In this edition of Credit Card Monitor Report, we delve into the comparison and selection tools offered by each card issuer, searching for tools that offer the best help to prospects in their search for a new card product. We concentrated on the following issues:

• What styles of card selection tools are currently available on credit card public sites?
• Which data points are issuers offering within card comparison tables?
• Are any issuers allowing users to customize card comparisons or request specific attributes for a potential card?
• Do firms utilize filtering tools to help with the card selection process?

In total, 70% of CCM firms currently provide card selection tools within their public site cards sections. By and large, these tools revolve around comparison tables. One firm also offers a preferences ranking feature that allows clients to select attributes they are looking for in a potential card product.

With 71% of firms, most provide a two-tiered process with their comparison tables, first filtering their full card selection by attribute or category, and then asking users to further narrow results by clicking checkboxes indicating features they would like in a card. The final comparison charts include between three and 10 cards depending on the firm, and allow users to compare and contrast potential card selections. Other key findings include:

• Four issuers include links directly from their final comparison charts to individual cards’ Terms and Conditions
• 57% of firms offer a Key Benefits data point within their selection tools
• Few issuers are promoting their selection tools well, though one firm embeds the filtering portion of their tool directly on their public site cards homepage

Subjects

Online tools, calculators, etc.

Segment: Credit Cards
Publication date: Tuesday, August 31, 2010
# Pages: (41 pages)