Having trouble figuring out which credit card to use in order to maximize your rewards while shopping? Wallaby will help you figure it out.
Matthew Goldman, from Pasadena, Calif., launched Wallaby in 2012, after seeing an ad at a gas station that said Chase Freedom cardholders could earn 5% cashback on gas purchases that quarter. Goldman realized he had that very card in his wallet, but had forgotten to use it every time he had pumped gas -- likely adding up to more than $100 in lost rewards.
Wallaby allows users to load their credit cards into a virtual wallet and recommends which card to swipe based on each card's rewards program -- you simply tell it where you're shopping.
You set your own preferences, like if you want the app to stop telling you to use a card once your balance has reached 30% of your credit limit or your statement cycle is about to close.
Related: Buyer beware: Retail cards have costly trap
On average, users save a couple hundred dollars a year, Wallaby estimates.
The company is also creating a Wallaby card, which will store a consumer's credit card account information. When it's swiped, the card that maximizes the consumer's rewards at that location will be charged.
The Wallaby card is expected next year, and there are already more than 20,000 people on the wait list. It will be free for all users in the beginning, but then will likely cost a small fee for users who want more advanced capabilities. --B.E.
