Is NerdWallet a Scam? Don’t Be Too Surprised!

Last Updated on January 19, 2023

Is NerdWallet a Scam? Since you have found your way here, you probably already know what NerdWallet is all about. Well, what if I tell you that you don’t?

Lucky you, today you will get to know the truth behind NerdWallet. We’ll talk heads and tails as I speak to you about all the sides of NerdWallet.

NerdWallet began in 2009 as a personal finance website with the goal of assisting consumers in making better personal finance decisions.

NerdWallet educates consumers on topics such as saving money, investing money, mortgages, student loans, insurance, credit cards, and more, with the goal of assisting readers in learning how to grow their money, discover financial products that meet their needs and better manage their money.

NerdWallet’s mission is to assist consumers in making sound financial decisions.

Today, I’d like to talk more about NerdWallet and introduce you to them if you’re not familiar with their website.

What is NerdWallet?

Tim Chen and Jacob Gibson founded NerdWallet, an American personal finance company, in 2009. The company is based in San Francisco and employs over 600 people.

Tim Chen founded NerdWallet after his sister requested his help in locating the best credit card for her. Tim struggled to find the best recommendation for her despite having an economics degree and a Wall Street background.

He put all of the credit card information he researched into a spreadsheet in order to review all of the available options for his sister, and from there, NerdWallet’s first credit card tool was built.

The NerdWallet website and app teach readers how to save money, invest money, get a mortgage, learn about student loans, get insurance, find the best credit cards, and much more.

The NerdWallet website also includes articles and tools to help readers make confident financial decisions and keep track of all their finances and credit score in one place.

How Does NerdWallet Work?

NerdWallet is made possible through partnering with lenders, financial institutions, and others. They also function as an affiliate marketing company since they get their income when you apply for or receive products from their partners.

This personal finance tool works by comparing varying services offered by banks, insurance companies, and other financial institutions. Through this information, you are able to make more informed and clever financial decisions whatever the situation you are in.

Their team of ‘nerds’ offers objective advice, helpful tools, and expert info just for you.

NerdWallet gives you many recommendations of the best credit cards out there that perfectly match your spending habits and ways to increase your credit card score.

You also get comparisons of a ton of options with the use of smart calculators and simulators.

Plus, even when you have an out-of-this-world question about money, their team of ‘nerds’ is ready to give you answers to satisfy your needs and curiosity.

If you would take a look at their website, you’d be able to find answers right away because you literally can scroll through the categories based on your daily financial needs. Smooth!

What Does NerdWallet Have to Offer?

Let’s take a look at the services they offer to NerdWallet users.

Banking

Concerned about which bank account is suitable for your spending habits? Don’t worry! NerdWallet has reviewed all sorts of bank accounts from savings accounts, checking accounts, credit unions, big banks, and online and mobile banks to brick-and-mortar banks.

Credit Cards

NerdWallet compares all available credit cards out there and chooses the best one for you depending on your needs, whether for travel, rewards, or balance transfer. This is made possible by processing the information you give out on your spending activities. They even have a list of the best credit cards and review them on behalf of everyone, so we don’t have to do all the work.

Mortgages

Want to get away from that dump you live in and move into a better and brighter home? Well, NerdWallet wants to help you with that by finding the best mortgage options for you to find the best home. The mortgage options you can choose from include 30-year fixed mortgages, 15 years fixed mortgages, and many more.

Investing

Investing is a chore. For some of us, it can be daunting. NerdWallet covers all the basic investing and financial management from all the top-notch brokers, traders, and online brokers.

Loans and Insurance

We all know that when it comes to our health, emergencies, and debts, we have to think very carefully about it first and take it into massive consideration. NerdWallet totally understands you, so they have selected the finest loans and insurance choices available for your financial needs.

Moreover, NerdWallet also covers other daily expenses such as your shopping, utilities, taxes, and even university matters.

The best thing about these is that they are available to you for free! Yes, you read that right. F-R-E-E! You don’t have to worry that this personal finance tool will suck the life out of your card when it already has no credit. Sorry, not sorry.

Should You Create an Account with NerdWallet?

I mean, signing up is free, so what’s to lose? You can use the website even if you do not create an account. But, if you do choose to sign up, they’ll help you in more ways than they possibly can. You are at an advantage over non-users. You can up your credit score, track your spending, and uncover other smart ways to save.

When you create an account, you give them the right to know your weekly credit score. It is reasonable since you get to see over time how your credit score all adds up. However, it doesn’t necessarily mean your credit score will increase when you sign up!

Reasons Why NerdWallet Is Great

Do you Need It? You Got It!

It’s so awesome that whatever financial decision you have to make whether it be travel, shopping, taxes, banking, or really just everything, NerdWallet consistently helps you in your choices all throughout. You wouldn’t even need to pay for an expensive financial advisor from some company. You have all these services for free!

Real Financial Advisors

NerdWallet also offers you the option to ask them questions on their website. What’s great here is that the answers you will hear are from the minds of real and actual financial advisors. Surely, this will give you a sense of security and certainty! You can even schedule a consultation with an advisor if you want to know more! Well, don’t mind me if I do!

Convenience at Your Fingertips

You will see cellular phones everywhere. Everybody uses phones nowadays. Even babies use it. So, in this fast-paced world, it is best to keep up your pace with it. NerdWallet’s services are not just available on desktops, but also on Apple and Android devices. Whenever you are in a pickle, you can pull out your phone and consult NerdWallet!

Reasons Why NerdWallet Sucks

NerdWallet does not have a lot of complaints about BBB. In fact, they only have one complaint there. However, there are inevitably unsatisfied clients. And what you will see will have you scratching your head. Just like what I said before, do not get surprised.

Don’t Give Out Your Personal Information!

One client indicated that NerdWallet misleads consumers into believing that they actually use your personal information for your sake. Your information will just be taken in, and then they leave you hanging.

Rude Customer Service

Everybody hates rude people! Especially when the job of these people is to help you in the first place. A client named Paula reached out to them with a concern, but she only received nothing but hostility.

Spam Emails and Unwanted Credit Card Offers

It seems that the information you give out to them is useful for something. When you sign up and give your information, it seems that you will be bombarded with an average of 80,000 credit card ads, calls, and emails, whether physical or email. I always wondered how they give financial services for free and without charge. They are surely sponsored by their partners, but you can’t blame them. NerdWallet circulates its mission and goals on money. So, of course, they need money.

Final Verdict

This personal finance tool is one of a kind. You won’t see any other personal finance tool like this in the market. It covers literally everything in your daily spending, from your mortgages, investing, banking, credit cards, and loans to insurance.

If you want to pay off your debt, make smart decisions regarding heavy life choices and get the most out of your money, NerdWallet would have to be your best.

Let’s make something clear, I do not work for NerdWallet so you can only expect nothing but unbiased opinions also based on the insights of others.

The verdict, is NerdWallet a Scam? No. NerdWallet is not a scam. It is legitimate, and you can definitely put your trust in NerdWallet.