A new website has launched which helps members of loyalty programs get the most miles/points for their credit card purchases–an easy way to “swipe smarter”. The way the site works is for members of loyalty programs to give Wallaby information on your loyalty credit cards and indicate your favorite types of rewards to earn. You’ll get a Wallaby Card in the mail–a cloud-based digital wallet that stores the information about all of your existing credit cards and automatically picks the best card to charge in each transaction. For example, some cards vary the earning by month, offering double points for dining one month or triple for gas purchases the next. Wallaby will automatically detect which of your cards will give you the best deal for your purchase.

You have the option to designate the percentage of your overall spending that should go to a particular card and what your preferred earning is–points, miles, cash-back–and you can also indicate how to allocate certain purchases or categories such as dining out. Wallaby purchases will work as a Visa card but you can use loyalty cards that are American Express, Discover, MasterCard or Visa.

You can add new cards, delete cards or change your preferences at any time through the website or via your smart phone. Wallaby will also send you information on special deals and will keep track of your credit line limits and cash back maximums. The service is not free, but the first 5,000 people to sign up will get their first year free. After the first 5,000 have signed up, and for subsequent years, the cost is $50 per year after a free trial period of six months. Visit http://www.walla.by to learn more.

Bottom line: At $50 per year, this is not for everyone. But if you have five or more loyalty cards, it might be worth it to you if you want to make sure you’re getting the most of your cardmemberships. Other benefits include being able to use your American Express card as a Visa at places that don’t accept American Express–and a much thinner wallet.