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The need to compare!

Todays Date: January 23, 2019

The ability to be able to compare various financial services and instruments is more a requirement and a necessity than an option, as of today. There are so many options available in everything that you decide to buy that making a choice on a single item has become most difficult. All companies advertise themselves as having the cheapest personal loan and the best credit card and the best balance transfer card and the lowest fee credit card but how many companies are actually offering what they claim to? And how many of them are not applying some sort of hidden charges and then again how many of them have transparent terms and conditions?

With the plethora of choices available, the only time a person finds out about what he actually has and what he doesn’t is when he tries to use the product. Several people compare frequent flyer credit cards and then buy the one that offers most frequent flyer points, but after making a couple of flights they realize that they have negative marks on their credit card because the interest rates of those cards are so high. One person even had to pay a price, close to the price of an air ticket from London to Vienna, simple as a yearly fee for his best balance transfer card and his frequent flyer credit card.

Having to compare without knowing what to compare is exceedingly difficult. For example if you were to compare a new mobile phone that you want to buy. Say a Nokia mobile, you would normally go to the shop and ask about several models and then compare on the basis of the information you get. But the information you get is what the shopkeeper wants to tell you. It is his upselling that you are comparing on.

Similarly if you try and compare credit cards, compare home loans, compare personal loans, compare insurance or simply do a credit card comparison for the best credit cards, best balance transfer card, low fee credit card or compare frequent flyer credit cards; on the basis of what people tell you, you are comparing on what other people want to tell you and not on what you need to compare on like the features, terms and conditions yearly charges etc.

The best option at times like this is to be able to log on to websites and compare. For example if you log on to the Nokia website you can compare several mobile phones and see each and every aspect of the instrument. The same way there are financial services comparison sites that allow you to compare credit cards, compare home loans, compare personal loans, compare insurance or do a credit card comparison for the best credit cards, best balance transfer card, low fee credit card or compare frequent flyer credit cards; and some of these sites allow you to see the terms and conditions of each items so that you can be sure about what you are buying!

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