Coin "Electronic Wallet"

For just about anything you want to get off your chest about credit cards.
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irvinfitness
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Coin "Electronic Wallet"

Postby irvinfitness » Mon Nov 18, 2013 12:54 pm

Interesting new idea called "Coin". It is a single card that you are able to load all of your credit cards onto and then choose which one you want to use for each purchase.

It seems like it would be awesome to cut down on the number of physical cards you have to carry, but there are still some unknowns from what I can tell. Security comes to mind, along with battery life and whether it locks on a card once you select it. It would be pretty bad if when you hand the card to the person, they accidentally tap the spot and switch cards before swiping...Oh and the whole price thing will be an issue. $55 if you pre-order, $100 after that.

Check it out: https://onlycoin.com/

What do you think?
[size=60]Chase Freedom Signature - 10k (rotating 5%)
Citi Platinum Select - 8.1k (rotating 5%)
Discover It - 12k (rotating 5%)
AMEX BCE - 20k (Groceries 3% / Gas 2% )
Regions Signature Visa - 5k
US Bank Cash+ - 5.5k (Restaurants/Fast Food 5% / Drug Stores 2%)
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Care Credit - 6k (Vet Bills/Dentist - 0% APR)
Chase IHG Rewards (Priority Club) - 18k (Annual Night Certificate, Platinum Elite Status)

Not used except for occasional purchase with promo:
Jared - 7.5k [/size]


MemberSince99
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Postby MemberSince99 » Mon Nov 18, 2013 1:45 pm

Hard to say. Seems like a potentially good idea. Says it ships the summer of 2014 so it's a ways off. The problem with pre-ordering now and waiting until then is if they never bring it to market and you wait that long you will be past the time you can open a dispute and they will be free to just keep your money.

I'd want to wait until it's out and see what others have to say before shelling out cold hard cash for it. I never like to be the guinea pig for things like this.

But I like the idea. It would save your cards from being swiped and getting worn out over time.

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jumbo
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Postby jumbo » Mon Nov 18, 2013 3:25 pm

Its a good idea. I already pre-ordered mine.
Here is my referral link: https://onlycoin.com/?referral=xpVYUXxF

Use the link above if you guys are ordering. Using the link above would get me some cash-back :cool:
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jmtdallastx
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Postby jmtdallastx » Mon Nov 18, 2013 4:06 pm

I agree with y'all and like the idea that my wallet will not resemble George Costanza's but I think I'll wait as well until it actually comes out.

GoCreditGo!
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Postby GoCreditGo! » Mon Nov 18, 2013 5:41 pm

Ordered it! Here is my https://onlycoin.com/?referral=OihdAWbp

I'll do a full report on it once I get it in my hands. It looks fairly sleek. It might just replace my gold charge.

takeshi
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Postby takeshi » Tue Nov 19, 2013 8:48 am

It looked interesting so I signed up. It's really too early in the game to say anything definitively. I figure at the very least if it's released and merchants are hesitant to accept it then it should still be useful at terminals where you swipe your own card. Wondering what they'll do when EMV comes along to the US (already a need for it from some international travelers) but we'll get to that when we get to it. Also not entirely happy about the non-replaceable battery. Hope they're working in something to recover and recycle the dead Coins at the very least, if not rechargeable batteries.

The one card I have that it won't be able to replace is the Costco TrueEarnings since it can't replicate the membership barcode and I doubt the door person would accept the Coin as proof of membership.

darkguy2
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Postby darkguy2 » Tue Nov 19, 2013 9:04 am

takeshi wrote:It looked interesting so I signed up. It's really too early in the game to say anything definitively. I figure at the very least if it's released and merchants are hesitant to accept it then it should still be useful at terminals where you swipe your own card. Wondering what they'll do when EMV comes along to the US (already a need for it from some international travelers) but we'll get to that when we get to it. Also not entirely happy about the non-replaceable battery. Hope they're working in something to recover and recycle the dead Coins at the very least, if not rechargeable batteries.

The one card I have that it won't be able to replace is the Costco TrueEarnings since it can't replicate the membership barcode and I doubt the door person would accept the Coin as proof of membership.


They have said that they will be coming out with a pin and chip version for the next model. I am not too worried about security for the physical card as it will be more secure than my regular cards. It has built in Bluetooth 4.0 so if it goes out of range of my phone it will warn me and I can set it up so it deactivates after a certain amount of time away from my phone. They have also said that it will not be easy for someone to change the card by accident. So the person charging it will not change the card being charged.

I agree however with the problem for the battery life. I am not sure I will like having to replace it at minimum every two years. And while they say two years but I am not sure if it will actually last this long. They have not said what will happen after your battery dies. Will they make you buy a new one at retail or give you a discount on a new one? I can see how the requirement to replace it every so often may be a form of membership fee for the service. So in a way it would cost you $50 a year to use the Coin service. I have sent them a question about it and are waiting to hear back but from the looks of it they already have a huge backlog of emails. Would be nice if they built in wireless charging or even micro-usb charging. I would be willing to reduce the battery life to a week or so if I can charge it.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

darkguy2
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Postby darkguy2 » Tue Nov 19, 2013 10:22 am

Here is a link to a article from Tom's Hardware that talks about the risks and why it may not be a good buy.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

GoCreditGo!
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Postby GoCreditGo! » Tue Nov 19, 2013 2:41 pm

Lots of good points. I want to try it for shts (pardon my french) and giggles. I like new tech, but I highly doubt that this card will work everywhere. After all, the centurion has limitations and it is actually manufactured by a bank.

darkguy2 wrote:Here is a link to a article from Tom's Hardware that talks about the risks and why it may not be a good buy.

darkguy2
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Postby darkguy2 » Tue Nov 19, 2013 9:44 pm

Since I already got one and payed for it I will just wait for it to come out and see. I do not want to go through the hassle of trying to cancel. The article is just a warning for people looking at getting one. I am assuming that this will turn out to be one big payed beta test for them.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)



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