Womply: Make Credit Cards Into Loyalty Cards
The number of cards that people carry around nowadays is a little staggering. Part of the reason for this is that in addition to credit cards and business cards, a lot of consumers are also dealing with loyalty cards. Many businesses have created loyalty programs with their own loyalty cards for their frequent customers as a way to reward them. But what if there was an easier and more streamlined way to become part of these loyalty programs? This is where the startup Womply comes in.
Womply is a service designed to help you make your credit card a loyalty card. This is how it works. When you sign up with Womply you can see loyalty programs of local businesses. Then you can link your credit card to whichever loyalty programs apply to you. Then you visit that business and make purchases using your linked credit card. Then after you make the required number of visits to the establishment, Womply will automatically credit a rebate to your credit card.
With any startup like this, privacy and the need for secured credit cards is a must. Womply’s policies state they will never sell or share a user’s data with any third party so as to maintain a user’s privacy. They also provide bank level security with a 256-bit encryption used to ensure that your financial information is protected.
Womply isn’t the first service to allow for business loyalty programs. Possibly the biggest competitor it has in the niche is Groupon, the huge daily deals and coupon based website. Womply, however, does hold some advantages over Groupon. For starters you don’t have to download any codes or print any coupons. In fact no one even needs to know that you are part of a loyalty program. The only downside to this may be that some consumers prefer to have a tangible reward, such as a physical coupon, rather than an intangible rebate.
There is also an advantage in that Womply is more personalized for the consumer than Groupon or similar services. Whereas the rewards on Groupon are based on whether other people are interested in it as well, Womply’s rewards are based solely on your actions and whether you decide to visit the participating business. Womply can also personalize your reward based on your spending habits with how much and how often you spend at a local business.
Womply has plenty of potential and the fact that it makes the process so streamlined is a huge advantage. However, it still needs to focus on getting more businesses on board so it can reach a larger consumer base.
CreditCardForum is a popular social site and blog where you can talk about the best credit cards, as well as the one to be avoided. What Kayvon does is blog specifically about the news and developments in the credit card world that relate to technology.
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