Google plans bank, credit card comparison service for consumers

Google will be launching a new comparison tool for users that will make it easier to find the best deals in banking services and credit cards. The new service builds on Google's acquisition of Beat That Quote and looks to compete against sites like Money Supermarket, Compare the Market, and Go Compare. Unfortunately for comparison shoppers in the US, the service will initially be available only in the UK.

The new comparison tool will be built into Google's search page. When users enter a search term related to credit cards and bank accounts, Google will return a box showing a selection of offers above the rest of the search results. For instance, if you typed in "credit cards," the box would show the best cards in a number of categories, such as those offering the best balance transfer rates or cards best for those with poor credit history.

When you click on ones of these offers, you will be shown a chart of competing offers, listed in the order that Google thinks that you will most likely want. For instance, if you selected "balance transfers," then the cards offering the lowest rates on transfers and the longest balance transfer periods will likely be listed first.

Several major banks and credit card providers have already signed up for the program. However, companies don't have to sign up to be included in the results. Google intends to maintain maximum transparency in their business relationships with the banks and card providers featured.

- Thanks, George!

[via Telegraph]