It is uncommon for consumers to only have one payment option nowadays. While preferred payment options exist, many have multiple credit or debit cards with existing points on them that they are unaware of. Looking to ensure consumers are making the most cost-efficient purchases with the cards, and in turn rewards, available to them, Redeem, has launched out of beta.
Whether planning a stay at the Marriott or making a purchase at Nike, Redeem steps in to guide users on maximising their credit card benefits by analysing which card is best for every purchase. It aims to instil confidence in consumers, ensuring they redeem available rewards wisely or save them for more favourable redemption rates.
Recent studies reveal that the average consumer possesses over four credit cards, collectively accumulating a staggering 48 trillion points globally, equating to approximately $360billion in value. Astonishingly, 30 per cent of these points, representing over $100billion, remain unredeemed due to the complex nature of reward systems. Consumers are often left bewildered, unsure of when and how to redeem their benefits. As a result, many miss opportunities and leave value unclaimed.
“The idea for Redeem originated when I created a spreadsheet to manage my own credit card rewards. I realised there had to be a more intuitive and efficient way for everyone to unlock the full potential of their credit cards, and thus, Redeem was born,” says co-founder and CEO Charles Parietti.
Key features
- Real-time analysis of multiple payment methods (credit cards, memberships, etc.) at the point of purchase.
- Notification of available offers/benefits/rewards in real-time on a per-card basis.
- Auto Opt-In to offers.
- Notification of which card is best to use based on each users own preferences.
- Insights on when to redeem loyalty points.
- Easy to install Chrome Extension.
“In a world where consumers are inundated with credit cards, each boasting its own set of points, cash-back systems, and a myriad of rewards, it can leave people confused and missing out, says Gregg Jackowitz, co-founder and COO.
Version 2 of Redeem aims to add redemption rates for point loyal programs, notify users of available offers, and even auto-applies points, coupons, or cash-back offers at checkout.
