Matching credit score and cardCredit card companies know where you shop, how much you spend on average and your credit history. But what do you really know about them? CreditKarma.com's new Credit Card Statistics tool, which launched Wednesday, is the latest online widget to pull back the curtain on those lenders, showcasing statistics like customers' average credit limit, credit score and age. It also contains user-generated reviews of real-life credit card experiences and lets you share your own rants or raves.

For consumers, the tool could lead to better decision-making about where to apply for credit, which will help reduce the odds of a credit-dinging turn-down. "We want to help consumers set expectations around credit limits," said CreditKarma.com CEO Ken Lin.

The tool allows users to sort cards based on various criteria, including average approved credit score, average credit limit awarded, average household income, average cardholder age and the average user rating. Using the filters, it becomes easy to see what card best fits a borrower's profile.

For example, an early 20-something might find a good match with the Citi (C) Forward Card for College Students -- more than 60% of its holders are in the 18- to 24-year-old age bracket, with average credit scores in the mid-600s. For people who need to rebuild damaged credit, the CapitalOne (COF) Secured Mastercard caters to that demographic -- more than half the people who hold it have credit scores below 600, and it offers low credit limits of up to $300. Big spenders and high earners might feel more at home with American Express (AXP), where the average credit score across its cards is above 700 and the average balance is more than $9,000.

"The No. 1 thing to look at is average credit score and approval," says Lin. "The biggest mistake is that people look for one that looks good on paper with big rewards or [a] high limit, but then you apply and get declined." That starts a cycle of applications and declines which can hurt your overall credit score, warns Lin. He advises finding a card where other holders have a similar credit score to yours. For example, if your credit score is 650, don't shoot for a card like American Express, where the majority of customers have over a 700.

Another trap for credit card holders is failing to re-evaluate their cards when their needs change, and ignoring the latest offers. "Credit card companies rely on consumers' laziness," says Lin. People get comfortable paying a certain amount, he says, and the hassle of applying for a new card can cause them to miss out on saving up to thousands of dollars. Other sites like BankRate.com and CreditCards.com also offer credit card comparisons.




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Jimmy Mckenzie

There are so many types of credit cards out there it can be daunting finding the best credit card based on the features you are searching for. There are rewards cards, cards that offer low interest rate with good credit, travel rewards credit cards, airline mileage credit cards. Charge Cards is a site that allows you to select the features you require using the search selector based on type of card or by bank issuer. Visit the charge cards website to find the right credit card for you.
www.chargecards.com

September 10 2013 at 11:54 PM Report abuse rate up rate down Reply
mscellanus

People need to have a credit card in order to book Hotel Reservations and Car Rentals. It's a must! Also, Credit Card companies support any purchases people make and then believe there may be something wrong with the item or store transactions.

September 22 2011 at 6:20 AM Report abuse rate up rate down Reply
BABIN

This ''stuff'' should never ever come in this system and we all will be in much better shape this day's...AMEN...

September 22 2011 at 4:33 AM Report abuse rate up rate down Reply
ATM

The credit bureaus are frauds and they sell your personal data. They should be paying you a royalty to use your personal data for profit - and their smoke and mirrors methods for determining FICO scores are manipulated and biased in favor of the banks.

If you need help getting out of credit cards, American Express has been settling for 45 cents on the dollar, and so has Visa.

Do not get yourself hooked with balances - cancel the cards, and save your money - you will need it!

September 21 2011 at 11:00 PM Report abuse rate up rate down Reply
ken

I love my credit cards. I have gone on quite a few free vacations from the miles. I never carry a balance always pay on time. They are like an instance 1% discount on everything you buy. But admittedly if you aren't good with money. Don't get one.

September 21 2011 at 9:02 PM Report abuse rate up rate down Reply
1 reply to ken's comment
dvdfrnzwbr

You are makiing prices higher for everyone else PARASITE!

September 22 2011 at 1:35 AM Report abuse rate up rate down Reply
dabrownman

The right credit card allows me to buy anything I want and someone else steals money from someone else for me to pay for it . It already exists when anyone votes for the Marxist party posing as socialists, liberal, progressive, Democrat party.

September 21 2011 at 1:38 PM Report abuse -2 rate up rate down Reply
1 reply to dabrownman's comment
savemycountry911

You're correct and the libs hate you for it.........lol.

September 21 2011 at 7:57 PM Report abuse +1 rate up rate down Reply
val

No credit card is the right credit card. I struggled for 2 years to get out of debt. Now I am totally debt free. If I want something I save my money and buy it. I feel RICH. Even though I am not. I still struggle, but I don't have to pay credit card companies any amout of money. I have used lay away a couple of times. But that's ok to no intrest rates late fees or any other fees the credit card company wants to tack onto your bill. It is tough trust me but it feels so good.

September 21 2011 at 12:44 PM Report abuse +2 rate up rate down Reply
1 reply to val's comment
amazin9999

Congratulations. Being debt free is one of thebest feelings a person can have. If you work hard and live within your means, you'll sleep better and be much happier.

September 21 2011 at 3:35 PM Report abuse +1 rate up rate down Reply
1 reply to amazin9999's comment
mscellanus

Money is power! Paying exuberant interests on these cards is a loss of power!

September 22 2011 at 6:18 AM Report abuse rate up rate down