Heads Or Tails On The New “Coin” Card?

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Heads Or Tails On The New “Coin” Card?

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December 08, 2013

It’s truly amazing about how fast a new product, app, or service can go viral through social media.  If you haven’t seen the video for new ultimate single credit, debit, and rewards card called “COIN” then you should really check it out!  Here is a link to the main website: www.onlycoin.com.  With all of our wallets looking a little bit more like a George Constanza special, Only Coin attempts to use modern day technology to take multiple cards in your wallet and shrink it down into one singular swipe card.   Will the new “COIN” card come up heads or tails with consumers?

Coin has a mobile app that will allow you to add, manage, and sync the cards that you use most in your life to your Coin card.   The process of adding card information to your mobile app is supposed to be very easy according to Coin.  However, as we all know, technology is never as simple at the videos make it seem.  What you will essentially do is to take a picture of the front and back of your card and use a Square-esque swiping device to get your original card into the application.

The Coin card will have a toggling button on the front of the card with a small screen that will allow to you see the name of your card (you name it whatever you want), the last four digits of the card, and the CV (security) number.   When you decide what card you will be using, you simply keep pressing the main button until you get to your desired card.   The Coin card can be used at ATM machines, restaurants, department stores, and many other places around the world where your cards are accepted.  However, in this cyber-shopping world, it’s not very efficient to be used for online shopping as you might imagine.

Nobody has seen or used these cards yet since they are all on pre-order for the next week or so.  You can buy one for their ‘special’ introductory rate of $50 (plus shipping) today with the price going up to the original $100 very soon.  The website states that the card will be good for about two years and then you’ll have to replace it with a new one.

What’s really unknown about this technology is just how closely the card really needs to be linked to your phone for it to be able to work correctly.   The Coin website shares that the device will automatically deactivate if it is too far away from your home based upon the amount of time you configure it when you load up the cards.   Remember, if the coin card gets immersed in water it will not be functional much like any other card as it is not waterproof.

Technology always makes everything look easy.   Cards or apps like Coin can potentially save us all time (and some room in all of our wallets).   However, we don’t know yet whether it will be easy to use as it pairs up with your phone.  What happens if you lose your phone?  What happens if you leave your phone at home?  Do all of your credit and debit cards become rendered useless?   Nonetheless, I signed up for it the other day.  I’m curious to see how this technology advances the way we use our electronic currency and, for now, I’ll give Coin a head until it gets flipped on its side.

Written by:

Ted Jenkin

Request a FREE consultation: www.oxygenfinancial.net

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