August 2013: Business Card Selector Tools

The task of finding a business credit card may be a hassle, especially if a financial institution offers a multitude of cards. To help prospects easily narrow down the array of card offerings by what they deem to be important (such as by fees, rates, rewards and/or benefits), financial institutions should offer card selector tools. In this edition of Small Business Card Monitor, we examine the types of card selector tools currently offered to prospects within our coverage group. Specifically, the report examines those tools that provide card filter features, card comparison charts – basic and customizable – and card questionnaires. Of our eight SBCM firms, six of them currently offer one or more of the three card selector tools, assisting prospects to find the “best” suitable card for them. We analyzed card selector tools according to the following criteria:

• How many card selector tools are offered by the firms?
• What are the features and functionalities of the tools offered?
• How dependable are these tools in choosing the right credit card for prospects?
• Can prospective clients easily apply for the recommended cards?

The most commonly available tool, offered by all six SBCM firms, is a card comparison tool that offers a head-to-head analysis of firms’ business card products. Three firms offer a basic comparison chart that displays the card issuers’ entire roster of business cards, while four firms offer a more user-friendly comparison chart that allow prospective clients to choose the cards they wish to compare. The least offered card selector tool, the card questionnaire tool, is used by only one SBCM firm. This tool helps prospects narrow the card selection based on their answers to a two-or-three question sequence about rewards and payment terms.
 
Finally, the card filter tool is offered by 38% of firms, helping prospective clients streamline the card offerings based on their selected card preferences, such as by rewards type, benefits and/or card payment type (Pay in Full or Pay Over Time). Two of these firms enable interested card holders to take the cards that match the selected criteria and compare them to one another. This maximizes the use of two different types of card selector tools and, simultaneously, helps prospects further narrow their card choices.
 
This Small Business Card Monitor report examines how user-friendly and efficient each card selector is for prospects. For instance, the report notes how much input prospects have in filtering the firm’s card products and if prospects can easily apply for the recommended cards. Additionally, information offered for each card within the tool, such as APR, Fees and Benefits, is provided, as this can help prospects make a more informed card decision.
 
The report includes the following key findings:

• The most commonly offered tool – the card comparison tool – is offered by six firms.
• Three firms offer a basic comparison chart displaying all card products. Four firms offer a user-friendly chart comparing chosen credit cards.
• The card questionnaire tool is only offered by one firm.
• The card filter tool is offered by 38% of firms.