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  1. #1

    Coin (The new credit card)

    Hey guys,

    A friend was talking to me the other day about a credit card that stored all of your credit cards into one. (https://onlycoin.com/)

    I originally told him that it sounded like a horrible idea because if you lose one credit card, you've now lost all of them. However after doing some research into it on my own I discovered it has some nice security features such as it deactivating after a certain amount of time if its away from your cell phone, etc.

    Anyways, I decided to buy one since theyre 50% off for pre ordering, $50, instead of $100. I dont think its worth $100 personally.

    Curious what you guys think of it?
    Last edited by Cleary; 2013-11-22 at 10:11 AM.

  2. #2
    Everything here is chip based and from what I've heard this thing can't handle chip cards

  3. #3
    Yep, would definetly need a chip for me to consider getting it. Haven't used the stripe(?) on my cards for several years.

  4. #4
    Epic! Ysilla's Avatar
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    Sounds like a nice way to make things less secure. Also never had the need for multiple cards, one is enough, why would I need another ?

  5. #5
    Quote Originally Posted by Ysilla View Post
    Sounds like a nice way to make things less secure. Also never had the need for multiple cards, one is enough, why would I need another ?
    The purpose of it is to do away with multiple cards, because like you said no one wants more.

    I think its extremely useful by combining all of your gift cards and rewards cards as well, probably what I am most looking forward to.

    As for the chip, that unfortunately hasnt really caught on here yet.

  6. #6
    I might would try it for free, does not seem to offer any great advantage. I just sort my cards in my wallet so my business and personal cards are in different spots.

  7. #7
    The Lightbringer Blitzo's Avatar
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    I don't understand why anyone would need more then 1 card... 2 at most.

    bank/debit and maybe a credit...
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  8. #8
    If it would be a lot cheaper I would consider it for things as gift cards, membership cards and the sorts, but I wouldn't attach my credit or debit cards to it. As others have said before. Magnetic band only...
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  9. #9
    Quote Originally Posted by Blitzo View Post
    I don't understand why anyone would need more then 1 card... 2 at most.

    bank/debit and maybe a credit...
    *cough* Most people have multiple cards just because people love living in debt/off credit.

    I personally think smart people use different cards for different situations. "Oh I'm gonna pay this bill off immediately? I'll use this card and accumulate a lot of points. Okay I'm gonna pay this bill in installments? Okay this one has the cheapest rate." Etc.

  10. #10
    The Insane peggleftw's Avatar
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    i've only got one bank card as it is.
    Too cool for a signature

  11. #11
    *cough* Most people have multiple cards just because people love living in debt/off credit.

    I personally think smart people use different cards for different situations. "Oh I'm gonna pay this bill off immediately? I'll use this card and accumulate a lot of points. Okay I'm gonna pay this bill in installments? Okay this one has the cheapest rate." Etc.
    Couldnt agree more, use my chase card for 5% cash back on gas, amex for groceries, etc. etc.

  12. #12
    Herald of the Titans Yilar's Avatar
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    Quote Originally Posted by Blitzo View Post
    I don't understand why anyone would need more then 1 card... 2 at most.

    bank/debit and maybe a credit...
    More accounts = more cards. Some stuff you can get tax deductions on if it's for company use, and it's easier if the amount gets retracted directly from a company account instead of your personal account.

    Also there's limits on how much you can withdraw on certain cards per day (and month).

    On-topic it seems like an outdated technology, the use of magnetic stripes is declining very rapidly because they are insanely easy to duplicate, and getting someones pin code isn't that hard.

    Either way the "card" technology will be replaced by smart phone payment soon I reckon, most newer terminals overhere are getting built in NFC chips.

  13. #13
    Elemental Lord Masark's Avatar
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    Quote Originally Posted by Yilar View Post
    most newer terminals overhere are getting built in NFC chips.
    Yeah, our Interac system now has a NFC-based thingy called Flash.

    I've never managed to get it to work.

    And this device is completely and totally useless in any country that doesn't treat payment card security as a joke.
    Last edited by Masark; 2013-11-22 at 03:07 PM.
    Warning : Above post may contain snark and/or sarcasm. Try reparsing with the /s argument before replying.
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  14. #14
    Quote Originally Posted by Yilar View Post
    On-topic it seems like an outdated technology, the use of magnetic stripes is declining very rapidly because they are insanely easy to duplicate, and getting someones pin code isn't that hard.
    And just swiping a chip with no signature is more secure? Hardly.

  15. #15
    Quote Originally Posted by Greyce View Post
    And just swiping a chip with no signature is more secure? Hardly.
    You realize that almost no one actually checks signatures anymore, right?

    What bank is going to hire someone to check literally millions of signatures each day? And how would you automate the process with any kind of accuracy?

    Write "See ID, check signature" on the back of your card and visit a bunch of stores at a mall. Very few cashiers are actually going to check your ID, especially for small (<$50 USD) purchases. Even fewer are going to care about your signature. Anyone who's worked retail for a while will start checking for fraud based off your body language, demeanor, and the physical appearance of your card.

    On topic, not especially interested in this. It might be nice to combine my rewards/gift cards, but not $50 nice. I have three cards - a debit card I very rarely use, a credit card to build up a credit rating, and an AMEX my parents pay the bill for (for hospital visits etc). This means I essentially have one card that I actually use. Not really worth $50 to combine them, and it's not just my security on the off chance there's a problem there.

  16. #16
    Elemental Lord Masark's Avatar
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    Quote Originally Posted by Greyce View Post
    And just swiping a chip with no signature is more secure?
    When said chip is rather decidedly difficult to duplicate, unlike a mag strip, yes.
    Warning : Above post may contain snark and/or sarcasm. Try reparsing with the /s argument before replying.
    With sufficient thrust, pigs fly just fine. However, this is not necessarily a good idea.
    Random fact of the day : Every sitting member of Congress receives an issue of Hustler every month.

  17. #17
    Herald of the Titans Yilar's Avatar
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    Quote Originally Posted by Greyce View Post
    And just swiping a chip with no signature is more secure? Hardly.
    We don't have signature cards overhere with chip, only the Amex/Diners still use signature. Everything else is chip + pin code.

    Also it's a lot harder to duplicate a chip based card than a magnetic strip card.

    I work in retail and if people buy something that indicates theft i'll just ask for photo ID to make sure. I have no way of telling wether a signature is fake, so I always ignore it.
    Last edited by Yilar; 2013-11-22 at 03:27 PM.

  18. #18
    Elemental Lord Masark's Avatar
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    Quote Originally Posted by Armond View Post
    Write "See ID, check signature" on the back of your card and visit a bunch of stores at a mall. Very few cashiers are actually going to check your ID, especially for small (<$50 USD) purchases. Even fewer are going to care about your signature. Anyone who's worked retail for a while will start checking for fraud based off your body language, demeanor, and the physical appearance of your card.
    Hell, I went for over a year without my Visa card being signed at all before someone brought it to my attention. At which point I scribbled my signature on it then and there and finished the transaction.
    Warning : Above post may contain snark and/or sarcasm. Try reparsing with the /s argument before replying.
    With sufficient thrust, pigs fly just fine. However, this is not necessarily a good idea.
    Random fact of the day : Every sitting member of Congress receives an issue of Hustler every month.

  19. #19
    Quote Originally Posted by Masark View Post
    Hell, I went for over a year without my Visa card being signed at all before someone brought it to my attention. At which point I scribbled my signature on it then and there and finished the transaction.
    I did the same, except I signed mine after buying something, which is decidedly not ok with Visa's rules. What you did, though? Totally ok with them, according to everything I've heard.

  20. #20
    No thanks. You can beta test it though...

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