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April 25, 2013

Wallaby Financial Releases Data on Consumer Credit Card Ownership



Cloud-based wallet and credit card recommendation engine developer Wallaby Financial recently revealed information collected from its users regarding credit card ownership.

 

According to the data, 20 percent of Wallaby users report owning six or more credit cards with 30 percent of users holding cards from three or more of the four major credit card types which are Visa, MasterCard, American Express (News - Alert) and Discover. Rewards-based cards seem to be prevalent with 49 percent of users having two or more cards that offer some type of reward. More specifically, 77 percent have a point rewards card and 35 percent own a card with miles-based rewards.

 

"Consumers are confronted by the reality of having too many cards and multiple rewards options," Matthew Goldman (News - Alert), co-founder and CEO of Wallaby Financial, said in a statement. "Card issuers are also including both more rewards and more restrictions. This complexity is difficult for consumer to manage. This is where Wallaby comes in, with its ability to guide consumers on which card to use in any given situation, allowing them to efficiently optimize rewards."

 

Last year, in an effort to help consumers more easily handle their credit cards and get the most for their buck, Wallaby launched a mobile app for Android (News - Alert) and iOS devices. The app provides consumers with real-time recommendations on which card they should use for a given transaction in order to receive the maximum reward, thus enabling consumers to make more efficient purchases.

 

Wallaby's recent data highlights the latest trends in credit card ownership and rewards incentives.

 

"There is no one else out there that has our database of credit card rewards information and is in the market position to pull this data together into meaningful statistics," Goldman said in the statement. "The data illustrate the changing landscape of credit card rewards where we are seeing more complex awards systems."




Edited by Stefania Viscusi
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