iBag: A solution to your credit card debt problems
Introducing, the iBag
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
The iBag is a concept for a new product that will alert you when you enter shopping "danger zones", stopping you from impulse spending by using an in-built warning system.
The iBag is fitted with LED lighting which flashes when triggered by a GPS chip. If you decide to ignore the warning and pull your wallet out of your bag, an SMS will be sent automatically to someone you nominate as your "responsible other" to let them know that you've dropped your guard and you're prone to overspending.
To top it off, the bag is fitted with a real-time clock which is set to warn you during set times of the day when you are most likely to be vulnerable to overspending.
iBag features and benefits
The iBag was designed to physically deter shoppers from accessing their credit cards when they’re at their most vulnerable. The main features of the iBag are:
- Track your spending: The in-built RFID module is designed to record each time you remove your wallet from the iBag.
- Lock out feature: The real-time clock is programmed to shut the bag at your most vulnerable times of the day
- SMS notification: The bag comes with a SIM card that will send an SMS to your responsible other any time you enter a shopping danger zone.
- LED Warning Lights: The GPS chip inside the bag flashes when you enter a "danger spending zone".
Why was the iBag created?
The iBag was designed by the team at finder.com.au to help combat credit card debt and start saving. One in four credit card holders don't pay off their credit card balance in full each month meaning that there are over four million credit card accounts that are accruing interest charges and costing Australians a lot of money.
On top of this, almost half (45%) of people who don't pay their cards off in full are making more than three purchases on impulse each month.
The one possible solution to this problem which we hope will help get consumers back in control of their money. Beyond this, it's important that consumers learn to budget, save and pay off all their debts, so we decided to launch a 12-Week Financial Fitness Challenge.
More guides on Finder
Amazon Prime Day Australia 2021: All the best deals from Day 2
Here are all the best deals from Amazon Prime Day Australia's second day - including the return of dirt-cheap Nintendo Switch consoles.
Prime Day deal: $100 off Sony’s ‘Bose Killing’ Headphones
Get 33% off Sony WH1000XM3 Wireless Noise Cancelling Headphones during Amazon Prime Day 2021. Here's how to get the deal before it disappears.
How to get $90.95 off Nintendo Switch with Amazon Prime
Amazon Australia is selling the Nintendo Switch video game console for $349 during Prime Day - that's over $120 off the RRP.
Amazon Prime Day’s best deals on big-ticket items: Up to 46% off
From Segways to stand-up paddleboards, these are the best Prime Day savings on the most expensive items.
Nacon RIG 500 Pro HC Gen 2 review: Super comfortable gaming headphones
The Nacon Rig 500 Pro HC headphones have wide console and PC compatibility, Dolby Atmos licensing and a genuinely comfortable design, even for longer gaming sessions.
Oppo Find X3 Neo 5G review: Oppo’s better flagship phone
The Oppo Find X3 Neo lacks the utter flagship features of the Find X3 Pro, but you won't miss them, while you will enjoy its lower price point.
7 health insurance deals to save you money at tax time
Avoid the MLS tax and get a rebate by taking out health insurance. Here are 7 deals that’ll save you money on your tax returns.
Today’s ASX top stocks: Milton Corporation (MLT ↑16.0%), Oneview Healthcare (ONE ↑12.8%)
The 10 biggest movers on the ASX for Tuesday 22 June 2021.
Mobile plans are now more expensive, but here’s a hack to save $200 a year
Telstra, Optus and Vodafone keep raising their prices even as the rest of the market is more affordable than ever.
Get more from Finder
Ask an Expert