How To Find A Better Rewards Card

How To Find A Better Rewards Card

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So, how are the new government credit card regulations working out for you? If you are like most cardholders, the terms of your credit card agreement have changed, perhaps requiring you to pay a higher minimum amount monthly on outstanding balances. Or, you may find that your card issuer plans to introduce an annual fee, an unheard of “feature” in recent years.

Rewards Cards

credit cardsIf your credit card offers rewards, switching to a new card may not be on the table especially given that you have not used up all of your points yet. But, with higher interest charges and new fees in the mix, can you afford to keep that once trusty rewards card?

Perhaps it is time for you to make a switch by dumping the old card once you secure a new one. In that case you need to shop around for a card that meets your needs while not hitting you up with a bunch of fees.

Card Offers

In the March 2010 issue of “Money” magazine, two websites are mentioned as being good sources to check out and compare credit card offers. Nerdwallet.com is the most comprehensive of the two, but Billshrink.com is worth a look too.

Nerdwallet allows visitors to filter results by the type of card sought, such as one with airline miles, cash rewards, or other perks. Once you select your reward category you can choose cards by best rewards, best cash advance APR and best ongoing APR.

Comparing Cards

I ran some tests with Nerdwallet and was pleased with the results. For example, when searching for cards offering cash rewards I found 13. Now 13 cards is not a lot, but given that this field has thinned out tremendously over the past two years, I was still surprised to find that more than a handful were still offered. What is nice about this site is that they rank the cards for you—putting the best cards at the top of the list, leaving the worst for last.

Few sites are as comprehensive, perhaps because they want to direct you to certain cards. Yes, you can apply for a card through this site which likely means Nerdwallet gets a commission. Still, if you are shopping for a new card, then having a one-stop resource containing all of the information you need is extremely helpful.

Other Features

While Billshrink.com does not include as many as cards, the results for each category are easy to sort. Moreover, there are other features on this site worth noting including a gas station locater to help you find the lowest price per gallon, a comparison tool for wireless plans and a tool to help you find savings accounts and certificates of deposit.

Lastly, you may not even know that the terms of your credit card have changed, even though notification was sent to you. Why not check your last few statements and log on to your account to see if these changes make a difference for you. If so, it just may be time to switch to a different rewards card.

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Categories: Credit Cards

Comments

  1. Tim
    Tim 25 February, 2010, 18:38

    Hi Matthew, thanks for testing out NerdWallet!

    You’re absolutely right about why our results are more comprehensive. The other credit card sites (like Billshrink) allow users to search only for cards that pay them affiliate fees. And while we do receive commissions on many of those same cards, we don’t restrict our search results to those that pay us.

    We’re still a young site, but we’re constantly adding new cards so that users can get the full picture and make the most educated decisions. We’re also grateful for any feedback we can get about how to improve the site, so if you’re interested please email me! I’ll look forward to hearing from you!

  2. Matthew C. Keegan
    Matthew C. Keegan Author 25 February, 2010, 18:41

    Thanks, Tim! I will let you know if I come up with something. As the site stands, it is easy to use and not cluttered with extraneous information. In other words, I am not hit with a bunch of other junk that would distract me. Nice job, keep up the good work.

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