Tuesday, Feb. 2
Posted: 3 p.m.
Today, Discover Financial Services announced the launch of CardBuilder, an interactive credit card finder tool. It allows you to narrow your hunt for a card based on credit level and payment habits. You then select the type of rewards you prefer (miles, cash back or interest back for paying on time), pick your design and choose your terms.
You choose your terms by selecting the interest rates you want for purchases, balance transfers and introductory purchases, as well as the duration of promotional periods. When you move a rate up or down or adjust the length of a promotional period, the other features change.
Of course, choosing specific terms doesn't necessarily mean you'll land them. Approval is subject to a credit check.
If the tool sounds familiar, you might be thinking of Capital One's Card Lab, which launched in 2007. Card Lab also allowed consumers to adjust the features in their card, such as rewards, annual fees and interest rates. The card finder is currently unavailable while the company works on "other options to offer customers choice and control," according to the Capital One Web site.
Card finders like Card Lab and CardBuilder show you what you trade for better card features, such as a low APR on purchases or a lengthy introductory period. If for nothing else, you can use such tools to determine the features important to you and the concessions you'd make for them.
Bankrate.com allows you to compare cards by credit score, issuer or card type.
Questions? Comments? E-mail plastic_rap@bankrate.com.
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