrued at warehouse stores like Costco (except with the Costco Amex)? And did you know that while airline and hotel miles are typically assumed to be worth 1 cent or 1% each, that’s rarely the case? These are the kinds of things we take pride in educating our users about.
In doing so, we analyze all of the important parts, determining actual rather than advertised redemption rates, picking out the reward caps, and calculating how much you’re really going to end up paying in fees and interest. Then we take that information and give you the tools you need to not only find the right credit cards for your own personal situation, but to understand them as well.
