Combine Credit Cards

Discussion in 'General Discussion | Credit Cards' started by benids, Nov 14, 2013.  |  Print Topic

  1. benids

    benids Member

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    Long time reader and first time posting but figured this audience caries a lot of credit cards. There's a new product: Coin. It combines all your cards into one electronic card. At purchase you can choose which card to use. It's got some cool features and they are offering them for half price ($55 with shipping, normal will be $105) right now in a limited pre-sale. Unfortunately they won't ship until summer 2014.

    I'd greatly appreciate people using my referral link for this: https://onlycoin.com/?referral=VoShcxgA

    Thanks!


    Edit: Forgot to note, this card has no chip and is targeted at the USA. Presumably the swiping will work while abroad though.

    It holds 8 cards, which lets me lighten my wallet considerably. I suppose you could get more than one and reduce your card weight to 1/8 of what it is now.

    Additional edit: This is pre-sale is a crowdfunding venture to get the start up going. Technically there is a risk that you will not receive a card and not get your money back. The goal though is $50,000 (here) which is only 1,000 cards which seems more than feasible to me.
     
    Last edited: Nov 14, 2013
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  2. Mike Reed

    Mike Reed Gold Member

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    It holds an unlimited number of cards. You enter them in the app, then choose 8 to sync to the device. You can switch which cards it "carries" at any time.

    Interesting device, but not something I'd pay for, especially with what looks like the final push towards opening the doors to chip & pin in the US.

    You neglect to mention that the $50 price is actually a bid to crowdfund the startup... and that their target MSRP if funded is $100. No guarantees.
     
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  3. benids

    benids Member

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    I'm really looking forward to getting chip & pin in the US! What is the "final push" you're seeing? Banks are increasing the number of US chip & sign but I haven't seen anything else.

    I doubt the onset of chip & pin will render swipe and sign obsolete, particularly given that you can get away with swipe and sign most of the time in Europe.
     
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  4. Mike Reed

    Mike Reed Gold Member

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    I'm finally seeing more and more larger institutions offer Chip & Pin (USAA, most recently). I'll be carrying my USAA credit card (which gets no other real use) on a RTW trip for those things that only take Chip & Pin (because they have a FTF on their card). Otherwise, I'll use my chip & signature AMEX Plat.
     
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  5. Sammich

    Sammich Gold Member

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    The only concern I have with Chip & Pin is how they changed up the ToC of using the card. Something along the lines of: if someone uses your PIN to complete the purchase you're liable of the charges.
     
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  6. benids

    benids Member

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    Funny thing is the only times I've been unable to use a card due to lack of chip have been subways/metros and even then I have at least a 70% success rate with swipe.

    I also find chip and sign to be worthless. I've never been anywhere that accepted chip and sign but did not accept swipe and sign.
     
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  7. JoeCortez

    JoeCortez Silver Member

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    Personally, I'm very interested in this project, because there have been so many times where I've wanted to pay with a certain card, but don't want to carry around a wallet full of plastic just in the event that I might get to use one. This is remarkably similar to Echo (http://getprotean.com/), except it appears that Coin can hold 8 cards as opposed to Echo's three.

    I agree with @Mike Reed that no "one card to rule them all" solution is going to be complete until there is a Chip+PIN available. But even then, full Chip+PIN integration in the US seems to be still a while out (we were supposed to convert to the Metric System in '76 - how is that working out for us? :rolleyes:). And like Mike, I'll carry my physical Chip+PIN card when I go abroad. But for everything else, this seems like an interesting option that would serve me for quite some time.

    Though I'm a little skeptical about the privately-run crowdsource campaign they are running - at least with Kickstarter, if it fails I'll get my money back. I'll monitor for a bit before putting my money down on a product 8+ months away.
     
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  8. benids

    benids Member

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    According to an email from Coin they made their fundraising goal ($50k) in 40 minutes!
     
  9. gconnery

    gconnery Silver Member

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    The obvious issues I see:

    - If you've funded Kickstarter campaigns before, you know they don't always work out. You aren't buying a card. You're investing money with a startup. They may run out of money and you might get nothing. They might have trouble manufacturing it and run into long delays, meaning you don't get it next summer but rather many months later. They may not have considered all the issues they will run into an have to change the product completely so that it doesn't look anything like what you see in their video. Be aware of all of this.

    - The credit card companies might not like this and might find ways of shutting them down, or keeping them from swiping the cards or whatever. Even a minor legal spat could exhaust their money without any decision that they were in the wrong.

    - Patent problems are always a possiblity. They could get sued out of existence.

    - There could be security issues with the card. Perhaps they say they know what they're doing but make some horrible mistake. Lots of good examples out there of companies that said they weren't keeping or transmitting information but a good packet trace shows they were either incompetent or lying. You could be making a significant mistake if you don't consider this.

    - There could be simple problems with the card you don't forsee. That button on the front? Maybe its a little too easy to push and whenever you hand the card over in a restaurant they end up pushing it by mistake and you get lots of charges on the wrong card.

    - While legal the card could run into human problems, like people not believing its a real credit card and not accepting it. Or they could receive instructions from corporate not to accept these things. Maybe there's a fraud angle here that the founders didn't anticipate, the things get a bad rep and you aren't able to use it anymore.

    - Its a computer. If you sit on it (maybe its fragile) or get it wet, it breaks. If you break it you'll have to buy another one.

    - Maybe there'll be compatibility issues. The card is too thick for certain readers. It can't handle Amex cards. Whatever.

    You can avoid most of these problems by not being an early adopter and sitting back to see if the product ships. Read reviews. See if it works. Etc. Buy it then. Sure it'll cost an extra $50 (maybe) and you won't have access to it for all those months but... Be aware.
     
  10. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

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    So wait... I can make a clone of any of my cards by just typing the info on the card into a mobile app?

    Or maybe someone else's card if, say, I work as a waiter in a restaurant?
     

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