Bank Rate Monitor Launches Credit Card Rate Search Engine

A do-it-yourself way for consumers to cut their credit card costs has been launched on the Internet by Bank Rate Monitor at http://www.bankrate.com. BRM has expanded its web site to enable consumers to match their credit card behavior with the cheapest rate and fee deals available in the U.S. --- regardless of the types of cards they're now carrying.

By using a special BRM search engine, cardholders simply identify their current card habits with the kind of better deal they're looking for, such as a lower interest rate, lower fees or a longer grace period. Then they punch up the names, phone numbers and addresses of as many as 50 different card issuers that fit their exact needs. The search can be by state or for the nation as a whole.

The free Bank Rate Monitor website shows the complete rates-and-fees picture for all the cards offered by each institution---from standard personal credit cards to gold cards, business cards, secured credit cards and rebate cards that offer cash discounts or merchandise. It includes variable-rate cards as well as those with fixed rates.

Besides each card's annual percentage rate---which is only half the battle in choosing the least expensive card---the consumer is also able to shop all the nickel-and-dime charges that run up the cost of using plastic. Examples: Annual fee, number of grace-period days to avoid paying interest, the late-payment fee, over-the-credit-limit fee, balance-transfer fee, and cash advance fee. The cash advance fee alone can be as high as $30 a pop, according to BRM.