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Two questions...

I know it doesn't support two card with different addresses during the beta, but after that do spouses have to pay an additional $50 for their card?

Any ETA on the cards going out (approximation is fine... days, weeks, months)?

Let me be blunt about Wallaby: this is not something I will use on large purchases. The whole cloud of doubt around credit card features like purchase protection, extended warranty (e.g. AMEX), return protection etc is not something I can ignore for big ticket items. Let alone the fact that I am dumping all my sensitive CC info into a completely new entity's database.

For small ticket items, this card might be useful for the average consumer. For FWF types who mentally optimize rewards during spending without thinking about it twice, the additional savings (for small ticket items) on top of what they already optimize is not going to be large (and could even be negative I think).

Wallaby is probably good enough to catch some of the unoptimized spending my wife does when I am not around. Let's say my wife ends up getting 1% instead of 5% due to a slip up. So Wallaby can help her recover an extra 4%. For us to break even on the $50, she needs to have spent $1250 a year in these unoptimized spendings for Wallaby to even start making sense. Since these slip-ups are not every-day affair and happen only when she is shopping a quick grocery or gift item by herself in store, it is unlikely that they would add up to $1250 a year.

My suggestion is to do the math for your particular situation before jumping on Wallaby.

ETA: my method of optimization: On my rotating category cards, I paste a small-font note showing categories for each quarter. A few weeks into the quarter my brain is trained enough to remember the categories without looking at the note. For travel related purchases my brain is tuned to use Chase Sapphire (unless it is a rotating category). For all other purchases, I use a 2% card. I have practised this often enough that this happens almost in auto-pilot mode.

I have a sticky note in my wallet. It lists every card I carry and the best Cash Back opportunities for each card. I update it regularly. One package of sticky notes should last a lifetime.

I guess you don't get an email at all if your past 5000, signed up on the 29th. That's a little disapointing.

Bump!

Matthew - any updates, when are guys planning to deploy cards ?

You can't go back into stealth mode once you got uncloaked

They are probably deciding if they want to out ahead and start the project, or are busy coding.

Bump.

Sent PM to Matthew asking for update.

On their website there's a login implying some Beta-testers had received cards, anyone here?

http://www.walla.by/sign-in/

If you’re part of our existing beta trial, you can sign in below. Wait list members cannot log-in. You must already have received your activation e-mail and Card.

The sign in message has been there all along.

There are no cards yet because they still haven't figured out how to do it.

When I registered I got an email saying I was in the first 5,000. Since then I haven't heard a peep from them.

Hi Everyone-

Thanks for the continued interest! I know that everyone is impatient to receive the product and we are working hard to get cards issued to everyone on the list.

The reason that we don't send a bunch of e-mail updates is because we don't want to be perceived as spamming people. This is good feedback that perhaps we're too quiet. We'll work on a better communication strategy.

As I am sure you all understand, with every financial product there are certain risks and costs and it is critical for us to roll-out slowly so that we don't destroy the business trying to go to fast. We just received some incremental funding (see TechCrunch at: http://tcrn.ch/PSR4pC for info) and this is helping us to hire and accelerate.

Thanks for your continued interest and patience.

Best,

Matthew

burgerwars said:   When I registered I got an email saying I was in the first 5,000. Since then I haven't heard a peep from them.

There is a tech trend to gauge interest before committing resources to making the product. This can be done by making beta sign ups, and seeing how many bite. Only if there is sufficient interest will the real work move forward.

A risk of this strategy is that it can be offensive to some clients, so it's understandable that they don't want to come out and say it upfront. I'd like to think that FWFers won't be, since it's just business, not personal.

For whatever it is worth: We did not launch our wait list to gauge interest prior to committing resources. We are committed to this product and this company and have been working on it for more than one year. Thank you again for your support and engagement!

Lol, you called the customer impatient. Great customer service skills!

mgoldman said:   Hi Everyone-

Thanks for the continued interest! I know that everyone is impatient to receive the product and we are working hard to get cards issued to everyone on the list.

The reason that we don't send a bunch of e-mail updates is because we don't want to be perceived as spamming people. This is good feedback that perhaps we're too quiet. We'll work on a better communication strategy.

As I am sure you all understand, with every financial product there are certain risks and costs and it is critical for us to roll-out slowly so that we don't destroy the business trying to go to fast. We just received some incremental funding (see TechCrunch at: http://tcrn.ch/PSR4pC for info) and this is helping us to hire and accelerate.

Thanks for your continued interest and patience.

Best,

Matthew

My take on this... I have had an idea to open a website and actually had work done almost had my site up and running about points. This takes it one step further. My idea was also maximizing points but it gets very complicated due to MCC codes and making sure each card has the right category with MCC codes. There are also different versions of the same card. For example I have an OLD chase Ink card with 3x points on gas, hardware stores and restaurants. Now this is not the same as the current Chase Ink card. So this will throw a wrench in it. Im not sure how their system would work but going through my database trying to organize these bonuses per card category was very complicated.

Also while Wallaby is a great idea I believe the limitation will simply be spreading out your points across many different programs. To make this work efficiently the user would need to have a focus group on where they are trying to dedicate their points (for instance a single airline, Cash Back, etc). Then what happens if CashBack = flyer miles. Say you get 3x points on travel (Cash Back) and 3x points by using your Citi AA card because you are buying an AA ticket? Which is truly more valuable? I would say that flyer miles are worth more than $.01 each. Some points like hotel points are not worth $.01 each and the CashBack would have been a better option.

Mr. Goldman has a lot on his plate as far as proper prioritization. I had a couple programmers going in circles to properly prioritize and calculate the best options as it is quite complicated.

Bump. Anyone get a card yet?

Just got this email:

"Dear Wallaby Wait List Member,

You may be asking: "Where's my Wallaby Card?" Here's an update, plus a very big thank you for your patience.

The response to the media coverage we received over the summer was incredible. Tens of thousands have signed up for a Wallaby Card. This has left us with the best kind of problem -- how to meet demand and exceed expectations once our card is in your wallet.

To help ensure that every aspect of Wallaby is absolutely watertight, and to put something in all of your hands faster, we are launching an iPhone App in advance of the full launch of the Wallaby Card. This will allow us to roll out our cards soon after with enhanced features in place.

The iPhone App should be available by Thanksgiving. It will be a great tool to make your Holiday shopping dollars go further.

We can't put into words how grateful we are that you have joined us on our mission. We are more confident than ever that the Wallaby Card will be well worth the wait!

Thank you to all of you who have helped spread the word about Wallaby via Facebook and Twitter. We will limit our e-mails to you up to the big announcements, so please following us on our blog, Facebook or Twitter.

Best regards,
Matthew, Todd, and the Wallaby Team"

Matthew - A sincere thanks for the update. I'd like to give you & your team some friendly advice. I know starting a company and running a startup is hard. I know that working with big companies within an established ecosystem that you are trying to change is hard. But your customers and prospective customers don't care much about that difficulty or complexity. They want a product and a company that will deliver on its promises.

What is the iPhone app going to do and does it have any direct connection to the Wallaby card? If it is just you trying to put something in marketplace in lieu of having a working card, it's not clear that many of the folks who signed up for the beta would be interested. But, without knowing what it is, it's hard to tell.

If the card is delayed, when can we reasonably expect it to be launched and rolled out to beta customers? If the delay is indefinite or the launch timeframe unclear, that is fine, but communication either way would be appreciated.

To be clear - I am a huge fan of your concept and what you are trying to do, and I hope you succeed beyond your expectations. Just be direct about what's going on and don't let more than a month or two pass without a meaningful update. That's a surefire way to turn off folks who would likely be your most rabid fans.

My two cents:

Unless Wallaby really gets it act together and issues the physical card, it will become also-run in a crowded field of mobile payments.

There are whales swimming in this pool - Google Wallet, Paypal, and some established players like Venmo; they all have had a mobile apps for a while.

In addition to that - the decision to use only iPhone App ignores the Android market, which is (contrary to media coverage) has a bigger market share and growing faster

Yeah, the only thing interesting was the physical card angle. Unless you can somehow use this as a loophole to use AMEX at a Visa/MC only location (without a fee).

Looks like they are about to get beaten to market by some small start up company called Google.

http://www.androidpolice.com/2012/11/01/introducing-the-physical-google-wallet-card-coming-soon-to-google-wallet-and-more-new-features/

bluehorseshoe said:   Looks like they are about to get beaten to market by some small start up company called Google.

http://www.androidpolice.com/2012/11/01/introducing-the-physical...


I don't see how a physical Goggle wallet card would match the functionality of Wallaby.

Wheres it say that?

jerosen said:   bluehorseshoe said:   Looks like they are about to get beaten to market by some small start up company called Google.

http://www.androidpolice.com/2012/11/01/introducing-the-physical...


I don't see how a physical Goggle wallet card would match the functionality of Wallaby.

Wheres it say that?

The google wallet card can be used in lieu of multiple cards. The difference is that Wallaby seems to choose the best card automatically, while with google wallet card, you have to select which card you want, and if there's a better one, you have to choose it.
I think the current intent of the Wallaby card is more flexible, but I think that's something google could probably fix pretty easily.

I tried to tell them so...

GW physical card might not have all the bells and whistles Wallaby had promised, but it will be readily available for millions within a few days of release.

Wallaby could have a had leg up against Google with a physical card 1.0, but no - they decided to play a catch-up with GW on iPhone first.

Also no annual fee for google wallet card as far as I can tell.

I'm still at a loss as to how Wallaby actually works on the back end. Banks are not going to just let them post charges under any merchant code they want in order to generate rewards, are they? If what they are suggesting is even possible, why not skip the purchases altogether and just have Wallaby charge me $10k under their "gas station" merchant code and simultaneously rebate me $10k under their "retail store" merchant code? 2% for Wallaby, 3% for me. Rinse, repeat, profit.

Unless either one gets around "they don't take American Express" and/or picks the best card so your SO doesn't have to think about it, I don't care. The weight of extra credit cards in my wallet doesn't bother me, those two problems do.

mattun said:   Unless either one gets around "they don't take American Express" and/or picks the best card so your SO doesn't have to think about it, I don't care. The weight of extra credit cards in my wallet doesn't bother me, those two problems do.
The people who care enough about which cards get used/selected are likely to care less about the extra cards and more about getting the right credit all the time (just like you).
The people who don't care enough about which cards get used/selected are happy carrying their one or two everyday cards and don't need a solution to this problem.

So, this will likely end up being a niche product for the set of people who care moderately about the correct cards/rewards being applied.

Just got an email. The iphone app is available- probably just lets you enter your cards, and tells you which one to use at a merchant?
The email indicates the Wallaby card will be launched in early 2013.

imbatman said:   Just got an email. The iphone app is available- probably just lets you enter your cards, and tells you which one to use at a merchant?
The email indicates the Wallaby card will be launched in early 2013.

Yes. That's what it does. Doesn't have half of the cards I use. And, it takes less time for me to remember which card I should use where rather than pull out my phone, open this app, choose the store and look at their recommendation. It doesn't take rotating rewards categories into account, so seemingly even less useful. In addition, it's relatively slow to bring up stores and the search doesn't seem to work correctly.

So, basically, don't bother downloading this.

BostonOne said:   imbatman said:   Just got an email. The iphone app is available- probably just lets you enter your cards, and tells you which one to use at a merchant?
The email indicates the Wallaby card will be launched in early 2013.

Yes. That's what it does. Doesn't have half of the cards I use. And, it takes less time for me to remember which card I should use where rather than pull out my phone, open this app, choose the store and look at their recommendation. It doesn't take rotating rewards categories into account, so seemingly even less useful. In addition, it's relatively slow to bring up stores and the search doesn't seem to work correctly.

So, basically, don't bother downloading this.


Lol. good review. I wasn't planning on downloading it since it's all in my noggin anyway.

So a slow incomplete app that is outperformed by memory and/or a paper cheat sheet. Nice.

So the "Beta Launch" was a sign-up page?

From the original Techcrunch article:

"Wallaby, which is launching its beta today, reminds me a bit of banking startup Simple. Just like Simple automatically manages your finances for you and automatically shuffles your money between the most lucrative debit and savings accounts, Wallaby combines all of your existing credit cards onto one card and then decides which of your credit card accounts to route your transactions to based on where you can get the most frequent flyer"

does anyone have a password to login to the app also?

wasxz2000 said:   does anyone have a password to login to the app also?
My signup appeared to fail initially, so I tried it again and got an error when I tried to sign up with the same email again. However, when I tried to subsequently log in with the email & password I signed up with, it worked.

Has anyone gotten their card yet? For those of you who have access to the online login (not iphone app) do you see a set of terms and conditions? If some one can get a copy of those and post them here it will not take long to decipher them and answer a ton of questions about where the liability/responsibility for chargebacks, fraud, rewards points, and everything else is. I know I hardly ever read those things, but in this instance it would be worth reading.

Anyone have some T&C's they can share? My main question is whether Walla.by is becoming a merchant by definition and then simply charging my credit card via their own merchant account or have they been able to fundamentally change how transactions are processed?

Still a great idea, I just want to know how it works!

millsy2002 said:   Has anyone gotten their card yet? For those of you who have access to the online login (not iphone app) do you see a set of terms and conditions? If some one can get a copy of those and post them here it will not take long to decipher them and answer a ton of questions about where the liability/responsibility for chargebacks, fraud, rewards points, and everything else is. I know I hardly ever read those things, but in this instance it would be worth reading.

Anyone have some T&C's they can share? My main question is whether Walla.by is becoming a merchant by definition and then simply charging my credit card via their own merchant account or have they been able to fundamentally change how transactions are processed?

Still a great idea, I just want to know how it works!


per my post earlier on this page - no one has the card as it's not going to be released until early 2013.

Sorry Batman, I missed that.

I guess that means no one has a login that gets them into the www.walla.by site?

Boston One - You answered Batman's question about what the current phone app does indicating it simply finds stores and recommends which card to use. Are you getting this info from the about section of the app or did you find more info somewhere else?

millsy2002 - I don't even see that there is a login on the www.wall.by site.

I got the info in the most straightforward way possible. I downloaded the app from the app store and then used it.

the annual fee is a deal breaker
I will go with Google Wallet when it gets released

BuckarooBanzai said:   I'm still at a loss as to how Wallaby actually works on the back end. Banks are not going to just let them post charges under any merchant code they want in order to generate rewards, are they? If what they are suggesting is even possible, why not skip the purchases altogether and just have Wallaby charge me $10k under their "gas station" merchant code and simultaneously rebate me $10k under their "retail store" merchant code? 2% for Wallaby, 3% for me. Rinse, repeat, profit.

From the answers he posted, really the only possibility is what you said - wallaby has the capability to charge transactions to any merchant code. Agreed that what you say would be a more effective way to leverage that...but that's clearly fraud , whereas what they're actually doing of routing the transaction that actually occurred in that category is more defensible and I could see them finding a loophole somewhere that allows them to do it.

I'm going to agree with others that I don't think this is worth it, although it's not far from worth it. The lack of protections concerns me greatly. But, if AMEX cards can be used at Visa/MC only locations, then that's a big deal.



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