“Coin” Device That Stores Your Credit Cards Available for Pre-Order

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There is a new device called a “Coin” that I’m sure this will be interesting to any miles and points junkie that has and uses multiple credit cards (um, all of us).  The coin is “a connected device that can hold and behave like the cards you already carry. Coin works with your debit cards, credit cards, gift cards, loyalty cards and membership cards. Instead of carrying several cards you carry one Coin. Multiple accounts and information all in one place.”

Coin

I recommend watching the video on their site for a pretty quick overview as to what this is and how it works.

The short version it is shaped like a credit card, but stores the info from up to 8 of your credit cards, debit cards, or gift cards at a time (the mobile app can hold more that you can switch out).  You then select which one you want to pay with and swipe away like normal when paying in a store, at a restaurant, gas station, etc.

Basically it almost sounds too good to be true for those of us who haul around multiple types of cards (it now just needs a corresponding app to tell you what card to use based on where you are!).  They’ve thought through a few security concerns will will likely jump to the front of everyone’s mind, but I’m still pretty sure there will be some real hurdles to all of this playing out well in the end.

They say the device will cost $100, but some are being offered now for pre-order for $50.  I’m not shelling out money to pre-order one right now, but I will be watching this development pretty closely as it would be handy if something like this ends up working out!  They say they will start shipping in the summer 2014.  There are referral links out there for this that give the referrer $5 toward their Coin, but since I’m not comfortable shelling out my $50 for it, I certainly don’t want any credit for you doing the same.  However, if you do plan to pre-order one, I’m sure someone would be happy for you to use their link!

Assuming this type of concept actually hits the market and works well, would you be a buyer?

Thanks to my FB friend, Hans, for sharing news of the pre-order!

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  1. The husband already purchased one this morning and is getting his full review ready. Me on the other hand, I think it is a great concept in theory as I am constantly losing my cards, but that also means there is a good chance I will lose, or “misplace” as I like to call it, this one as well.

  2. @David Wallaby will have rules that you can tweak so you simply swipe the card and it applies the charge to the most ‘optimal’ card for that category of spend. I imagine it relies on the merchant IDs.

    Coin though is primarily a device for consolidation, you have to manually toggle which ‘card’ the charge goes onto before you swipe it. Otherwise it would be whatever it was last set to. I think this could be handy for when you need to charge something to a ‘non-optimal’ card, say if you’re running up against a limit, etc..

    They also have a neat feature where the app will tell you if you walk too far away from the card, so that could help avoid leaving it behind at a restaurant, or forgetting your wallet at home.

    If people want to use my referral link as well, that would of course be appreciated: https://onlycoin.com/?referral=ENIoFC34

  3. This is not a new idea and has been discussed for years. It’s a simple device, but why does it take so long? Huge legal issues! I honestly don’t think it will work this time.

  4. I think one obvious thing missing with this card is your name on the front of the Coin Card. How are you supposed to make a large purchase if the cashier can’t verify your name with your drivers license? Anyone know how to fix that problem?

  5. I go to a restaurant and hand them my coin to pay the bill. They take it and walk away, over to the register…

    1. What prevents the waiter or waitress (let’s assume they also have coin and are familiar with it) from PURPOSELY toggling to another stored card? Anything? I know this sounds stupid and unlikely but is it possible? (Imagine that I’ve given the waitress a hard time and now she just wants to “mess” with me).

    Answer: Nothing.

    2. What prevents the waiter or waitress from putting the correct charge on the credit card that I select, and then after that – toggling to another card and adding an additional fraudulent charge? Anything to prevent this?

    Answer: Nothing.

    I also wrote the company days ago and they have yet to respond. To many potential for problems with this item, IMHO.

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