Are comparison websites offering the best deals?
If you are worried about your finances then one of the first places you might go to save money is a comparison website, after all what better way than to see all the choices in front of you so that you can choose the best deal.
What may be surprising to know is that comparison websites may not offer you the best deal for your financial circumstances, according to research by consumer group Which? .For example, a search on Moneysupermarket.com for a credit card with the lowest standard interest rate would show a rate of 6.9% APR, yet the lowest on GoCompare.com was 12.9% APR.
Martyn Hocking, editor of Which? Money, said: “With such an array of financial products to choose from, it can be tempting to turn to a price comparison site to do the legwork for you. But you might be very confused to find that different sites can give you vastly different quotes and often don’t give enough information for you to make an informed choice.”
The comparison sites have defended themselves as they each ask their consumers different questions to determine which product meets their financial needs the best.