Ever wonder which credit card in your wallet will give you the most cash back, miles or other valuable rewards? You might have a general idea, but what if you value airline miles over cash back, or selected merchants are running promotions for bonus miles on certain days, double cash back on others? Wallaby Financial’s recently upgraded mobile app solves this problem by using a set of rules that you input, things like what rewards you prefer along with the cards in your wallet, to maximize credit card rewards. The company announced it’s new Wallaby 2.0 app on Wednesday which includes Android specific interface improvements and two-way FourSquare integration.

wallaby wallet diagram

Originally launched out of MuckerLab in Santa Monica last year, Wallaby then raised $1.1 mil in seed funding  from FF Angel, WI Harper Group, MuckerLab and some other individual investors to further market it’s concept .  The cloud-based digital wallet is available for iOS and Android, but the most recent updates focus on the Android version, and among other improvements includes two-way FourSquare integration.

wallaby financial app screenshotThis lets users link their Wallaby Wallet with FourSquare, so when users ‘check-in’, they are instantly notified of which card in their wallet offers the best rewards for purchases made at that location. Users can also ‘check-in’ directly from the Wallaby app on FourSquare.

“With version 2.0 of our Android App, users get FourSquare integration plus more control to fine-tune their card recommendations and earn the rewards that are most valuable to them,” said Wallaby Founder and CEO Matthew Goldman . “Let’s say you’re a fan of one hotel chain over another, and would rather have their points. With Wallaby 2.0, you tell us your preferences, and the app adjusts its recommendations based on your input. Advanced users can also specify the value of particular type of point down to the hundredth of a penny.”

The mobile app, for both iOS and Android both let users customize their preferences for points over miles, cash back over points, or whatever combination of priorities they want. Other than the improvements announced this past Wednesday, the iOS and Android version of the app work pretty much the same, using geolocation to determine where a user is shopping, and then present a list of their credit cards ranked by which will give the most rewards.

The idea was originally to have a physical card, but regulatory hurdles slowed down the process prompting the company to launch the app that is currently available. According to this article on TechCrunch, Wallaby CEO Matthew Goldman said the plans to develop a universal card weren’t being scrapped, just slowed down.

And Wallaby isn’t the only one with an app to optimize credit card rewards, other companies like Glyph are doing the same thing. The idea has also been compared to that of Simple, which does have a physical card, but is available by invitation only at the moment, and doesn’t maximize rewards as much as it makes it easier to manage finances on-the-go, and aims to actually replace your bank.

Wallaby Wallet, the mobile app  is free to download and available on both iTunes and Google Play. Those interested in the physical card can sign-up here to be placed on a wait-list and notified with availability information.