Wallaby Financial Presents Data on Consumer Credit Card Usage and Ownership Consumers Have 4.2 Credit Cards on Average
PASADENA, Calif., April 16, 2013 /PRNewswire/ -- Wallaby Financial, the developer of an intelligent, cloud-based wallet and credit card recommendation engine, today released credit card trend data compiled from its tens of thousands of users that reflects the number and type of cards held by the average consumer.
Many consumers have more than four credit cards: 20% of Wallaby users have six or more cards. The user data also illustrate the prevalence of rewards-based cards, with 49% of users holding two or more cards that offer some sort of rewards. A significant 77% of the users report having a points rewards card, and 35% have a card with miles-based rewards. Thirty percent of users also have cards from three or more of the four major credit card types (Visa, MasterCard, American Express, and Discover.)
"Consumers are confronted by the reality of having too many cards and multiple rewards options," said Matthew Goldman, Co-Founder and CEO, Wallaby Financial. "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."
Wallaby offers a mobile app for Android and iOS that guides users on which card they should use for any given transactions in order to maximize their rewards. It enables consumers to make purchases more efficiently.
"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," continued Mr. Goldman. "The data illustrate the changing landscape of credit card rewards where we are seeing more complex awards systems."
Download the Wallaby App from www.walla.by/mobile or on your phone in the iTunes or Google Play store. To learn about how Wallaby is transforming the credit card landscape, or to join the Wait List for the Wallaby Card, visit www.walla.by.
About Wallaby Financial
Wallaby Financial is building the first service to combine a cloud-based wallet with an intelligent credit card. Working alongside a consumer's existing credit cards, Wallaby's unique solutions ensure that a consumer maximizes the rewards available from each purchase. This is achieved automatically using Wallaby's proprietary real-time algorithms. Wallaby Financial was founded in 2011 and is funded by FF Angel, WI Harper Group, Karlin Ventures, Quotidian Ventures and is a graduate of Santa Monica accelerator MuckerLab. Wallaby Financial is headquartered in Pasadena, CA.
For more information, please visit http://www.walla.by.
SOURCE Wallaby Financial