John Hayes seeks a partner for RewardStock, a sort of “stock exchange” of airline, hotel, and credit card reward points, in Shark Tank episode 1006. Hayes started the company in 2014. Basically, they aggregate data from all available rewards (points or miles) programs and offer a cash value comparison of each reward's value. These values fluctuate, much like the stock market. RewardStock analyzes whether it's best for a traveler to pay cash or to use points for a given travel option.
RewardStock works two ways. For someone who hasn't signed up for a lot of credit cards or mileage programs, it asks you what your travel habits are and recommends specific cards and programs. People who are already enrolled in programs enter their info and their algorithm analyses and tracks their current programs.
Credit card companies beefed up their rewards programs in recent years to draw in more customers. Chase Bank's Sapphire Card was a big hit last year because it offered 100,000 rewards points just for signing up. Credit card companies buy airline miles and similar benefits for pennies on the dollar so they can offer rewards for their customers.
For people who mostly use the same airline, the airline credit card and mileage perks are often the best bet, but most people don't. RewardStock helps you decide which miles or points to use for any given trip based on its real cash value. They make money by charging ten bucks to book your free travel through them. It's the only app of its kind right now and Mr. Hayes hopes a Shark wants to enter the “stock market of travel rewards” with him.
RewardStock Company Information
Posts about RewardStock on Shark Tank Blog
RewardStock Shark Tank Recap
John will pitch the panel of five Sharks on the business and its prospects for growth. He'll need to convince Mark Cuban, Kevin O’Leary, Lori Greiner, Barbara Corcoran and Guest Shark Sara Blakely that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but he’ll need to show them HE is capable of running the company to “Shark standards." A full pitch re-cap on RewardStock will be available on Shark Tank Blog once this episode airs.
RewardStock Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on RewardStock & John Hayes as more details become available.