Idea for a Credit Card App

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Dec 22nd, 2019 12:20 am

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Dec 17th, 2019 4:33 pm

mcmax20 [OP]: Jr. Member; Dec 26, 2017; 191 posts; 113 upvotes

Dec 17th, 2019 4:33 pm

Idea for a Credit Card App

Was just thinking of how it would be nice if there was an app that could tell you which credit/debit card would maximize our rewards at each store we are making purchases.

The basics would be that you could select the store you're shopping at and your rewards preference (cash back, travel, miles, etc...) and it would tell you which of your current credit/debit cards to use for maximum benefit. It could also have a database of all cards currently available in Canada and make suggestions of what card would be best that you could apply for. What do you think, would this be useful to you? Or if it already exists, please let me know!

Also an app to tell you exactly what a store is categorized as to the credit card companies...don't even get me started on that mystery maze!

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Dec 17th, 2019 7:38 pm

titaniumtux: Deal Guru; May 8, 2009; 14073 posts; 11728 upvotes; Not Leask

Dec 17th, 2019 7:38 pm

Even if an app were to be developed, it'd...

require geographic location
you'd have to add your cards within the list of supported cards by the app
for smaller merchants, especially seasonal, it may be real hard for the app to register

Basically, can only remotely function of made by the oligarchs or basement hobbyists. I guess there'd be affiliate marketing opportunity for revenue...as in "going to merchant X? Have you considered signing up for THIS card??"

Even then, Tang has choosable categories, so you'd have to add those, too.

Much work for so little gain.

Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]

+2

Dec 19th, 2019 2:49 am

bubaglobalj: Sr. Member; Dec 8, 2017; 505 posts; 235 upvotes

Dec 19th, 2019 2:49 am

I think it’s a nice idea. Could also include other discount options, such as what cash back program or coupon to use.

I actually made a table for my 5 credit cards, to help me remember (see attached).

Images

Dec 19th, 2019 3:03 am

amplified: Deal Addict; Oct 13, 2006; 2310 posts; 787 upvotes; Burnaby

Dec 19th, 2019 3:03 am

I think you'd also end up spreading spending across too many cards with some having minimum redemption criteria and/or annual fees. Also insurances are important to some and can't be ignored, whether that's price protection, warranty, collision damage waiver, travel/baggage insurances etc.

The app would have to have some sort of profile generator built in.

+1

Dec 19th, 2019 8:06 pm

smartie: Deal Fanatic; Dec 5, 2006; 9228 posts; 4509 upvotes; Markham

Dec 19th, 2019 8:06 pm

Its a nice idea

But in reality, be aware algorithm is much complicated

1: there is a fee associated with card, you can potentially maximize reward but pay too much fee . So net net you lost money

2: some cards reward have tiers. For example, scotiabank passport infinite, if you spend 30(or 40k) a year, you get 10k point as bonus. So its not just maximizing each individual transaction, but also overall reward (reward tiers, fees...), so app need build in those forecasting

I am wondering why google hasn't built this type app, they can integrate with google map and track your location. Pretty much Pokémon Go for Credit Card

+1

Dec 20th, 2019 12:42 am

jtfrogger: Sr. Member; May 26, 2009; 526 posts; 689 upvotes; Calgary

Dec 20th, 2019 12:42 am

If you'd want to put the effort into something like this, you would get more value out of churning cards. Welcome bonuses return much more than category spend.

+4

Dec 20th, 2019 11:59 am

Mr_Dogg: Deal Addict; Feb 26, 2012; 2067 posts; 413 upvotes; MISSISSAUGA

Dec 20th, 2019 11:59 am

mcmax20 wrote: ↑ Was just thinking of how it would be nice if there was an app that could tell you which credit/debit card would maximize our rewards at each store we are making purchases.

The basics would be that you could select the store you're shopping at and your rewards preference (cash back, travel, miles, etc...) and it would tell you which of your current credit/debit cards to use for maximum benefit. It could also have a database of all cards currently available in Canada and make suggestions of what card would be best that you could apply for. What do you think, would this be useful to you? Or if it already exists, please let me know!

Also an app to tell you exactly what a store is categorized as to the credit card companies...don't even get me started on that mystery maze!

There is something exactly like this, although I am not sure how well it works in Canada.

CardPointers
https://apps.apple.com/us/app/cardpointers/id1472875808

+2

Dec 20th, 2019 10:57 pm

CouponBaron: Sr. Member; Jan 18, 2015; 787 posts; 512 upvotes; Cornwall, ON

Dec 20th, 2019 10:57 pm

amplified wrote: ↑ The app would have to have some sort of profile generator built in.

Maybe get together with the creditcardgenius guys since they already have that filter for their cards. I'm sure the algorithm could be recycled that way.

However "net valuing" cards even in their own filters is only moderately accurate, since for example, there are unique unseen values - like Canadian Tire's Bill Pay is in no way accommodated for there. (Although in your app's case, that use happens to be irrelevant)

Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky

Dec 21st, 2019 12:53 pm

titaniumtux: Deal Guru; May 8, 2009; 14073 posts; 11728 upvotes; Not Leask

Dec 21st, 2019 12:53 pm

CouponBaron wrote: ↑ Maybe get together with the creditcardgenius guys since they already have that filter for their cards. I'm sure the algorithm could be recycled that way.

However "net valuing" cards even in their own filters is only moderately accurate, since for example, there are unique unseen values - like Canadian Tire's Bill Pay is in no way accommodated for there. (Although in your app's case, that use happens to be irrelevant)

CCG's card recommendation web "app" is garbage. It'll only recommend a "one card solution", even though you can add multiple cards from your current wallet.

Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]

Dec 21st, 2019 10:46 pm

Andreit: Jr. Member; May 24, 2019; 132 posts; 125 upvotes

Dec 21st, 2019 10:46 pm

There is an app that does all of this: it’s called MaxRewards. It recognizes only USA credit cards for now, but they will probably implement canadian credit cards soon since they allow the app on the Canadian App Store

+1

Dec 22nd, 2019 12:20 am

CouponBaron: Sr. Member; Jan 18, 2015; 787 posts; 512 upvotes; Cornwall, ON

Dec 22nd, 2019 12:20 am

titaniumtux wrote: ↑ It'll only recommend a "one card solution", even though you can add multiple cards from your current wallet.

Hmm, fair enough. I just thought mental extrapolation from the results was enough to be helpful and that similar generic data from the app that can be extrapolated upon has to be more use than none, no?

Max Low Income NoAF CB:
SLOT1: Simplii 4%/1.5%
SLOT2 3% Grocery: BMO CB MC ** MC for WM Supercentre+NoFrills
SLOT3 (1.25% OTHER): Amex SC/AmexBlueSky

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