There have been apps in the past that attempted to combine all your credit cards to allow you to earn the best rewards for each card, but none have conquered the idea. This may change with Coin, a new product that is set to launch Summer of 2014. The single card will provide a way to consolidate your credit cards into one physical card. The Coin will only be able to hold 8 cards at a time, but the mobile app can hold an unlimited number of cards.
In my opinion this could be an amazing product because you can use one card to earn points and miles exactly the same way you would with all of your plastic cards, but with less wallet clutter. You can also store loyalty cards and gift cards which is a unique feature. Think of it as a virtual wallet built into one card. The price point seems a little high, but understandably as a startup they need to cover their costs.
What is a Coin?
Coin is a device that lets you load up to eight of your credit cards, debit cards, gift cards, and loyalty program cards onto it for the convenience of not having to carry a wallet full of cards. The device can be used just like the cards you already have and you select which card to use for certain purchases.
This is the promotional video released by Coin about how it works:
From their website:
“Coin is a connected device that can hold and behave like the cards you already carry. Coin works with your debit cards, credit cards, gift cards, loyalty cards and membership cards. Instead of carrying several cards you carry one Coin. Multiple accounts and information all in one place.”
It seems that you will be able to load all of your cards onto Coin through a mobile app that manages and syncs the cards. The process involves taking several pictures of your card and swiping the Coin through a device that comes with the product.
As of now, Coin is only available for pre-order via onlycoin.com and costs $50. If you end up purchasing one, you can also create a referral account and earn $5 (up to $50) for each person that purchases one through your link. If you do order it now, you won’t receive Coin until the upcoming summer. So with the wait for its release this summer, there are already whispers that credit card companies aren’t too happy with this and may attempt to put a stop to the Coin.
To learn more about Coin check out their FAQ page
What are your thoughts? Do you think Coin will be successful?