Most Israelis Settle for One Offer on Mortgages, Credit Cards

A new report from the financial app Captain Credit reveals that a significant majority of Israeli consumers do not compare multiple offers when seeking financial products, particularly mortgages, credit cards, and bank accounts. The data indicates that 76% of consumers only checked one mortgage offer, despite it being one of the most significant financial decisions for households. This lack of comparison is concerning given current interest rate environments and housing prices, as even small differences in mortgage terms can lead to substantial savings over time.

Similarly, 77% of consumers examined only a single credit card offer, missing potential benefits from comparing terms like annual fees, rewards programs, and cashback options. The trend is even more pronounced for checking accounts, with 92% of consumers sticking to a single bank's offer, overlooking potential differences in fees and credit terms that could impact overall account management costs.

In contrast, the loan market shows a slightly higher rate of comparison, with 57% of consumers checking only one offer and 43% exploring two or more options. While this indicates a greater tendency to compare loan terms, interest rates, and repayment conditions, the majority still rely on a single offer.

Captain Credit, a digital service from the Israel Credit Bureau operated by Dun & Bradstreet under Bank of Israel supervision, released these findings alongside its new financial product comparison service. The app aims to provide users with tools to manage their finances, offering insights into credit scores and financial obligations based on data from the Bank of Israel's credit database.