Introducing the iBag


Enter the iBag.

Picture this – you’ve just left the office and are getting ready to make your way home. It’s another week until payday and you know you shouldn’t be spending any more money, but you ignore the responsible voice in your head and decide to take a quick detour down to your favourite shopping haunt, ‘just to window shop’, you tell yourself.

As soon as you enter your shopping ‘danger zone’ the bag lights up with a LED light warning signal that’s triggered by a GPS chip. If you decide to ignore this and make a purchase, the bag will track your wallet being taken out and send an SMS to your nominated ‘responsible other’ to let them know you’ve had a spending relapse.

You may think that although these features are great, they’re only a deterrent and won’t actually stop you from making a purchase, so there’s also a real-time clock which locks the bag during vulnerable spending times during the day.

See the iBag in action

Main features

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:

  • Tracking your spend: RFID module records every time you take out your wallet
  • Locks you out: Using a real-time clock to program the bag to shut at your most vulnerable spending times of the day
  • SMS notification: GSM module sends an SMS to your ‘responsible other’ every time you enter a danger zone
  • Warning lights: GPS chip controls LED lights to warn when you’re entering a ‘danger spending zone’


See more images of the iBag here

Media Enquiries

For media enquiries please contact our media team or read the iBag press release.

Why did we create the iBag?

This may seem a bit extreme, but a quick look at the facts says otherwise. Survey findings by revealed one in four credit card holders don’t usually pay off their balance in full each month. That’s potentially four million credit card accounts across Australia that are paying unnecessary interest.

Almost half (45 percent) of those who don’t pay off their cards in full each month – potentially 1.7 million credit cards – make more than three unplanned purchases per month.

Many Australians are clearly out of control with their credit card spending and don’t realise the financial repercussions of impulse spending. The iBag is one solution that can help consumers get in control of their finances.

The iBag is a great way for impulsive shoppers but it won’t teach you to budget, save money, or pay off your debts. That’s why we have launched the 12 Week Financial Fitness Challenge.

If you have a credit card balance already it’s always important to do a comparison to consider other cards in market. You can also check out special balance transfer promotions available from the banks which could save you a considerable amount of money in reduced interest charges on your existing debts.

Presentamos el iBag

Imagínate- acabas de salir del trabajo y te dispones a emprender tu camino a casa. Falta una semana para el día de paga y sabes que no deberías de gastar más dinero. Sin embargo, ignoras la vocecilla responsable en tu cabeza y decides desviarte rápidamente hacia tu centro comercial favorito. ‘Solamente para ver los aparadores’, te dices a ti misma.

Tan pronto como entras al centro comercial ‘peligro’ el bolso se ilumina con LED de advertencia activados por un chip GPS. Si decides ignorar la señal de advertencia y hacer una compra, el bolso rastreará tu cartera saliendo del bolso y enviará un SMS a la persona responsable a la que tú misma hayas nominado, para avisarle que acabas de tener una recaída económica.

Quizá piensas que aunque estas características son geniales, son simplemente un freno, pero no detienen la compra. Por eso, el bolso esta equipado con un reloj en tiempo real el cual cierra el bolso durante los horarios en los que existe mayor peligro de gastar.

La iBag en Acción

Características Principales

El iBag fue diseñado para impedir físicamente, a los compradores, el acceso a sus tarjetas de crédito en los momentos en los que son más vulnerables. Las características principales del iBag son:

  • Rastreo de tus gastos: el modulo RFID registra cada vez que sacas la cartera
  • Se cierra automáticamente: utiliza el reloj en tiempo real para programar el iBag para que se cierre durante los horarios en los que es más probable que hagas gastos innecesarios
  • Notificaciones vía SMS: su modulo GSM envía un SMS a alguna persona, designada por ti, cada vez que te encuentras en una ‘zona de peligro’ en la que normalmente gastas de más
  • Luces de advertencia: el chip de GPS te advierte cuando te aproximas a una ‘zona de peligro’
Ver más imágenes de la iBag aquí

Media Enquiries

Para más información sobre el producto contacta a nuestro equipo de medios o lee el boletín de prensa de el iBag.

Por qué creamos el iBag

Podría parecer un poco extremo, pero un vistazo a los datos demuestra lo contrario. Los resultados de las encuestas realizadas por revelan que uno de cada cuatro tarjetahabientes no pagan el saldo total de su tarjeta cada mes. Potencialmente, esto quiere decir que cuatro millones de cuentas de tarjetas de crédito en todo Australia están pagando intereses innecesariamente.

Cerca de la mitad (45 por ciento) de aquellos que no pagan su saldo total mensualmente – potencialmente 1.7 millones de tarjetas de crédito – realizan más de tres compras imprevistas al mes.

Claramente, son muchos los Australianos que están fuera de control en sus gastos con tarjeta de crédito y no se dan cuenta de las repercusiones de gastos impulsivos. El iBag es una solución que puede ayudar a los consumidores a tomar el control de sus finanzas.

El iBag es formidable para los compradores impulsivos pero no te enseñará a presupuestar, ahorrar dinero o a pagar tus deudas. Por eso hemos lanzado el 12 Week Financial Fitness Challenge..

Sign up to the 12 Week Financial Fitness Challenge

12WFFC Banner
Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

9 Responses to Introducing the iBag

  1. Default Gravatar
    O'Hara | October 19, 2014

    Helpful info. Lucky me I found your website accidentally, and I am shocked why this accident did not happened in advance! I bookmarked it.

  2. Default Gravatar
    | October 18, 2014

    An intriguing discussion is definitely worth comment. I believe that you ought to publish more on this issue, it might not be a taboo matter but usually people do not discuss these issues. To the next! Many thanks!!

  3. Default Gravatar
    Beamon | October 11, 2014

    Hello, its nice post about media print, we all be aware of media is a fantastic source of data.

  4. Default Gravatar
    frezo | February 18, 2014

    What happens if I bought too much and the bag is closed and I need my wallet to pay the parking ticket and the car key?

    • Staff
      Jacob | February 19, 2014

      Hi Frezo, The bag includes an emergency feature which will open the bag if you have any valuables in there or for any emergencies.

      I hope this helps.

    • Default Gravatar
      frezo | February 22, 2014

      Ok sounds good like it! I hope we can get it in Switzerland :-)

  5. Default Gravatar
    Tom | February 5, 2014

    Can this technology be locked onto congress members when they are negotiating new spending bills? Also, could it be mandatory that the results of their actions be made public? Maybe common sense would prevail in those hallowed halls of GREED, or at least made public.

  6. Default Gravatar
    Shane | February 3, 2014

    Doesn’t the GSM module in the bag require you to pay monthly for a cell service subscription? What sort of costs would those be? Thanks.

    • Staff
      Matt | February 3, 2014

      Hi Shane,

      Great question. Yes, the iBag does require a SIM card to send a text message to your responsible other. There are a wide range of cheap prepaid SIM cards you could use such as Lebara or AMAYSIM.

      Thanks for your interest in the iBag!


Credit Cards Comparison

Rates last updated November 25th, 2015
Cash advance rate (p.a.) Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a low interest rate on balance transfers and purchases with a low annual fee.
21.49% p.a. 0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
NAB Premium Card
Long term balance transfer offer with premium benefits such as travel insurance.
21.74% p.a. 0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months $90 p.a. Go to site More info
HSBC Platinum Credit Card
Earn 1 Rewards Point per $1 spent plus a balance transfer offer. Access to Platinum benefits including personal concierge service, complimentary travel insurance and VISA Platinum reward program with $0 annual fee for the life of the card.
21.99% p.a. 19.99% p.a. 0% p.a. for 8 months $0 p.a. Go to site More info
Citi Rewards Credit Card - Classic Card
Earn up to 20,000 bonus points with 2 points for every dollar spent in the first three months. Also enjoy 0% p.a. on balance transfers for 12 months.
21.74% p.a. 20.99% p.a. 0% p.a. for 12 months $0 p.a. annual fee for the first year ($89 p.a. thereafter) Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you spend $300 within the first 3 months and up to 2.00 points for every dollar you spend, together with a $0 annual fee. Offer ends on 2 February 2016. Also, receive a low balance transfer rate of 0% p.a. for 12 months.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question