App Idea: To maximize rewards on spends

[sumans_cred]

I am professionally an app developer and a credit card enthusiast. I am holding currently 10+ credit cards.

In every community I found a common question: I have some planned expenses of X amount, and suggest the best card to get maximum reward points.

What if there is an app for it?

1. You will tell the app what cards you have( No card details, just card name)
2. Select where you will spend. (Merchant)
3. The amount
4. The app will show you the 2 best cards for that expense. One card will be selected from the list of cards you are already holding, another card will be the industry's best card with a **percentage count.

Percentage count: how often this card has been recommended to you out of all planned expenses. This can help you decide which card to apply for next.

Let me know your thoughts and suggest some features.

 

[Channakya]

There are many more areas concerned for considering the expenses as the application should be feed by each and every transaction you make by the card .
For eg :

There is a card for milestone and a card for direct cash back .
Say SBI has cash back card and Vistara card

Where
Cash back card is solely concentrated on 5% of cashback on online transactions .

Where
Is the card is both of cashback and as well as the milestone,

Case one:

if you have a transaction where to purchase more than a lakh in a month, then between these both Cards , you can consider the first one lakh to be transacted by SBI cashback, and the balance can be considered by using SBI Vistara card.

Case TWO

If you have a transaction of one lakh or more where you need to achieve the SBI Vistara card milestone to get your economy or business class Tickets then you can offer this card and SBI cashback card is of no use.


Lastly, the application should be set by a large amount of information and analytical thinking to come with that type of app with suggests the card for our expenses.

 

[navdeep22]

one concern would how to updaet this card regularly,
a solution can be community oriented, e.g. here in TF community anyone can put a solution, likewise app can have that feature where moderators or experienced persion can update feature of cards

 

[agrprashantagrprashant is verified member.]

I am professionally an app developer and a credit card enthusiast. I am holding currently 10+ credit cards.

In every community I found a common question: I have some planned expenses of X amount, and suggest the best card to get maximum reward points.

What if there is an app for it?

1. You will tell the app what cards you have( No card details, just card name)
2. Select where you will spend. (Merchant)
3. The amount
4. The app will show you the 2 best cards for that expense. One card will be selected from the list of cards you are already holding, another card will be the industry's best card with a **percentage count.

Percentage count: how often this card has been recommended to you out of all planned expenses. This can help you decide which card to apply for next.

Let me know your thoughts and suggest some features.

Something like this is there in our product roadmap at LittlePixi.

 

[navdeep22]

who updates these things, is it communitty or only dedicated people?

 

[navdeep22]

Something like this is there in our product roadmap at LittlePixi.

search index is not there bro,

see when there will be lot of possible ways of doing the same things like booking ticket, there will be infinite number of current solutions and offers running,
so have to make search index using good efficient sorting and searching algo

 

[sumans_cred]

There are many more areas concerned for considering the expenses as the application should be feed by each and every transaction you make by the card .
For eg :

There is a card for milestone and a card for direct cash back .
Say SBI has cash back card and Vistara card

Where
Cash back card is solely concentrated on 5% of cashback on online transactions .

Where
Is the card is both of cashback and as well as the milestone,

Case one:

if you have a transaction where to purchase more than a lakh in a month, then between these both Cards , you can consider the first one lakh to be transacted by SBI cashback, and the balance can be considered by using SBI Vistara card.

Case TWO

If you have a transaction of one lakh or more where you need to achieve the SBI Vistara card milestone to get your economy or business class Tickets then you can offer this card and SBI cashback card is of no use.


Lastly, the application should be set by a large amount of information and analytical thinking to come with that type of app with suggests the card for our expenses.

thanks, @Channakya for the great feedback and concerns. You are right many data points need to be analyzed to suggest the best card. Maybe we can use this thread to list down those data points. If it gets too complex, the app can use A.I to recommend the best card.

Data points

• Reward rate
• Milestone benefits
• Reward capping
• Excluded category
• Gift voucher strategy
  suggest more...

 

[sumans_cred]

one concern would how to updaet this card regularly,
a solution can be community oriented, e.g. here in TF community anyone can put a solution, likewise app can have that feature where moderators or experienced persion can update feature of cards

yeah, this is also one of the challenges. Maybe we can select one person for each card. The individual will be in charge of keeping the card information updated with the most recent changes. The app will also provide an option to report wrong information.

 

[Channakya]

thanks, @Channakya for the great feedback and concerns. You are right many data points need to be analyzed to suggest the best card. Maybe we can use this thread to list down those data points. If it gets too complex, the app can use A.I to recommend the best card.

Data points

• Reward rate
• Milestone benefits
• Reward capping
• Excluded category
• Gift voucher strategy
  suggest more...

yes but the application needs the personal data (spends , payments , fees , etc ) , and if its automatic will the information safe?
if its manual then its time consuming .

 

[sumans_cred]

Personal data can be stored under the Google Drive of the user. However, the main challenge will be the classification of the merchant category from the card statement. As most cc has a reward cap based on merchant category(insurance, jewelry, etc).

yes but the application needs the personal data (spends , payments , fees , etc ) , and if its automatic will the information safe?
if its manual then its time consuming .

 

[Channakya]

Personal data can be stored under the Google Drive of the user. However, the main challenge will be the classification of the merchant category from the card statement. As most cc has a reward cap based on merchant category(insurance, jewelry, etc).

Else there should be link of their mail to the application , like CRED . But most of the people wouldn’t do so .


First thing is to collect the MCC codes and the merchant names. Based on that the cash back or milestones should be assigned .

 

[sumans_cred]

Else there should be link of their mail to the application , like CRED . But most of the people wouldn’t do so .


First thing is to collect the MCC codes and the merchant names. Based on that the cash back or milestones should be assigned .

Do you have any list where MCC codes and merchant names belonging to that MCC are written?
And also, will this app appeal to cc users? I do not see any active engagement in this thread.