There is an interesting new gadget coming in the next few months that could replace up to 8 pieces of plastic in your wallet/purse. This invention is called Coin and I’m really excited to be on the list of early adopters to get one.
Of course, I prefer using one debit card to make life simple. However, I carry one debit card for my personal use and one for my small business. I also carry around a number of membership cards in my car for gas stations, restaurants, and even grocery stores. Top the list off with a few gift cards and I quickly reach a stack of at least a dozen little rectangles with magnetic stripes to keep track of.
Not Cash but Coin
Introducing Coin. Coin is an electronic payment card that stores up to 8 credit, debit, gift, or membership cards on one. It’s easy to use, allowing you to quickly jump from one stored number to another before swiping. This is sure to get a lot of attention when it launches this summer.
In those situations where paying with a debit card makes sense, such as filling my wife’s SUV with gas or when buying office supplies for my small business, I’d love a one-stop solution to carrying all those cards with me. Coin allows me to press a button until I see which card I want it to behave like and whaa-la – I’m ready to go.
What’s Coin’s Catch?
There are a couple less-than-desirable features with Coin. For instance, the battery is slated to last only 2 years under heavy use. The other is its $100 price tag (only $55 if you pre-order now).
What about security? I won’t bore you with the details, simply watch this short video to find out more about the cool security functions to prevent losing your card.
The biggest concern anyone should be concerned about is no different when using Coin over a debit card: Make sure you have enough money in your account to cover your purchase – this includes pre-authorizations. This isn’t a concern for someone living on a budget – they are prepared for these events and have earmarked money in their account for the purchase.
How I’m using Coin to Bust Myths
For years I have been busting the “you need to have a credit card” myth. I haven’t had a credit card in over 6 years – and we’ve doubled our net worth in the process!
There is one myth that Coin is going to help me prove wrong without the chance for objection: “You need a credit card to travel”.
Since 2008 I have made hotel reservations, car reservations, and even paid for two all-inclusive trips to Wyoming for my family without credit cards. There are a couple car rental companies that say they will not rent to you without using a credit card. Coin is going to help me get around their staunch rules!
I’m going to pay with my Coin, which nobody but me and my bank will know is only a debit card. When making reservations online I’ll simply enter my debit card’s 16 digit number. When checking in at the rental counter I’ll hand them my coin, which shows no differentiation between a credit or debit card. They won’t know the difference and I’ll enjoy all the benefits every other red-blooded American does without being forced to go into debt.
Yep, they can bite me for being unfair to responsible consumers!
Get 50% off Coin
Coin is available for pre-order at a 50% discount and will ship in just a couple of months. They are offering some other limited-time bonuses like added guarantees and affiliate sales but I’m most excited about using a piece of plastic that nobody can identify as a debit or credit card.
Visit http://MoneyPlanSOS.com/COIN to be an early adopter like me. It won’t change your life, but it can make your life easier.
I’ll let you know how uneventful my car reservation was when we get back from our summer vacation.