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Credit Sesame Analysis Shows Consumers Missing $1,201 of Credit Card Savings Over 3 YearsCredit Sesame analyzed 1.6 million existing cards vs. available alternativesCredit Sesame launches new credit card matching feature to give consumers a simple way to shop and save on credit cards.
Sunnyvale, CA – February 15, 2012 – CreditSesame.com (www.creditsesame.com), the fast-growing personal finance and credit education resource site, announced findings today that reveal consumers are still missing out on credit card savings despite numerous services available to help them. Because choosing the right credit card can be complicated but shouldn’t be, Credit Sesame also announced the launch of its credit card matching service that will help consumers find the card that’s best for their financial situation. Credit Sesame takes the guesswork out of finding the right credit card by analyzing the consumer’s existing financial profile, goals and credit score to provide credit card recommendations best fit for their individual needs.
The study analyzed over 1.6 million existing credit card accounts and found two distinct groups of cardholders—those interested in saving money through the best rates and those interested in the best rewards program offers:
- 69% elected to save money via a card with a lower interest rate
- Annual potential savings for those electing lower interest rates: $340
- Annual potential savings over 3 years ($1,021)
- 18% elected to earn cash back and other rewards features
- Annual potential earnings for those electing rewards cards: $79
With post-holiday spending and consumer credit card debt reaching $801 billion dollars according to Federal Reserve data, it’s more important than ever to have the right card for your wallet. “Unfortunately, many consumers are leaving money on the table by using credit cards that are simply not a good fit for them,” said Credit Sesame founder and CEO, Adrian Nazari. “Our goal is to make credit cards and personal finance choices simple — to save consumers time and money – and empower them to make smart financial decisions, tailored to fit their individual finances and lifestyle.”
Credit Sesame’s new feature also allows consumers “to stay in the know” with customizable alerts on new opportunities when a credit card matches the consumer’s profile. Whether consumers are seeking to:
- save with a low interest rate or a 0% balance transfer
- a secure card to build credit, or
- add a new rewards card option to maximize cash back, miles, or points –
Credit Sesame offers an entire array of credit card options from all major providers and networks such as Discover, American Express, Chase, Citi and more, customizing recommendations to fit the consumers’ needs and save them money.
The addition of credit cards to the existing mortgages and consumer loans products on Credit Sesame now gives users a complete form of guidance for assessing, improving and leveraging their personal credit for maximum financial gain. Credit Sesame provides users with free credit score, personalized credit analysis and monitoring of the market to spot products, offers and trends that could be used to identify saving opportunities.
About Credit Sesame
Credit Sesame brings the power of bank analytics to you. It is a personal finance tool that provides a free credit score and the best options to refinance or restructure mortgages and loans and save money. With our powerful financial technology—comparable to what banks use to optimize profits on their lending products—you can see how lenders’ see you, understand how to improve your credit and know what options are truly available. Once you sign up, Credit Sesame proactively monitors market changes and your financial picture to bring just in time alerts and recommendations that are important to you and maximize your savings. You will always get fee, unbiased, personalized recommendations so that you can get control of your finances, save money, borrow smarter and monitor your credit and debt online.
For more information visit www.creditsesame.com and stay connected by following us on Twitter (@creditsesame), liking us on Facebook (http://www.facebook.com/creditsesame), getting the latest expert tips from our personal finance blog and staying with us on the go through our free mobile app (http://tiny.cc/credit_sesame_itunes)