Picking the right credit card to maximize your reward points has become a bit of an art in recent years as cards offering bigger point deals becomes more lucrative to the savvy consumer. Glyph is working to turn that into a science with its new, free smart phone app.
The downtown Detroit-based start up has developed software that helps consumers choose the best credit card to maximize reward points. It shows them what the best cards are in specific situations and also how much they're leaving on the table by not using the right credit cards. The software, which doesn't require any sensitive information like credit card numbers, also shows how much money they save through this process.
"We want to get you as close to 5 percent as we can," says Mike Vichich, co-founder & CEO of Glyph
. "We think it's a really valuable opportunity."
Glyph is targeting points-conscious consumers and business travelers, among other niche groups. Most of these potential customers fall in the 20s and 30s age bracket. "We help people understand what the right portfolio of cards is," Vichich says.
The 10-month-old startup and its team of seven people just launched its iPhone app and is working on an Android version. The company has raised $500,000 in angel funding this year and plans to close a Series A round of investments in 2013. The company currently calls the Ford Building home and plans to build out its new economy business model in the Motor City.
"We're deeply committed to building this business in Detroit," Vichich says. "It's more than a passion. It's an obligation."
Source: Mike Vichich, co-founder & CEO of Glyph
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.