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Choosing the best credit card can be tough—especially when you're trying to determine which one will help you maximize rewards over time. But that's all changed thanks to Experian Card Coach!
Experian Card Coach is a new service that shows you which credit cards in Experian's CreditMatch marketplace are the most valuable based on how you spend and what kinds of rewards you want in a credit card. That way, you can make sure you get a card that fits your lifestyle and provides the best value.
How Does Experian Card Coach Calculate My Rewards?
Not all credit card points are worth the same—50,000 Chase points aren't worth the same as 50,000 Citi points, for example. Experian Card Coach helps estimate the true cash value cedit cards can offer you when you redeem your points.
To use Experian Card Coach, simply input how much you spend each month in different purchase categories. Experian Card Coach will then use the information to calculate your estimated yearly rewards redemption value and estimated intro bonus redemption value for cards in our marketplace. You'll see the values you'd receive if you were approved and then used the card for all your monthly spending.
Here's more on estimated yearly rewards earnings and estimated bonus value:
Estimated Yearly Rewards Value
Once Experian Card Coach knows how much you spend in different purchase categories, it uses each credit card's unique rewards to calculate how many points you could earn each year.
For example, say you spend $1,000 on dining out and $1,000 on plane tickets every month. If you got a card such as the American Express® Gold Card, which offers 4 points per dollar spent at restaurants and 3 points per dollar spent directly with airlines, you could earn 84,000 points a year if you used that card for all your dining and airfare purchases. If you had the same spending but with a different card, your yearly estimated rewards could be drastically different.
Once Experian Card Coach calculates how many points you could earn each year with a given card, it then shows you how much your rewards are worth in cash value. This is helpful because point values differ from card to card.
Finally, Experian Card Coach subtracts the cost of the card's annual fee so the final rewards redemption estimate you see will be the net dollar value you could receive by using that card. This allows you to quickly compare cards without having to do the complicated math for each offer.
Estimated Intro Bonus Value
Another valuable aspect of getting a rewards credit card is the intro bonus you can earn by spending a certain amount over a set period of time. Intro bonuses come in the form of reward points or cash back, and typically require you to spend a certain amount on eligible purchases in the first few months of having the card.
Experian Card Coach calculates the estimated value of the intro bonus based on the card's offering and the value of its reward points. We can then give you a dollar estimate of how much your intro bonus is worth.
How Does Experian Card Coach Help You Pick the Best Card?
To help you find the card best matched to you, Experian analyzes many factors, including your approval odds, how you manage debt and more. With Experian Card Coach, we use all the same criteria and add your monthly spending and priorities to help identify which cards will get you the most benefits
It's important to remember that credit cards come with perks beyond just the reward-earning possibilities. Some cards offer purchase and return protection, travel reimbursements and shopping credits, all of which are added values that Experian Card Coach does not always account for. Make sure to read the card details for each offer to understand the total value you'll get from using the card—which in many cases will be greater than just the dollar value Card Coach estimates.
How Do I Use Experian Card Coach?
Using Experian Card Coach is easy. All you have to do is sign up for a free Experian account, click on the Credit Card tab, and you'll see Card Coach. Once you select Card Coach and enter your spending information, Experian will calculate your estimated rewards across many credit cards—and will show you the offers in our marketplace that are best for you based on your spending.
When you use Experian Card Coach, you'll know you're getting a card that's great match for your lifestyle—and that will help you start earning plentiful rewards!