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Consumer credit information provider Credit Karma has launched a new feature, the Ways to Save Dashboard. The free tool helps consumers find cost savings based on their credit scores.

Credit Karma allows users to track their credit scores free of charge. Since interest rates and credit ratings fluctuate, most consumers can save money if they know where to look and are willing to spend time switching accounts.

The new Dashboard tool automates the discovery process, finding offers for consumers and presenting them with a personalized page of deals. (FinovateStartup 2009 video here.)

How it works

1. The user registers at Credit Karma. The site uses the consumer's social security number to pull their credit score with a soft inquiry that does not impact the user's credit rating.

2. Consumers can come back at any time to view their current credit score.

3. When the user logs in, the system automatically shops for competitive deals. This shopping process is performed anonymously, with no personal details disclosed to advertisers.

4. Tabs across the top of the webpage lead to custom offers based on the user's credit report and optional financial information provided to Credit Karma, such as the make and model of a vehicle. For example, savings account holders will be presented with alternative accounts with higher interest rates (see screenshot #1, below) or credit card offers for card holders (screenshot #2).

5. The Dashboard provides direct links to the advertisers to take advantage of the offers.

Web traffic at Credit Karma has been growing steadily. The site currently boasts more than 400,000 unique visitors per month, more than double the volume a year ago.

Compete.com Feb. 2010, traffic data here

Credit Karma also announced that it quadrupled its users in 2009 and now has more than one million subscribers.

#1. The Dashboard Presents Savings Accounts ...

Note: In my case there were no savings found, but there is usually a positive number displayed. One of my colleagues had more than $1,000 in savings offered.

#2. ... and Credit Card Plans

Billeo has added Microsoft Bing to the list of Internet search engines supporting its Offer Assistant service. Offer Assistant helps consumers locate deals online that take advantage of incentives and rewards from their credit or debit cards. The program now works for searches using Bing, Yahoo! and Google.

Billeo makes its money by partnering with card issuers, to help them increase usage. The idea is simple: The best time to display card incentives is when consumers are shopping. According to Comscore, 70% of online purchases begin with a search, so Billeo tools make the rewards visible right on the search-results page. The company's Offer Assistant highlights special deals from loyalty programs offered by American Express, Visa, Discover, Bank of America, Chase, and other credit providers. (Finovate video here.)

Partnering with Bing gives Billeo the top three players in the U.S. search engine market, representing about 97% of U.S. searches. According to data from Comscore, Microsoft sites grew from 8% of the online search market to 11% in 2009, largely due to the introduction of Bing in June. Google continues to dominate the market at about 66%, with Yahoo coming in second at about 20%.

Billeo's partnership with Bing is mutually beneficial. Bing has its own incentives program, which offers cash rebates to certain online purchases, provided consumers use Bing to search for their goods. Offer Assistant highlights these offers, drawing attention to Bing's services. Billeo even makes Bing rewards visible on searches conducted using Yahoo! and Google, advertising Bing's rewards program to users of rival search engines. And of course, the deal allows Billeo to promote its Office Assistant product to consumers who prefer to search on Bing.

How Offer Assistant Works

1. In order to use Offer Assistant, users download Billeo's free browser plug-in. The plug-in, which works for Internet Explorer and Firefox, includes the full suite of Billeo services. Users also have the option to download just the Form Filler application. The full suite includes:

• Offer Assistant, which notifies consumers of special offers from Billeo partners
• Bill Pay Assistant, which manages online bill payments
• Shopping Assistant, which helps consumers track their favorite shopping sites so they can return to them easily
• Password Assistant, which helps users log in to online stores
• Form Filler, which stores consumer data to quickly populate online forms
• Save and File, which stores payment confirmation notices and receipts

  2. Users shop online, conducting product searches using Bing, Yahoo! or Google. Offer Assistant adds a notification icon directly into the search results, indicating that a special offer is available. (Screenshot #1, below.)

3. Clicking the icon provides more information and a direct link that can be used to claim the offer. (Screenshot #2.)

4. Clicking the link takes the user to the vendor's webpage. If the user chooses to make the purchase, the Billeo add-on helps them complete the transaction by filling in the order forms, reminding them to claim the special offer, and saving the order-confirmation information provided by the site. (Screenshot #3.)

Billeo continues to attract more than 100,000 monthly unique visitors. The company's 2009 peak was in February with 215,000 visitors.

 

Compete.com Jan.2010, traffic data here

#1. Billeo Add its Icon to a Typical Product Search

 

#2. Clicking Expands the Icon for More Details

 

#3. Billeo Highlights the Deal at the Vendor's Website

BillShrink, which provides money-savings advice to consumers, has expanded its offerings to include a new feature for business owners.

BillShrink offers online tools to help consumers find the best prices on goods and services in markets where comparison shopping can be difficult. The company collects geographic and usage data from the consumer in order to create personal recommendations. BillShrink currently offers price comparison services for cell phone plans, savings accounts/CDs, credit cards, and gas stations. (Finovate 2009 video here; FinovateStartup 2009 video here.)

The company's new BillShrink for Business service helps businesses find better credit card deals. The company currently has online tools in the works for comparing business wireless phone services and savings accounts.

How it Works:

1. The business owner goes to the BillShrink for Business site and answers two basic questions: Do you pay off your credit card monthly? And what is the annual revenue of the business?

2. Next, the site collects more detailed data about the card usage, followed by questions about what services the user values in a credit card account. (See screenshot #1, below.)

3. The last personal detail required is an email address.

4. The system presents a quick analysis of the user's current credit card (screenshot #2) and then recommends money-saving alternatives (screenshot #3). Clicking on a link that reads How is this calculated provides additional data, showing the value of cash rewards and other incentives that may come with the new card.

5. At the bottom, there is a link to apply for the recommended card at the card-issuer's site. (Screenshot #3.)

BillShrink is paid by retailers when consumers switch to the suggested products. Offering its comparison-shopping services to businesses expands the company's market, allowing it to draw a new category of shoppers to the site.

According to traffic estimates from Compete, the BillShrink site saw about 150,000 unique visitors in December, slightly less than its median average for 2009. Site usage peaked in summer with about 490,000.

Compete.com, January 2010, traffic data here.

#1. BillShrink collects basic usage data

#2. Analysis of current credit card (highlight added)

#3. Recommendations for a new credit card