Spending assessment
Long story short, had I used a different mix of credit cards to maximize my rewards last year, I could have earned 3X more in rewards than I actually did. I earned $627 in credit card rewards instead of $1,941, leaving $1,314 on the table. That’s $109.50 per month I could have put towards a savings goal or a small splurge on myself.
After realizing this, I created a FREE, personalized spending assessment to help you avoid the same mistake. When you link your accounts to Beami, we will help you the right mix of payment options based on your goals and where you shop the most often. We do this by analyzing your purchases and the payment type you used for each purchase.
Below, we provide details on how we conduct your spending assessment and what a personalized report looks like. Let's get to it.
Spending overview and summary of payment options
Opportunities to maximize your rewards
This tab is the money tab. This tab shows you a summary of your options to maximize your rewards amount (the $ value) and rewards rate (the % value). Beami also takes into account your financial goals and financial situation to ensure the options presented are most relevant.
The "baseline" scenario shows how much you've currently earned based on purchases made using your current mix of payment options. The "optimize" scenario shows you which payment option is best to use for each purchase category based on your existing payment options. Lastly, the "maximize" scenario shows you which payment option is best by category, based on a mix of existing and potentially new payment options.
In the below example, I earned $627 in credit card rewards last year (equal to ~1.03% back). Had I optimized my use of existing credit cards, I could have earned $1,187 in rewards last year (equal to ~1.89% back). If I had maximized my use of existing and new credit cards, I could have earned $1,941 in rewards last year (equal to ~3.19% back). A few percentage points' difference may not sound like a lot, but it adds up throughout the year!
Spending insights - what you spent your money on over the last 12 months
To see where my money went, I also created another view to show which categories I was spending in the most:
Output tabs - how we calculate each rewards scenario
Step 1: Consolidate all purchases in one place
In my example, I linked my accounts directly to Beami, and Beami automatically extracted my transaction history (purchase date, description, amount and bank-specified category, only) from each so I could see everything in one place. You can link your accounts to Beami, or add your own expenses manually in the Credit Card Spending Tracker and email to hello@beami.io., but linking your accounts is much faster and easier.
Step 2: Calculate how much you earned in rewards last year (your baseline)
We multiply each transaction by the rewards rate specific to the category of the corresponding card used to come up with a baseline monetary value for my rewards, less the annual fee.
Below is a partial snapshot of my baseline results, or the rewards I actually earned last year.
Step 3: Calculate the optimal amount of rewards using existing payment options
After analyzing your spending patterns, we'll present an option on how you can optimize your rewards (or savings, etc.) by using your existing set of payment options. This generally entails using different cards for different category purchases.
Step 4: Calculate the maximum amount of rewards using existing and potentially new payment options
By using a combination of existing and potentially new payment options, there could be an opportunity to earn even more rewards (or savings) than from your existing payment options alone. If this is the case in your situation, we'll let you know!
Beami can help you maximize your credit card rewards, too
For a limited time, Beami is offering to analyze your purchases and share insights on how you can maximize your savings on future purchases. We’ve spent hundreds of hours researching the best credit cards and alternative payment options that work best for your goals, credit situation and more. Here is an example of the comprehensive report you’ll receive.
How to get started with Beami
Simplify fill out a quick survey and tell us about yourself and your goals.
Link your accounts securely through Teller
At the end of the survey, you’ll be prompted to link your financial accounts (similar to Venmo) through Teller, a secure third party connector. We don’t ask for or collect your private information. Teller only shares purchase date, description, amount and bank-specified category with us.
Download and share your transactions by spreadsheet
Or, you can add your transactions manually in the Credit Card Spending Tracker and email to hello@beami.io. We'll share your results within 1-2 days.
We're so excited to help you get on the right track!
