Wallaby Financial Launches, Maximizes Credit Card Rewards Automatically
Wallaby Financial announced today the beta version of it's next generation Wallaby Card. The credit card, which isn't really a credit card at all, but actually a cloud-based digital wallet that stores information about your existing cards, could drastically improve the amount of cash back, travel miles and other perks users get from their credit cards. This means you can carry one card, and have Wallaby automatically pick the best credit card to use for each transaction and route payments dynamically based on personal preferences - to rack up travel miles, get the most cash back, or whatever other rewards individuals covet most.
According to the company announcement, the card is designed for the average American consumer, who happens to hold around 3 different credit cards, the majority of which offer rewards. The Wallaby system allows users to establish rules and personal preferences that dictate how payments get routed. So if someone favors cash back over travel points, they just need to specify that in their settings and Wallaby will intelligently direct spending from the Wallaby card to the most advantageous linked credit card based on these preferences. For instance, if someone is using a card that offers triple points or double cash back for gas purchases for a limited time up to a certain dollar amount, Wallaby's system will recognize this, and based on personal settings, direct gas spending accordingly.
Wallaby was part of MuckerLab's inaugural class and participated in Mucker's Demo Day back in April. Mucker Lab is a new startup/accelerator program based in Santa Monica, CA., where Wallaby is also based. William Hsu, Mucker Lab co-founder said, "Wallaby is a very novel concept that will have a transformative effect on the credit card and mobile transactions markets. Many consumers just don't have the time to keep track of all their limited-time card offers, so they end up paying fees without earning the maximum rewards."Continued on the next page