Anyone with a wallet full of plastic will understand the value of Wallaby, a new digital platform that combines a person’s existing credit cards onto one in order to increase their earning potential.
Like other digital platforms, Wallaby uses a single card as the access point to a consumer’s digital wallet. However, this card has been designed to factor in the rewards programs present in a user’s payment arsenal to decide which one the purchase should be applied to. For instance, airfare would automatically be charged to your travel rewards card, while clothes would be charged to a card running 5% cash back on department store purchases.
Founder and CEO Matthew Goldman came up with the idea after he paid for gas with his go-to credit card only to see an advertisement for a gas card he already had pop up at the terminal.
“I thought ‘how long have I been forgetting to use this card?’” Goldman says. He explains the goal is to simplify increasingly complicated credit card rewards programs and eliminate unnecessary guesswork. “Why do that when we have a computer [that] can do that for you?” he adds.
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Wallaby is currently in private beta testing, but interested consumers can request a card by visiting its website. The first 1,000 customers to sign up will receive a lifetime membership benefit. The first 5,000 customers will receive a free card for twelve months. After that time period, the service will cost $50 a year.
Goldman said access will largely be granted on a first come-first serve basis, but some preference might be given to “references from industry influencers.”
The service is slated to become available to the general public early next year. At that time, customers will be able to apply for the card directly on the website. The application does involve a basic background check, but no hard inquiries will be generated on your credit report.
While the initial roll out focuses on maximizing rewards, Goldman says, at some point, Wallaby will be able to account for other factors, such as interest rates.
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Jeanine Skowronski Personal finance reporter and credit expert, Jeanine's work has been featured by TheStreet, Newsweek, Business Insider, Yahoo Finance, MSN, Fox Business, Forbes, CNBC and various other online publications. She has previously served as the managing editor of a small personal finance blog for Xanga.com and an editorial assistant at Maxim Fashion magazine. @JeanineSko
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