Coin: Can It Replace All Your Credit Cards?

Coin Card ArtI’m a sucker for financially-related technology. We’ve writen about Google Wallet and the 2G Credit Card (which apparently flopped). So when I heard about Coin, I was pretty excited.

Coin is an electronic credit card device that stores all of your other cards’ information (up to eight). This enables you to take just one card, Coin, with you wherever you go. A digital display on the Coin card (that shows last four digits, exp. date, and CVV) lets you toggle between different cards.

The Benefits of Coin

Instead of a bulky wallet filled with debit cards, credit cards, gift cards, loyalty cards, and membership cards, you just have Coin. Coin can be used anywhere cards are swiped: registers, ATMs, etc. As someone who normally carries around seven cards, this seems convenient.

From a security standpoint, Coin does take some extra measures above and beyond normal card security. But it does involve using the associated app. They do not, however, use chip and pin technology, prevalent in Europe.

More Thoughts on Coin

Right off the bat I can see a couple of negatives. I still run into vendors who need a card with raised numbers. Coin doesn’t have raised numbers. Secondly, I use my business debit cards to make deposits – I wonder if my bank might balk at working with Coin. Finally, Coin isn’t cheap, as you’ll see below – and it wears out (like most cards do) after about 2 years.

I do see Coin as a good solution to the seemingly slow acceptance of Google Wallet. Since we’re not all using our phones as wallets quite just yet, Coin seems like an excellent technology bridge.

I guess I’ll have to see if it’s a win or not. Because, I ordered a Coin. It’s supposed to arrive Summer 2014.

Getting a Coin

The folks that made Coin plan to make their money, at least initially, by selling Coin for $100. For a limited time, you can get Coin for $50.

Pre-Order Coin for $50

What do you think of Coin? Are you getting one?

(Note that since I’m a Coin user, I can refer other users and receive $5. All of the links above are referral links. If you’d rather me not get a referral, simply use this url instead: www.onlycoin.com)



Last Edited: November 26, 2013 @ 10:21 am
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. In the video, the model tapped the coin card a few times to select a particular card. Does it store any finger print information so it responds to just the owner only for such taps ?

  2. @CT No, but you can sync the Coin to the Coin App on your phone and if your Coin is ever away from your phone it will not work.

  3. It will be interesting to see how this works out. I ended up purchasing one after seeing 7 people share the video/referral link on Facebook. I watched the video and thought it was pretty cool. Now that it’s been a couple of weeks, I’ve started to have second thoughts on the purchase. One, although I do have a lot of credit cards, I only really carry around 2 with me at a time and two, I think Coin only lasts for 2 years (or is suppose to). If that’s the case, it seems like a lot of money ($100) for something that may not even exist yet (until next summer), only lasts 2 years, and may not really serve a burning need of mine.

  4. LarryOHara says:

    You said you are a user. So there was a prototype that is being beta tested? I asked for it for Christmas. My son ordered it and then on Christmas told me it wasn’t available to summer. I didn’t remember seeing that upfront on their website. He did say during the order process it did disclosed that information. Made me very leery.

  5. LarryOHara Hi Larry. I did not mean to imply that I’m currently using one. I’m a user in the sense that I ordered one and so I have a referral number. I don’t have a prototype. I’ll just get my completed Coin this Summer if all goes as promised. If Coin doesn’t deliver I’ll seek to get my money back. If, for some strange reason there is no answer there, my credit card issuer will protect me on the purchase.

  6. LarryOHara says:

    Philip Taylor LarryOHara  oh ok…your disclaimer “Note that since I’m a Coin user, I can refer other users and receive $5″ made me think you were testing it and had one.