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November 6, 2009 • Posted by Erica Adams

Card Companies Pig Out

Credit card companies are realizing tremendous profit as they punish customers by increasing credit card rates at the worst possible time. Customers struggling to pay interest rates in the single digits are now seeing rates of 20%+ when they open up their card statements. According to David Ellis in a recent CNNMoney article, "Looks can be deceiving, especially in the credit card business."

No matter if the relationship is in good standing or even if you pay your entire bill off every month, it's a cash grab for Wall Street at the expense of Main Street, as congress moves to speed legislation to protect those who need it most. And with the holidays coming, and recent statistics from Consumer Reports indicating that 13.5 million Americans are still carrying debt incurred from last year's holiday season, our leaders in Washington cannot move fast enough.

Watch video

Financial expert and "Today Show" contributor Jean Chatzky has recommended socking away $100 each week starting now until December to ease the eventual pain caused by seasonal spending. Chatzky smartly points out that, by setting a goal like this and sticking to it, by the time the holidays roll around, credit cards might not be the necessary evil they have been in the past.

We could not agree more, and, in fact, this sentiment is exactly what we here at SmartyPig stand for. With expenses like gifts and travel piling up, there has never been a better time to take back control. Credit cards are doing more harm than good, even to the most loyal and responsible customers. Thus, there's no time like the present to stand up for yourself, get back to the basics and finally own the holidays. A little bit at a time can definitely make a whole lot of difference.

 

Tags: smartypig   •  saving money   •  holidays   •  credit card act

0 Comments | |

October 20, 2009 • Posted by Michael Ferrari

"Smarter" Pig Is On Its Way

In the 18 months since we launched SmartyPig, we've made a dozen or so unique upgrades to our service. Why? Because you told us to. Sure it's cliché to insist a product is what its customers want it to be - unless you mean it. And we do. We heard almost immediately after we launched that we needed an ACH option at redemption, so we added it. Then we heard it needed to be faster. So we made it faster. Connect with sites like Mint. Launch a mobile site. Add additional sharing features like Twitter and Facebook connect. Enhance our widgets. Done. Done. Done. Done. Done. Done.

We're not just tooting our own horn, but typically a financial services company would take 18 months to launch a single product - after a lot of focus groups and maybe a few pilot runs in test markets. It may work. It may not. The need for it may have changed or gone away completely. In the social world of Web 2.0, though, where you are right now, things move pretty fast. People want back and forth. People want more. People want a new kind of relationship where their ideas matter.

So within the next month or so we're going to unveil a few pretty dramatic upgrades and enhancements in our service. More will come in December, and then even more in January. We've been hearing what's important to you. And we're all set to take SmartyPig to the next level - faster, easier, better. As the leader in the Bank 2.0 space, we vow to continue to provide groundbreaking features, terrific technology, the best possible deals and top-notch customer service. What all of that looks like, however, is pretty much up to you. Just let me know.

Thanks,

Mike Ferrari, co-founder
@mferrari

 

Tags: smartypig   •  new features

21 Comments | |

October 13, 2009 • Posted by Michael Ferrari

SmartyPig Dream Big Video Contest Winners!

The results are in! First, let me say thank you to those that shared their dreams with us. We hope you enjoyed creating and submitting your video. We sure enjoyed watching them!

Winners were determined based on the following:

• 33.3% - total number of views
• 33.3% - star ratings
• 33.3% - SmartyPig judging panel

And to those that did not win, we'd like to offer you a $100 SmartyPig gift card for your tremendous effort. After watching your work and hearing your stories, we all agreed we couldn't let you go home empty handed.

And now, the moment you've all been waiting for...

Drum roll please...

$2,500 Grand Prize winner!

marcu5aurelius
http://www.youtube.com/user/marcu5aurelius
"I recently moved to Napa, California to take a job at a vineyard. It is my dream to start my very own vineyard. This is a pricey dream to pursue, and I am hoping that this contest will help get me started. I'm not a cinematographer and may not have the fancy equipment other people entering this contest have, but I'm the only person willing to risk pneumonia to make my dreams a reailty."

5 - $500 Runners-Up

Fizzlebearsbabygirl
http://www.youtube.com/user/Fizzlebearsbabygirl

 

brookenp
http://www.youtube.com/user/brookenp

 

boblotich
http://www.youtube.com/user/boblotich

 

PSJCS
http://www.youtube.com/user/PSJCS

 

thelehmonator
http://www.youtube.com/user/thelehmonator

To all winners and non-winners, please email us at support@smartypig.com with the link to your video and your shipping address and we will get your gift cards in the mail.

Thanks again. We had a blast!

 

The SmartyPig Team

 

Tags: smartypig   •  video contest   •  dream big   •  youtube

2 Comments | |

October 2, 2009 • Posted by Michael Ferrari

Groundbreaking Social Features Launched!

On Tuesday of this week, I gave a first glimpse into some of our new social features we've been working on to those in attendance at Finovate in NYC. And today I'm excited to announce that they are now LIVE! These new features exist in your profile under a new tab called "Sharing".

Facebook and Twitter Integration

New features introduced today expand on SmartyPig's existing social media functionality and are a first in the banking industry! SmartyPig users now have the option to securely connect their existing Twitter and/or Facebook account to any goals that they have chosen to share with friends and family. When Twitter is connected to a shared SmartyPig goal, SmartyPig will automatically post to that Twitter account any time funds are added towards meeting a goal. The Facebook connect feature works similarly, posting to the Facebook user's wall every time funds are added towards meeting a goal that they have chosen to share. The best part about this connectivity is that the posts and tweets happen automatically. So even if you are not logged in to your SmartyPig, Twitter or Facebook account, SmartyPig will continue to post tweets and wall posts on your behalf when funds have been added to your goal. Again, this type of connectivity is a first in the banking space so we are really excited to get your feedback. Check out the screen shots below from my own personal account! Connecting to your Facebook or Twitter account is simple. Here's the Facebook and Twitter connect pages.

Once connected, the page expands and you can now select the goals you would like SmartyPig to post/tweet on your behalf. In addition, you can include a link to your SmartyPig sharing page, so friends and family can easily contribute to your goal!

And here is an example of what a tweet and wall post looks like to your friends and followers, anytime funds are added to your goal (via recurring monthly contribution, one-time adds of money and gifts from family and friends).

Enhanced Widget

Second, we heard loud and clear that you wanted more customizable options for the widget so we completely enhanced the widget creation process. As of today, we launched an entirely new customizable widget that allows you to include multiple goals, customize messaging and graphics, link to your SmartyPig sharing page and integrate with over 28 social destinations like Facebook, MySpace, blogger and more. Here is the widget creation page:

And here is a sample widget:

Setting and achieving a goal is a very empowering experience and many of you enjoy involving your friends and family in the process. Please test run the new Facebook and Twitter connect features and enhanced widget and let us know what you think.

Thanks!

Mike Ferrari, co-founder
@mferrari

Tags: smartypig   •  twitter   •  facebook   •  widget   •  social   •  new

5 Comments | |

September 30, 2009 • Posted by Michael Ferrari

A Note From Our New CEO!

I'd like to introduce myself as the newest addition to the SmartyPig team. I'm Bob Weinschenk and have just joined SmartyPig as CEO. We are out in New York where we presented at the Finovate show (an exposition to announce/discuss the best new financial and banking technology) and announced a new set of social networking tools. The feedback and press have been extremely positive - it's a nice welcome.

It would be an understatement to say that I'm excited to join the SmartyPig team. Given my background, which includes creating and managing the growth of four start-up/emerging companies, I can truly say that SmartyPig is an extension of one of my life's passions - to take great ideas and create companies around them. In the case of SmartyPig, the idea is truly intuitive - the concept of buying items with money you have vs. money you have borrowed is not a new idea! But I'm impressed with how that idea has really resonated with consumers, and the company - through web technology, creative rewards, and the use of social media - has created something special. My job now is to create even MORE value for our customers.

Oh yeah, and to have fun along the way. I can tell you that the team we have at SmartyPig is truly incredible - so great to work with -- and I feel extremely honored.

One of the main reasons that I love early stage companies (besides working with incredibly creative and intelligent people), is that we have no excuse for being anything but agile and adaptable. We should be able to bring new ideas to market faster than others, and should be able to address issues that aren't working for you in a timely fashion. I know it's often overstated but I do believe we need to earn your business every day and intend to act accordingly.  While Google has made it's name with the mantra "Don't be evil," I'd like to extend the principle to state that you can expect that "SmartyPig does good." If it's not good for you it's not good for us. To this end, I would really like to hear from you. Because I'm almost continuously on the road email is the best way to communicate with me - bob@smartypig.com.

I also want to let you know that I see every customer support email that comes through SmartyPig. It's the least that I can do to understand areas that we can improve. As I've read through the support logs, our blog and GetSatisfaction, I've also been extremely impressed with the number of you who have shared ideas on how to make SmartyPig a better company. I love it - please keep it up.

While 3 1/2 weeks hasn't yet allowed me to get my arms around all areas of our business, there are some clear messages I've received from customers. At the risk of simplifying some great feedback - I've heard the following. I've heard that you we're disappointed that we dropped the interest rate twice in a relatively short period. Further, I heard that you would really appreciate a rate increase. I've also heard that you want an enhanced redemption program when you close out a goal with greater flexibility, more retail partners and larger cash-back boosts.

I can assure that your messages have been received, and I'll do everything I can to address these very valid issues.

Please don't stop pushing us and please feel free to contact me.

Bob Weinschenk
bob@smartypig.com

 

Tags: smartypig   •  ceo   •  bob weinschenk   •  finovate

11 Comments | |