Did you know that more than 30 million people are walking around with up to four credit cards in their wallet? Nearly all of these credit cards have their own rewards program and more than two-thirds of credit card holders wish that there were an easier way to track their rewards. Enter the Wallaby Card.
Founded in 2011, Wallaby Financial, Inc.’s CEO Matthew Goldman and co-founder Todd Zino came up with the idea of the Wallaby Card. The card is used to keep track of your credit cards, their rewards programs, their balances and their maximum cash back amounts. The card is not a credit card, checking account or debit account, but a digital wallet that is based on Cloud technology and stores the information about your existing cards and then chooses the best card for each of your transactions.
The Wallaby Card has the ability to track each of your rewards programs and any upcoming rewards, including those that are only going to be available for a limited time for as a one-time reward. Simply enter the card numbers for each of the credit cards that you want to store in the Wallaby Card and answer a few quick questions about your favorite types of rewards. After you have set up your account, you will be able to swipe it wherever you shop. The card’s technology will look at your location, the date, which cards you have stored and your rewards preferences to determine which card will be the best choice for your transaction. It will then forward your swipe to the proper card, which will complete the transaction as normal. The Wallaby Card is free to use for the first six months. After that, it costs only $50 per year. It is important to note that you will need to enter personal information due to the USA Patriot Act, but Wallaby Financial, Inc. will never sell your information. The card does not require a credit check and will never affect your credit numbers. The card is available for use in the United States with plans to support multiple cards on one account beginning in 2013. A variety of credit cards are compatible with the service.
The Wallaby Card has a free mobile app for the iPhone, iPod Touch and iPad. The app allows for users to see all of the benefits of their credit cards and rewards cards with a quick flip of the app screen. You can also choose your favorite cards without missing deals from any other cards, get recommendations about rewards that your cards are offering and find nearby places that are offering great deals when you use a credit card.
Although still a very new concept, the Wallaby Card is an innovative idea and a sound financial investment that aids consumers in several ways. Not holding onto as many credit cards in your wallet means that you are less likely to drop one. Additionally, you will no longer have to worry about tracking your own rewards points, constantly wondering if this is the month that gas gives you three percent back or the month that groceries gives you two percent cash back. If you’re the type that prefers to save up points for vacation discounts, you won’t have to remember which card offers hotel points anymore, as the Wallaby Card will do it for you. With an offer of six months free and a cheap yearly price after that, there is really no reason not to try the Wallaby Card.