Project by: 

Qianqian (Sally) Liang

High Concept Statement: 

This app will give user suggestions about which existing credit cards they possess to use in certain venues and circumstances. User will link all credit cards to this secure app during the user on boarding process. This app will both optimize their reward redemption practice and maximize their credit card reward points potential. This app will ultimately increase the user’s cash flow. Furthermore, we will also introduce more functionalities such as monitoring the credit card interest and suggest the best practice to help users reduce their credit card debt.





Need or Demand:

Nowadays, the average American has 2.6 credit cards. When you remove those without any credit card, the average among those who have credit cards in their wallet jumps up to 3.7. (Data source: Gallup) With so many various credit cards at their disposal, it is difficult for consumers to keep track of the reward programs that change on a timely basis. As a result, consumers can end up losing a foregone reward value from their potential reward points. That foregone value can be as high as $6.25 per $100 purchase. Lastly, consumers save valuable time and frustration from having to keep track of the ever changing nature of reward categories.

Product / Service / Solution:

The app aggregates and keeps track of the reward categories across user’s various credit cards. When user opens the app at a store, the app compares all credit card reward programs at this particular store and recommend the card with the highest reward points. The same algorithm works for online shopping as well when user searches the website name in the app. When user is ready to redeem its reward points, the app calculates all possible redemption methods and recommend the practice with the most redemption value. Please see value proposition section for a live example.

Value Proposition:

This app saves a user’s time in researching credit reward program, maximizes the cash flow and enhances his or her credit card spending habits. The app’s value proposition can be applicable to in-store shopping, online shopping and reward points redemption. Let’s look at an example with in-store shopping. John is a newly married truck driver with three different credit cards without much time between pit stops and wants to fill up his 18-wheeler truck with gas. At the gas station, the app recommends the Chase Freedom credit card based on its 5% credit card reward promotion that quarter for gas which beats his Bank of America’s 2% and Chase Sapphire’s 1% for the same category. Over the next month, he spends $10 000 on gas which results in 50 000 reward points on Chase’s website. John is planning to take his new wife to Mexico for their honeymoon. The app recognizes that Chase Freedom points are transferrable to Chase Sapphire and that 100 points is equivalent to 1.25$ for any travel booked via Chase Sapphire. John’s 50 000 reward points from Freedom is equivalent to $625 in travel money which means his wife is flying round trip for free to Mexico. At every stage of John’s credit card usage, his purchasing power is augmented with the app.


MySwipe and Wallaby
MySwipe does not recommend reward redemption and their recommendation algorithm is inaccurate. For example, I know one of my credit cards will get the most rewards at a restaurant while this app suggests me a different card. Wallaby is closest competitor to this app. However, Wallaby is not intuitive enough for user to follow and lack of user experience. For example, instead of locating the closest merchant and making recommendation of that merchant, it provides a list of merchants in a 200 square ft. area and the recommended card for each merchant. As a result, in a busy area like Manhattan, it is difficult and frustrating for user to find a certain merchant from the list.

Revenue Model:

Sponsorship/partnership (i.e. featured ads) from credit card company. For example, when the user is using this app at a gas station, on top of the suggested credit card in their wallet, there will be a featured ad of “5x reward on Gas with Chase Freedom. Apply now.”