Will Coin replace all your credit cards?

Friday, November 22nd, 2013
Updated: November 22nd, 2013
The content is accurate at the time of publication and is subject to change.

The new device aimed to solve the problem of too many cards in your wallet has been launched recently and already attracted a lot of attention. The creators called it Coin and offered consumers the opportunity to store information for all their cards in this device.

Coin looks and functions like many plastics but it keeps the data from eight credit, debit, gift or loyalty cards and allows you to switch between them by pressing button on its surface. You can use the card at ATM or to pay at the cash register like if it was a regular card.

Cards can be added to Coin with the help of the Coin app. Just take pictures of the card’s front and back, swipe it through an attachment to your smartphone, and the card’s information is stored in Coin. The app can hold an unlimited number of cards, but the physical Coin can only hold up to eight cards at once.

Coin is simple, useful and convenient, but let’s take a closer look. Let’s dig a bit deeper and see some advantages and disadvantages.

Coin can be used everywhere it is accepted including reading systems and at ATM magnetic strip. With the phone app you can track the movements with each card and be aware of how much you have spent with each card or in total.

Coin relies on your phone and if your phone battery is dead, Coin will lock up after a while. Ruther unpleasant to depend on phone, isn’t it? But the phone is needed to take advantage of some security measures. For example, if you lose or misplace your card, your phone will send you a notification. If someone steels your Coin, it will shut down. That is potentially more secure than if a real credit card was stolen, which can be used until it’s reported stolen.

The merchants may be put to a nonplus because of Coin design. Coin does not look like the familiar old credit cards merchants are used to accept: no numbers, no hologram. So some merchants might be skeptical of Coin.

According to the creators, Coin is designed to last for two years and would need to be replaced after that. Currently the application is available for iOS and Android.

Consumers who carry a lot of cards and start dislike their thick wallets may like Coin. It can make life a lot easier, but still it’s smart to carry a backup.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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