It seems like the blogosphere is flooded with referral links promoting the pre-order of a new electronic device called “coin”, that allows you to store multiple credit cards onto one digital card. Cool right? It’s supposed to make life easier by allowing you to essentially carry multiple credit cards without the actual wallet crowding. You can learn more about this concept yourself by visiting the official website and watching the video here.

In the points and miles world, we are so used to adrenaline-pumping flash-deals and “act now, think later” moments that it can sometimes be way too easy to make a rash decision (I’m speaking from my recent “mistake fare really being a mistake” experience). I’m glad I have dedicated the proper amount of time to convince myself not to move forward on this one.

But… I certainly can see why this is an attractive and innovative gadget that’s making the points and miles community go wild. Let’s face it – most of us have a sizable collection of credit cards that we alternate spend between thanks to minimum spend requirements, category spend bonuses, etc. (heck, I have over 15+ myself, and my wallet is no longer zipping FYI), but after listening to my intuition before jumping the gun and shelling out $55, I’m passing on this offer all together, and here’s why:

  • I’m a Tech Laggard: I’m the first to admit that I hate buying tech items when they’re first introduced. You’ll never see me preordering the latest phone or computer, nor will you ever see me standing in line for hours for a product launch – it just doesn’t fit who I am. Another reason why I tend to wait until the middle stages of the technology lifecycle is because I find that newer products have a lot of kinks to them. I really don’t like indirectly being part of the beta-testing group.
  • Speaking of Kinks…: There will be tons. Yup, I said it. Aside just from security concerns, I sense legal problems and operational problems too. I’m sure the banks will LOVE that people are putting their private account information on a 3rd-party device. If you remember, I recently discovered fraudulent charges on my Chase Sapphire Preferred card, and I fear that if this “coin” device ends up in the wrong hands, it would be harder for me to trace back to any specific incident if I should find myself in another fraudulent situation.
  • I Don’t Like Prepaying: They are charging you $50 immediately (+$5 for shipping) for something that may or may not ship in Summer 2014. It’s November now. With this pregnancy brain, my forgetfulness is at a record high recently. The last thing I want to do is track the status of a paper-thin device that’s supposed to arrive in my mailbox months later.
  • It Only Last Two Years: Taken directly from the FAQ: “Coins are designed to last for 2 years under normal usage and do not need to be recharged. Once the battery dies you will need to replace your Coin.” I just had another thought – what if I accidentally get the darn device wet? Or what if the battery decides to die/malfunction on its own before that? I like my simple plastic for now.
  • It’s Not Practical: It only holds 8 cards. I have too many. Way too many. If it held 50 (including gift cards, debit cards, credit cards, loyalty cards, etc), then I might give it a teeny bit more consideration, but slicing 8 cards from my wallet is not enough justification given the risks.

I’m not entirely butchering the concept of “coin” – don’t get me wrong, I definitely think it’s a cool idea, and I like the direction technology is headed as a whole. I just think there’s a lot of unanswered questions and things holding me back at the moment. I can definitely see this concept taking over having 2179492 physical cards in the future, but I’m personally not ready to jump on the bandwagon… maybe later.

What are your thoughts? Did you preorder coin or are you sitting this one out for now too? Would love to hear your thoughts!


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  • Nickfromct said,

    Isn’t wallaby supposed to be doing something similar.

  • JustSaying said,

    @angelina you are so on target and a breath of fresh air to the Boarding Area……….

  • dhammer53 said,

    I agree with JustSaying. I find it incredible that bloggers are selling out with something they don’t know a thing about. Even worse… their readers are blindly following them. The readers have the most to lose, while bloggers rake in comm from something that doesn’t feel right.

  • Mike (The #hustle Blog) said,

    Agree with JustSaying & dhammer53. The bloggers have nothing to lose by pimping their referral links. They’ll easy max out the 10 referrals and basically have a FREE Coin. Anyway, that’s aside from the fact that I don’t buy that the theory will be put into practice very smoothly.

  • Keaton said,

    I agree completely with this article. The technology isn’t proven yet and other companies have attempted to do this in the past only to flop onto their faces. The only difference between them and coin is they offered this service for free. Coin is charing for the privilege.

    I’ll wait and see what happens next summer.

  • Elena G said,

    Great honest assessment Angelina! I’m like you, I don’t get the latest and greatest. I’ll sit this one out.

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