Let’s see, this card has a cashback program, while this one gives me miles. But this one has the best interest rate. So which one should I use right now?

Each American on average has 3.5 credit cards, so this can be a tricky question. Wallaby Financial aims to simplify the decision-making process and help people save money with their mobile app/card offering called Wallaby Card, which will launch next month.

The service uses an algorithm to sort through the credit card information customers have entered and suggest the best card to use to buy that iPad, flat-screen TV, or romantic dinner.

In November, the Wallaby iPhone app is expected to launch, Bank Innovation has learned. The Android app will follow eight weeks later or so, and the physical card will be introduced in 2013.

To set up Wallaby service, verify your identity — a process customers are familiar with — and enter the cards you would like to be part of the selection process. Then, enter your preferences so the algorithm can determine values by which to determine which card is most appropriate for which purchase.

Then, you shop. With the app, you scan the item you are purchasing and a card is suggested. Wallaby is not a mobile wallet product. With the Wallaby card, you swipe the card and Wallaby uses the information from the appropriate credit card.

“Our purpose is not to disrupt POS systems,” Wallaby Founder and CEO Matthew Goldman told Bank Innovation. “We’re trying to help people make good decisions.”

The service is free for users. Wallaby will make money by helping brands find users who would be good customers of its cards.

Wallaby secured its initial funding through the Founders Fund, followed by additional funding via Angel List.