Wednesday, June 27, 2012

Wallaby aims to combine all your rewards cards into one, and maximize your returns

We pay for almost everything with a credit card. The reason for this is not that we don't have enough cash, but because we have credit cards that get us a rebate. That includes as much as 5 percent off for groceries, something we said we would never use a credit card on.

With rebates, though, why not? The thing is, it's often difficult to remember which credit card gives us the best rebate at a particular retailer, and that's where Wallaby comes in.

Launching in beta mode on Tuesday, Wallaby replaces all your credit cards with one single card (which means if you lose it, you lose them all, of course).

The idea, the site's FAQ explains,

"Wallaby keeps track of all of the different rewards offers for each of the credit cards you own, including limited-time and one-time discounts. We know that one credit card has 5% cash back on gas stations this month, while another has triple points on restaurants. We also know your credit line limits and cash back maximums. Wallaby automatically picks the right card for you–every time you swipe."

Users can use an automatic mode, which routes a charge to the correct card for the best rewards, or they can instead designate what percentage of their spending should go to what card. A companion mobile app will allow users to change their preferences anytime, as well as see local rewards nearby, add and remove cards, and check for updates on their rewards.

However, it looks like the mobile app will be iOS only, to start, based on images on the mobile app page. Come on guys, get with it: support Android now (Nokia lovers might clamor for Windows Phone).

The negative, as we see it, is that the site charges $50 annually for the card. Every single card we use has a $0 annual fee.

That said, the first 1,000 users to sign up for the company’s beta will receive a lifetime membership benefit, and the next 5,000 users will get a free card for 12 months. New users beyond these initial sets of beta users will receive six months of free service.

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