Want to find out if your credit card offers the cheapest rate, and which cards are cheaper? Or to find out who will offer you the cheapest home loan or vehicle insurance?

A new website offers a complete comparison of credit card rates, while it will also give you four offers from the more well-known financial providers if you're after a home loan, insurance or vehicle loan.

The site is called www.ratesdirect.co.za — and it promises to give you a comparison between the various rates while taking the jargon and complications out of asking for a loan.

The middleman

Says Erez Atia, managing director of RatesDirect in a statement, "We wanted to create a website that is very user friendly and provides all the information the consumer needs to get the best deal for his or her particular financial needs.

"We ensured during the setup of the site that our lenders are solid and comply with all the requirements stipulated by the NCA. By cutting out the middleman and creating competition between the lenders, the client can save a substantial amount of money that he would previously have paid to administrative services and scrupulous lenders and also gives him some negotiating power with the lenders," says Atia.

So what do you need to do? Well, you need to fill in a couple of forms before you get to the point where the rates are offered, and it includes giving much of your personal information (although the site claims to be secure).

More paperwork

The site has been designed subsequent to the implementation of the new National Credit Act, in June this year, which in turn has made it harder for a lender to be offered a loan, while the lender also facing more paperwork.

The website aims to do the opposite: offering quicker quotes on loans, debt consolidation, insurance comparisons and a full credit card fee comparison.

So should you use it? Well the site is undoubtedly helpful and offers insight into the complex world of bank and other financial institution charges.

But that doesn't mean that you should cut out your normal rate-finding routes — for example, for a home loan, either working through a bond originator who should find the cheapest rate for you, or going to the banks to compare the rates yourself.