The Canadian financial app, Hardbacon, has recently made shifts to their price comparison tools that they claim will provide accurate suggestions for the best credit cards for you based on your current spending habits.
Credit card comparisons tools are a fast-growing sector in the financial space and the competition is fierce. Hardbacon is one of the many companies that are looking to deliver high-quality comparison tools for consumers.
Insights into Which Cards May Provide Best Benefits
Hardbacon has developed a feature in their system that aggregates and totals the estimated value of the discounts and the rewards for various Canadian credit cards and presents them to customers. By activating a “Find the best cards” button, customers can fill out a few questions about what their goals are for their credit cards and their current spending habits.
Instead of consumers choosing their own filters, the answers to these questions become the filters that sort and recommend credit cards based on their estimated value to the consumer. There is a breakdown of the benefits and any potential fees provided next to each recommendation, as well as interest rates and other relevant information the customer may need or want.
Are Canadians Using These Comparison Tools More Often?
Credit card comparison tools have grown to be an asset for many consumers today. The amount of credit cards available to Canadians is astronomical and the rewards programs vary greatly from card to card. Many Canadians don’t have the time or patience to do the comparisons themselves so companies have stepped in to provide that service for them.
According to Hardbacon, since November 2024, their comparison tools have “helped over 45,000 Canadians” compare credit cards.
Why Adding More Cards to be Compared Can Be Problematic
They have also compiled a lengthy list of credit cards to compare. Their current list, at 219, is the largest of the comparison tools in Canada. This can present a challenge as sometimes more isn’t always better. Studies have shown that too much choice can be demotivating as it increases the likelihood of making the wrong choice.
They have sidestepped this issue by creating a means to compare credit cards individually. Customers can click “Compare” on individual cards and have all their selected cards displayed next to each other. This allows for a quick comparison of the benefits and rewards as well as annual fees and interest rates.
To round out their offering of services, Hardbacon has added another comparison tool to its site and app. This tool lists different types of savings accounts from a multitude of banks and compares them to the desired outcome of their customers. The best savings account available for their needs is suggested, as well as multiple other options.
By adding these features to its set of tools and applications, Hardbacon is seeking to solidify its place as a major player in the Canadian financial sector.
