5 Tools That Influence Which Card Is Top of Wallet

In time for the holiday shopping season, companies - including banks -- have debuted new apps and card features that are meant to influence what and whether a consumer swipes at checkout. Banks battling for share of wallet should stay tuned to whether consumers take to these five spend management innovations.

Citigroup is promising cardholders partial refunds on certain credit card purchases if the company can find a better deal within 30 days through its service called Citi Price Rewind. (Image: Shutterstock)

Banno, an Iowa technology company that sells to banks, enhanced its mobile app this autumn to include functionality that helps consumers better know whether they can afford something before they buy that something. The newer feature called "Help Me Decide" takes into account data, such as the consumer's average credit card payment and upcoming bills, to help him make a more informed decision before buying a discretionary item. (Image: Bloomberg News)

ImpulseSave, a Cambridge, Mass.-based startup, offers consumers a mobile app that encourages users to save. The company is open to having banks white label the technology. Why should a bank partner? To drive more core deposits and loan originations and eventually longer-term financial services.

Glyph Inc., a Detroit startup, has introduced an iPhone app to help consumers know which credit card gives them the best rewards at nearby shops and restaurants. The bank opportunity? Partnerships might look something like this: Say a consumer has two credit cards in his wallet, with one offering more cash back for his swipe. An issuer could make a counterbid so its plastic remains top of wallet.

Wallaby Financial out of Los Angeles has revealed an iPhone app that offers users recommendations on how to maximize credit card rewards and benefits as they are shopping. Wallaby supports more than 300 cards.

In time for the holiday shopping season, companies - including banks -- have debuted new apps and card features that are meant to influence what and whether a consumer swipes at checkout. Banks battling for share of wallet should stay tuned to whether consumers take to these five spend management innovations.

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