I currently use credit cards supplied by one bank. Why? Because frankly, I just don’t see the benefit of having multiple credit cards from numerous financial institutions. Credit card interests are almost identical here in Malaysia, regardless of where you get your credit cards from.
If you have proof that shows otherwise, by all means, please let me know.
Sometimes I envy folks from the US. They have literally hundreds of credit cards to choose from. Talk about having choices! However, having lots of choices means you also have lots of analysing and selection to do. Ideally, you should only pick the most suitable credit card(s) for your lifestyle.
Now what does that mean, really? Well, apparently in competitive markets like those of the US, credit card companies have bundled with their offerings lots of perks and benefits. And I’m not talking about plain old silly “reward points” schemes that Malaysian banks have used to death; but really useful discounts and rebates.
Of course, you could just apply for as many credit cards you can think of, but would that really benefit you? I doubt it. Even if all the applications get approved, you’ll not only have a wallet filled with plastic, you might also end up with a major headache trying to consolidate your credit card bills every month!
Which is why, I’m envious when I got the opportunity to review Ask Mr Credit Card’s Cash Back Reward Credit Card Calculator. Yes, it’s a mouthful to pronounce, but I have no doubt that it probably is the best cash back credit card calculator tool. Why?
It’s easy to use. You just need to key in your annual expenses in the provided fields and upon a click of a button; presto! You’ll get a recommendation based on what you’ve entered.
You’ll also get to choose between getting the most rebates across multiple cards, or being recommended that one card that’ll save you the most.
There are eight types of annual expenditure details that the form needs you to fill before it can recommend the most suitable credit card(s):
Without a doubt, this credit card recommendation calculator could put similar forms by most banks to shame. However, there are some things that could definitely be improved.
The most obvious to me would be the use of the word “dollars” after every input field. It would definitely be much better if the dollar sign is used before every field instead. Alternatively, a reminder text could be used before or after the form input; something like “All figures are in dollars”.
The results page is also a bit bland. Personally, I think it’ll be much better for a preview picture of the recommended credit card(s) to be included in the results. It provides visual assurances to the user that the recommended recommended card(s) do indeed exists. It’s also a preview of how the actual credit card looks like, and as the old saying goes; “Seeing is believing”.
Overall, the calculator is a useful tool and I’d recommend it to those who are looking for that ideal credit card. Now, if only there’s something similar for Malaysian credit cards…