A new start-up named Wallaby wants to help you make better use of your credit cards. The company will not offer credit lines to customers, but instead give its users the opportunity to load their credit cards into a single physical card to use online or at normal point of sale processors.
The service works as follows: users upload their credit card information to Wallaby. Wallaby then looks through rewards and special offers to determine which credit card profile to use each time you swipe your card. At a grocery store, Wallaby will use your credit card with the best grocery rewards. At the gas station, Wallaby will select a different credit card profile to get the most cash back.
The basic idea is that many companies offer excellent promotional benefits and cash back terms, but few people can maximize benefits completely. Many people simply cannot stay on top of the best offers at any one time, and could instead get more from their credit cards by using a service like Wallaby.
Digital Card Revolution
Wallaby is very much like other digital wallet services that bring all your financial profiles together. The service is unlike others, though, in that it also includes a physical card to use at point of sale retail processors. Every other digital wallet service focuses on digital payments as well as Near Field Communication technologies – not a credit card with a magnetic strip.
The technology could be game changing for people who want to use credit cards for rewards without spending a lot of time reading terms and conditions for each card and each rewards program. Wallaby does come at a cost - $50 per year for new members after a free 12 month trial. One would anticipate that the program will only cost less over time while credit card rewards only get better and better.