Coin Payment Card – Leave The Stack At Home

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.

Coin card picture

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.

Coin holds up to 8 cards

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.

Want a Coin of your own? Order here

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.

Share the Wealth!

Comments

  1. Keith Bunn Jr. says:

    That seems pretty cool, but what happens if you give the card to a waiter/waitress or a clerk & the accidentally push the button that rotates through your cards & swipes a card you didn’t want to use it on?

    • That’s a good question Keith, one that I was wondering about as well.

      Coin has a great FAQ, which answers almost any question you have – including “Which is better; Tiger or Monkey style Kung Fu?”. Ha! Check it out here https://onlycoin.com/support/faq/

      But to answer your question: There is a setting for the distance between your phone and Coin before it switches to auto-lock mode and can’t be changed. I’m thinking of setting it to 10ft, maybe 8.

  2. Its a good concept, it will take some time to implement but very futuristic.

    • I don’t think it would take any time at all. This is another beautiful thing about Coin – the infrastructure and processes are already in place.

      There is no need to change policies or procedures, vendors and merchants can continue to do the same thing they’ve been doing with almost no additional training. Swiping a piece of plastic with the word Credit on it is the same as one with the word Debit which is the same as swiping your Coin. We all win.

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