Someone shared a link about this cool little card on Facebook a couple of days ago, and I was immediately intrigued. I am not one who has a million credit cards (…anymore, as a few years ago I decided I was done paying crazy interest rates and got rid of them all, leaving me with my trusty debit card), but, if I had seen this a few years ago, I totally would have wanted one.
Coin is a new company that wants to slim your wallet down. The Coin is about the same size as a regular credit card, yet can pack credit cards, debit cards, loyalty and gift cards into one. The Coin has a small black and white e-ink display (for the expiration date, last 4 numbers of the card, and a brief description), one button, a two-year battery, a magnetic stripe and uses Bluetooth connectivity to talk to your phone.
How do you get all your card information onto this one card? Duh, with an app of course! The geniuses of Coin created an app (which has not been released yet) as well as a compact dongle that plugs into your iOS or Android device. Using the dongle, you can swipe multiple cards and all the account details and information will be uploaded to coin app and then to the card itself. The Coin will hold up to eight cards at a time, but the mobile app can store an unlimited number of cards.
When it’s time to venture out into the world and spend some money, you simply use the one button that’s on the card to toggle between which card you’d like to charge. They’ve even designed the button on the coin so that it is not easy to trigger a “press” unintentionally, so that you don’t accidentally charge the wrong card.
You do not necessarily need a phone to use the Coin, but having one provides great security. Say you accidentally leave the card at the restaurant; as you begin to walk away, your phone will send you a push notification informing you that you forgot it. If you accidentally lose it or someone steals it, it will automatically deactivate itself after a period of time (that you set in the Coin mobile app).
It seems as if any concern about this card has been carefully thought about and solved by the creators of Coin. The FAQ section of their website offers all sorts of great information concerning the card and how it works.
The company planned a pre-order campaign that would top out at $50,000, selling the cards at a discounted price of $50 (normally $100), and they blew past their goal in 40 minutes. They will be available in the summer of 2014, and needless to say, I think the Coin is going to be a success!