E-Loan has extended its online comparison shopping service from home loans to credit cards.
Users of the company's website can now compare about 20 credit card products and apply for credit cards online – a first for the E-Loan group worldwide.
E-Loan New Zealand CEO Bruce Gordon says the fact that comparison shopping for credit cards has happened first online is "testament to the potential of the Internet to enable new business models. The internet makes it easy to give people access to in-depth and impartial information, meaning we can deliver greater power to consumers, which is what E-Loan is all about."
E-Loan's E-Match software compares interest rates, fees, features and reward programmes for a range of credit cards against the customer's own card usage requirements apply online for the card that best meets their needs and behaviour.
E-Loan says credit card issuers offering their products through the new service are AA Financial Services, AGC Creditline, Bank of New Zealand, Diners Club International, Farmers, The National Bank, The Warehouse and WestpacTrust. Four products from ANZ are soon to be added, to bring the number of products available to 23.
Gordon says the hassle required to change cards has in the past put people off looking for a better product even when their needs and behaviours change.