New startup helps credit card users maximize rewards and savings

Eclipse, a Waterloo-founded app, uses machine learning to choose the best credit card for every transaction

By Mayuri Punithan

Cheriton School of Computer Science

Overwhelmed with credit cards options and obscure information, four young co-founders started Eclipse, which just released a new product to help users manage their finances and maximize rewards.

Co-founder, Mingchung Xia, a third-year computer science student at the University of Waterloo and his high school friends, Krish Kodali, Luke Wang and Nathan Chao, created a smart digital wallet that recommends the best card to use at every payment and provides personalized card suggestions, like Apple Pay but with more advanced features.

The team researched and built a database of Canadian and American credit cards, including their custom point values for different stores and shopping categories such as food or gas. The app uses machine learning algorithms to rank each card based on its maximum value, particularly point values and multipliers.

Unlike other fintech apps, Eclipse does not require any bank connection or personal information like a PIN. Coining this as an “information-first approach,” Eclipse asks the user to provide their current cards. Since the app is powered by a database, it would know each card’s properties. Similarly, Eclipse does not track a user’s location. To create real-time card recommendations, it uses the phone’s existing location permissions. It only uses the location's name, so someone's location never goes through the servers. Overall, this app can help people manage their finances without compromising their privacy and security.

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