You probably see dozens of credit cards offers on television or even in your mailbox -- but which one will save you the most money?
"It is almost impossible to sift through all these offers," said Oysseas Papadimitriou, the CEO of CardHub.com. "Unless you have literally an advanced calculator and you go offer by offer, you cannot truly make sure that you are getting the best offer."
That's why CardHub.com created the Card Advisor tool. Using algorithms and artificial intelligence, the online tool sorts through credit offers and points out the cards that would be more beneficial for you. The savings each year can be substantial.
"The difference between getting an average credit card and getting the best credit card for your wallet is literally around $400 a year," Papadimitriou said.
The CEO demonstrated how the tool works for Ruth to the Rescue.
The process starts with you answering a few basic questions about your credit habits: What credit card are you using now? How much do you spend each month? How much to you pay off each month? You do not have to enter any specific personal information such as account numbers or Social Security numbers.
Papadimitriou said the tool is there to help you maximize savings.
"It's not there to push you on a credit card for the sake of making you apply for a credit card," he said.
The site also points out other steps you can take to improve your financial health. For example, many consumers make the mistake of thinking you only pay interest on their unpaid balance each month. Actually, if you don't pay the full amount you are charged interest on the balance that you carried through the month.
"That's one of the ways they try to get you by consumers not realizing they're paying interest every single day," Papadimitriou said.
To check out the Card Advisor tool, click here.
Remember to read all the fine print for any credit card before signing up. You might also look for customer reviews of certain cards and talk to friends and family about which cards they use. Make the Credit Advisor a part of your search for the most savings.