All-in-one Credit cards

For just about anything you want to get off your chest about credit cards.
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Vermonster
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All-in-one Credit cards

Postby Vermonster » Mon Dec 07, 2015 11:03 am

So I know Coin was a hot topic a little while ago, and since then there have been some competitors (Plastc, Wocket, Swyp, Stratos). With Coin 2.0 out I was revisiting the idea of an all-in-one card. Years ago I said Coin would be DOA without EMV. Looks like it is having some big problems with acceptance and reliability. Kinda pointless to have an all-in-one that doesn't work 100% of the time.

Plastc and Swyp both have EMV and seem to be a large improvement over coin. But their ETA is Q1/Q2 2016. Plastc has more features than Swyp right now, mainly the e-ink can show barcodes. Plastc is currently $135. It will retail for $180 and require a $50/year subscription. Swyp is currently $89, but pre-ordering doesn't guarantee you get one in the next production batch.

Stratos is interesting as it is the only one that requires a phone for everything. It is cheap up front but has a $90/year or $145/2-year subscription. there are also rumors that it is the only card that banks support as it is based on a mobile payment app rather than card cloning.

The biggest question to me is how banks will view these cards. Earlier there was a question about fraud protection when you use a cloned card. Has there been any update on that front?

I know the push to mobile payments like Google's and Apple's are making these look a little obsolete, but for people like me, on windows phone, there is no mobile version in the works. (MS dropped the ball big time on that, but that is another topic). Plus I am more likely to leave my phone in the car than my wallet. I do have an android and ios device at home so updating card info isn't a big deal. I do worry about the security of locking the card if it is away from the phone for too long. Either I have a secure card that will lock if I lose it, or I have a card that can be used without having to carry an extra device.

I'm rambling a bit, butt I'm curious what others think of this. Do you have anything like this? Share your story. Would you get one? Why/why not?



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kdm31091
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Re: All-in-one Credit cards

Postby kdm31091 » Mon Dec 07, 2015 11:30 am

I have an android so I could use samsung pay or whatever, but nothing has convinced me that it's substantially better or easier than just using my actual card.

As far as what you are talking about, I like it a bit better, at least in concept. I'm kind of weird I guess; I'm kind of against the "phones replacing every single thing we do" thing, so that's part of my holdup with mobile payments. It just seems like a fix for something that isn't broken really (now that we have EMV).

I would think an all in one card would be nice, especially for people with multiple cards!

Vermonster
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Re: All-in-one Credit cards

Postby Vermonster » Mon Dec 07, 2015 9:36 pm

I like the look of swyp but Plastc has the e-ink that can display barcodes. That could replace not only my credit cards, but also that crap on my key ring. I can also carry the business card without needing to physically have it. I'd love for it to have a license and health insurance but that might be a few years off.

The inventor of swyp started working on it because he constantly forgot giftcards. I think I have about $100 of Christmas giftcards that are in some box just getting moved from place to place. It would be nice to put all those starbucks cards together I probably have 3-4 with less than $1 on them, but never remember to carry them with me.

Maybe I'll spend some Christmas money on it :)
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takeshi
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Re: All-in-one Credit cards

Postby takeshi » Tue Dec 08, 2015 9:06 am

Vermonster wrote:Looks like it is having some big problems with acceptance and reliability. Kinda pointless to have an all-in-one that doesn't work 100% of the time.

That's what killed it for me using the Coin beta. For most uses I had no problems but there were enough terminals that couldn't read it that I had to carry the physical cards so it was pointless. I also signed up for Plastc & Swyp and will give them a shot as well. Apple Pay has worked well. It just needs greater acceptance.

Vermonster
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Re: All-in-one Credit cards

Postby Vermonster » Thu Dec 10, 2015 11:33 am

Well I'm in for Plastc. I like the idea more and more each day and my hesitations won't be answered until I can actually use it. I can always cancel it later if new info comes out. I'd still like to know if a firmware update will be able to increase the card count.

I'm really interested in how they are going to "clone" chipped cards as the whole point of the chip is that they can't clone it. I guess this means banks have to be on board to some extent. I doubt we'll hear much about fraud protection until there are some incidents to force the banks to make a decision.
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yfan
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Re: All-in-one Credit cards

Postby yfan » Thu Dec 10, 2015 12:18 pm

I don't know... I'm not big on paying extra money plus a subscription fee just to use my credit cards. If you don't need to carry too many cards (5+) at any one time, I'd say just bring your cards.

I have been using Google Wallet since 2012 (long before there was Apple Pay and Google Wallet split into Wallet and Android Pay), and it's generally fun, but fact is I always have my wallet with me anyway - if for no other reason than to have my ID on me - and a lot of the times, it is a lot easier to pull out my wallet and pull out the card than to pull out my phone, unlock it. Yes sometimes I have my phone in my hand already, but not always.

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Vattené
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Re: All-in-one Credit cards

Postby Vattené » Thu Dec 10, 2015 2:19 pm

yfan wrote:I don't know... I'm not big on paying extra money plus a subscription fee just to use my credit cards. If you don't need to carry too many cards (5+) at any one time, I'd say just bring your cards.

I have been using Google Wallet since 2012 (long before there was Apple Pay and Google Wallet split into Wallet and Android Pay), and it's generally fun, but fact is I always have my wallet with me anyway - if for no other reason than to have my ID on me - and a lot of the times, it is a lot easier to pull out my wallet and pull out the card than to pull out my phone, unlock it. Yes sometimes I have my phone in my hand already, but not always.

I feel the same way. Even if it was free, it wouldn't really benefit me personally in any way. I have to drive any time I go anywhere, which means I have to have an ID on me. If I have to take an ID, I might as well take my wallet (where it always lives) with my main cards. Of course if others find it valuable and worthwhile I have nothing against their using it, but it would just be less convenient than old fashioned credit cards for me, not more.
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Re: All-in-one Credit cards

Postby 4ktvs » Thu Dec 10, 2015 8:51 pm

I do think they are "cool" but I see credit cards as a tool not a toy so I feel it's not worth paying money to use a tool that other wise would be free.

I can see if you were a really high spender how it might help but for most people it likely isn't worth it. My uncle only has one so yea he doesn't have a need for it. I only have about 4 useful ones so I can take them all with me If I wish.

I guess if you have 10+ cards and push the kind of spend to off set the cost of a $100-$150 device then I would say more power to you. Or I guess gadgets are always cool, I understand the want to get "cool" stuff every now and then.

Now if any of my issuers gave me a E-credit card like that for free I would love it but that isn't the case and so I am sticking to the 20th century ways of keeping a dumb credit card.

I would say the Plastc would be my pick if it was going to be a free pick from any of them.

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Re: All-in-one Credit cards

Postby Vermonster » Fri Dec 11, 2015 7:05 am

I have 4 personal cards, 1 business card, 2 debit cards, plus my student ID. I also carry 4 bar-code tags on my keychain and have an RFID card to get into work. I like having the gift cards on there too, so they are always with me. It's just a lot of stuff that I have in my pockets. I like that a lot of places let you enter your phone number for rewards programs, but that is still a hassle and not as cool. :cool:

I'm a pretty big nerd too so the idea of this tech gets me excited. My wife of all people was very excited too. I totally thought she would brush it off as a waste of money. She has the typical woman purse with about 50 cards some of which I doubt are worth anything. So this could be a very good "upgrade" for her.

As to the cost, it is bleeding edge tech. I know Stratos is attempting to get banks to partner with them and offer the Stratos card instead of credit/debit cards. That would be a very cool development. Plastc does have that yearly subscription which normally would turn me completely off. At retail it would be $180 + $50/year. Way too much for a toy, as some have said. But right now its $135 with a lifetime subscription. That subscription is linked to the person so any future Plastc cards will be covered (after initial purchase).
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