If it seems like your credit card is constantly changing the rules, that’s probably because it is. Promotions this week will be different from those a few months ago and no one has the time to track this data just to save a few bucks. But that means consumers are losing out on a lot of money, just by using the wrong card.
According to Pasadena-based Wallaby, what’s in your wallet can have a big difference on how much you can save (or lose) on credit card purchases and rewards. The software technology company’s core goal “is to help user to better take advantage of the financial service products in their life,” said CEO Matthew Goldman. In the past month alone, the company launched two new features to find customers more savings: an app on the pebble watch for those who want to wear their technology and an extension on Google Chrome.
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The Pebble App
Wallaby works by analyzing data for different credit cards, banks and its users personal preferences – for example, earning cash back rewards or minimizing bank fees – and gives real-time information to users on the best credit card to use. This saves users hundreds of dollars a year and switching to a new card on the basis of Wallaby’s recommendation normally nets users $599 (without including sign-up bonuses). Those are serious savings that demonstrate how fluid credit card fees and rewards are.
The company released its Google Chrome extension today after releasing an app for the pebble watch. Goldman says the company is always trying to stay ahead of the curve, giving people advice and tools to save money, but that the company is “very driven by what our users are looking for.” The app for the watch from user’s feedback, saying they didn’t always have time to pull out their phone when making a purchase.
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The Chrome extension will support recommendations for shopping online. Goldman sees two major trends in his industry: the digitization of finance (buying goods from your phone) and the demand for real-time advice. He thinks older personal finance apps missed these key elements. Wallaby’s business model revolves around giving people advice when they need it and not making them crunch numbers or sort through charts to figure it out on their own.
For the international jet-setters, the company is always adding information on foreign transaction fees.
With a business model that consumers can immediately see savings from, the company is growing. Over the course of this year, the company plans to reach millions of users. They have eight people on staff and plan to hire later in the year.
Goldman thinks the LA/Pasadena region is a great base for startup technology firms. He sees great loyalty among employees – without poaching common he thinks is common in northern California – and a drive to build great products.
The company is an outgrowth of Mucker Lab first class and they continue to lean on them for advice.
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