CardHub.com

CardHub Logo

CardHub.com is a credit card comparison website owned and operated by Evolution Finance, Inc., a personal finance company founded in 2008 and based in Washington, DC in the United States.^[1] It is the sister site to WalletHub.com—the first ever social network built from the ground up around personal finance.^[2]

CardHub serves primarily as an online credit card marketplace, and also operates a social gift card exchange^[3] and frequently releases studies on the credit card industry.^[4]

History

The site was started on July 15, 2008^[5] by Odysseas Papadimitriou, a former executive with Capital One.^[6] It added charge card comparison tools on October 14, 2008, ^[7] a Debt Center on July 27, 2009,^[8] and a social gift card exchange on April 21, 2010. ^[9] Card Hub’s gift card application for Facebook launched on December 3, 2009.^[10]

The company launched a blog, Wallet Blog, in December 2008.^[11]

In September 2012, Card Hub announced a new generation of credit card calculators ^[12] that enable consumers to quickly determine which credit card will save them the most money on interest and escape debt faster.

Services

The company operates a database of credit cards^[13] and prepaid cards.^[14] The site's gift card exchange allows users to buy and sell gift cards directly amongst each other or through the website itself,^[15][16] and also provides various product comparison tools and a personal finance education center.^[17]

Studies

The company frequently conducts and releases studies on various aspects of the credit card industry.^[18]

• Their studies on No Preset Spending Limit (NPSL) credit cards,^[19][20][21] credit card debt,^[22][23][24] and interest rates^[25][26][27] have been covered extensively in the press.^[28]
• They discovered that 90% of the $93.2 billion decrease in credit card debt during 2009 represented credit card charge-offs^[22] rather than increasing consumer responsibility, as was widely reported.^[24]
• Their quarterly Credit Card Debt Studies illustrated that credit card debt increased during the second, third and fourth quarters of 2009^[29] as well as Q2 2010 and Q3 2010,^[22][30] contrary to widespread reports that it had declined for 24 months until Q4 2010.^[31][32]
• Card Hub's 2011 Credit Card Debt Study revealed that while consumers paid down nearly $33 billion in credit card debt during the first quarter of the year, they erased this pay-down before the fourth quarter began and ended the year with roughly $48 billion more debt than they began it with.^[33]
• Their Q1 2011 Credit Card Interest Rate Study claimed that economic pressures typical of a recession,^[34] not the Credit CARD Act of 2009,^[35] caused the interest rate increases that occurred during 2010.^[27]
• Card Hub's Q2 2012 Credit card Debt Study revealed that, despite reports to the contrary, US consumers haven't actually paid down any credit card debt since the Great Recession began. While outstanding credit card balances have indeed declined $190.5 billion since peaking in December 2008, there have been $226 billion in charge-offs since then.^[36]
• Card Hub’s Interchange Fee Study predicted that the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act will cost banks $14 billion annually.^[37]

Awards

Evolution Finance was named one of the “Five Hottest startups in the Mid-Atlantic Region” in 2008^[38] and was invited to the Capital Call hosted by Cooley Godward Kronish LLP, PricewaterhouseCoopers LLP, Ernst & Young, Silicon Valley Bank and Comerica Bank.^[39]

CardHub was also named one of the Best Credit Card websites by the nonprofit Consumer Action.^[40]

References

External links

• Card Hub Homepage