Feedback Wanted: An App Where You Can See AND PAY All Your Credit Card Bills and Earn Cashback Instantly

LCrediSave on 28/09/2023 - 13:42
Last edited 28/09/2023 - 14:55

Hi,

I am working on a business idea to build an app where you can see AND PAY all your credit card bills and earn cashback and offers instantly.

Additional features:

  • You could see how much 'hidden' fees and interest you could save if you pay before a particular date
  • You could see your credit score and how to improve it (pay by x date to improve it etc.)
  • You would of course get $$ in your account right away as a reward for 'good behaviour'

We want to help people get out of credit card debt faster (which also means banks wouldn't love this idea anyway).

If you like this idea, tell me in 1-2 bullet point why and how can I improve?

If you don't like this idea, give me 1-2 bullet points of why you don't like it?

Thank you :)

Edit: Thank you for the feedback. Clearly the idea isn't good because of all the issues mentioned in the comments. Will drop it - feedback taken :)

Financial

Comments

  • Hybroid on 28/09/2023 - 13:49
    +27

    This has been tried before and the main issue was people not wanting to provide a random third-party company with all their personal details and bills and banking information. It won't work. Think of something new as a billion-dollar business idea.

    You'll also need a new name as pretty sure Creditsafe, a well established global company with Australian office, will likely object to the name similarity within the same financial industry.

    I'm happy to take consultation commissions.

  • Mechz on 28/09/2023 - 13:49
    +5

    So people would have to use your app to login to their own credit card accounts in order for you to get the data?

  • capslock on 28/09/2023 - 13:51
    +4

    You will give me cashback for paying my credit card bill through your app? What is the catch? If you are going to charge me a fee then I am out.

  • localhost on 28/09/2023 - 14:00
    +3

    Do you have experience handling sensitive data like credit card info? Have you heard of credit card processing rules? Do you have financial license?

    This is where you should start first.

  • jv on 28/09/2023 - 14:02
    +3

    No way am I giving you my personal and financial details…

    • capslock on 28/09/2023 - 14:05
      -1

      With all the data breaches recently, your personal and financial details are probably already for sale online.

      • jv on 28/09/2023 - 14:09

        Luckily I encrypted mine.

    • Yummy on 28/09/2023 - 14:41
      +3

      Member Since 1 hour 9 min ago

      Yeah… Nah…

  • onetwothreefour on 28/09/2023 - 14:03
    +3

    I only have one credit card which is through ANZ who I do my banking with. When I buy something on my credit card I just log in to my internet banking and transfer money from one account to the credit card. How would your app help improve this simple process?

    • jv on 28/09/2023 - 14:09

      How would your app help improve this simple process?

      It will use Face ID.

      • onetwothreefour on 28/09/2023 - 14:24

        They haven't seen my face, I don't think it would work.

  • randomusername2017 on 28/09/2023 - 14:15
    +5

    save if you pay before a particular date

    Pay outstanding balance by due date..
    🚀 science

  • mskeggs on 28/09/2023 - 14:16
    +2

    What business would pay cash back for sales you have already made?
    This feels very y2k x.com. The everything app!

  • Iwantthebestprice on 28/09/2023 - 14:30
    +2

    1 - I’m so sick and tired of every app offering a credit score as part of their app - I.e WeMoney and Credit Savvy to name just a a couple. It means nothing in most cases and is used to deliver as much “targeted ads” to me based on my score.
    2 - I would never trust some small company with no reputation access to my financial information, I’ve been burned before where I did not give consent for a company to access my credit score but yet they did, and when called out they blamed a bug in the api and would fix it.
    3 - how will these $$ for good behaviour be credited to me and also the cash back, you must be making money from somewhere and I doubt credit card companies and banks are providing you $ to pay my bill via your app, so it must be via targeted ads based on credit score or selling customer data.

    Will never work, you will burn through money quickly and spent large amounts of $ trying to acquire customers via generous referrals

  • Ponsonby on 28/09/2023 - 14:34
    +3

    Users would probably breach their electronic banking T&C by giving you their login details - in doing so, they would probably lose any protection and compensation their bank offers against credit card fraud.

  • payton on 28/09/2023 - 14:37
    +1

    If I just set all my CC to direct debit to one transaction account it'll achieve nearly the same goal without using your app.
    Good CC providers have app that does notification and transactions list.

    Plus your idea sounds like a privacy & infosec nightmare

  • Crow K on 28/09/2023 - 14:38
    +4

    Milhouse: And also you should win things by watching.

  • desibaba on 28/09/2023 - 14:40
    +1

    This has been a thing in INDIA for years where apps like CRED, PAYTM etc will give you points for paying credit card bill using their app. Unless you are a big name player its doubtful people will be ready to provide their details.

    • deme on 28/09/2023 - 19:53

      Why do they give points

  • Drakesy on 28/09/2023 - 14:40
    +1

    Already done.
    But as said before, handing over information to third party companies and the minimal cashback generally isn't worth the hassle, especially when people are churning points credit cards.
    Finder has something similar regarding credit scores, but of course only updates once in a blue moon as every credit check counts against it.

  • Mokr on 28/09/2023 - 14:43
    +1

    We want to help people get out of credit card debt faster

    Bucket system -

    3 accounts

    Everyday spenindg,

    Emergency fund,

    Holidays etc,

    and no credit cards

    Make a app that does that.

    • CrediSave on 03/10/2023 - 10:30

      Good idea. I think something like this exists under the Barefoot Investor umbrella.

  • spackbace on 28/09/2023 - 14:44
    +7

    https://credisave.com/

    This you?

    • Yummy on 28/09/2023 - 14:47
      +2
      • lol
      • got him
    • CrediSave on 28/09/2023 - 14:52

      Yes, that's a 10-minute landing page that I threw up :)
      Clearly, the idea is not good and will drop it.

      • Mokr on 28/09/2023 - 15:12

        it took you 3 hours right?

        • CrediSave on 28/09/2023 - 15:14

          Haha - probably a little more than three in finding a web host, designing, write content etc. But definitely fewer than 10 hours to test the idea.

  • tio on 28/09/2023 - 15:25

    Not sure why the negativity, I think it's a good idea. Plenty of examples how what you proposed can be done properly. Your product seems to be a combo of pocketsmith and pay.com etc. If the details are right, I'll sign up.

  • Aussiebargainer on 28/09/2023 - 17:23
    +2

    I think the absolute roadblock with this is that you would need all the banks to share their customer info with you so that you can display how much is owing on the credit card. In order to display every credit card provider, you would need to credit providers to agree to sharing the information. That just won't happen.

    • CrediSave on 03/10/2023 - 10:31

      Users can safely share rights under Consumer Data Rights (CDR): https://www.cdr.gov.au/what-is-cdr
      New companies can go through a rigorous process to become recipients of data using Open Banking.

  • deme on 28/09/2023 - 19:53

    Is your idea to just sell the data?

    • CrediSave on 03/10/2023 - 10:33

      Nope - it was to help more Aussies become debt-free sooner. Your personal data never goes to anyone. But we are thinking of discontinuing the idea anyway.

      • deme on 03/10/2023 - 10:33

        How would you make money?

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