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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.”
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!