There’s been an interesting little gadget floating around the interwebs these days – called Coin – and at first I was pretty blown away by it too: It’s an all-in-one credit card holder for all your debit cards, credit cards, gift cards, loyalty cards and membership cards.
As Coin’s website puts it:
Instead of carrying several cards, you carry one Coin.
It’s sleek, it’s *new*, and it looks damn sexy. And I know everyone’s going ga-ga for it because its promo video has been watched a staggering 5 MILLION times so far:
I was strongly considering signing up for it as I normally would after being oooh’d and ahhh’d by things (Bling H20 anybody?), but after a few seconds of stepping back and hitting pause, I started asking myself a few questions.
“Does this REALLY help me out that much?”
“Is the $100 it costs actually worth it??” (PS: It’s currently 50% off if you pre-order w/in next few days)
“How many cards do I even *have*??”
To Coin, or Not to Coin?
It’s that LAST question up there that matters the most to me. We all know we don’t *need* a gadget like this as we’ve been doing fine for centuries now, even though it would be damn cool to have, but the question of the # of cards is a pretty important one. And obviously caters to the (enormous) gang of people who DO carry a ton of them everywhere they go. Especially those super consumers!
(So, pretty much, this device is for all those people who *shouldn’t* be buying it, haha… OR, those travel hackers who sign up to one card a day and reap all the free benefits like flying around the world in first class while getting hotel rooms comped everywhere they go too – those guys are hardcore!)
Over the years I’ve been trying to cut down on all my “things” in general to be more minimalistic, and this certainly has influenced my financial doings as well. Like, how we’ve made the following changes:
- Keeping all accounts under one roof. [With USAA, of course]
- Keeping all expenses on one main credit card. [Another shout to USAA]
- And keeping all savings into one main savings account. [Also, USAA – hot damn!]
Now on one hand you’d think this Coin contraption would then of course make sense – after all, you can swap out ALL your cards for one fancy pants one instead! – but really what’s the point if you’ve already cut down on most of your cards already?
I will say, however, even with me cutting down as much as possible, I’m still left with 3 total cards in my money clip day in and day out: Our main credit card, our main debit card (as to pull cash out as needed), and my business Amex card. So it *would* dwindle them down to just 1 main card for sure, but going from 3 cards to 1 rather than 13 is a pretty drastic difference. I’m not sweating the burden of hauling around 3 little pieces of plastic every day, haha… And plus that card wouldn’t even fit in my money clip I don’t think?
Questions About Coin
This brings us to a multitude of other questions that would arise too:
- Does this fit in a money clip? Or snuggly in a wallet?
- What happens if someone steals it?
- Can anyone change the card type on the screen when you hand it over to pay?
- What if it runs out of batteries? (Does it even use batteries?)
- How easy is it to damage?
- What if you lose it?
- Is there a warranty you can buy w/ it to get a free replacement?
And so on and so forth… They do answer a lot of those questions in their Q&A section (I won’t spoil the fun and tell you which ;)), but regardless it’s catered to a whole bunch of people who at the end of the day really isn’t me. Except for purposes of blogging about it since it does fall smack in the middle of money AND sexiness no matter how you slice it. Perhaps I’ll try it when it becomes FREE later ;)
(Speaking of slicing things – did any of you ever watch that David Blaine special last week where he was doing magic tricks for celebrities?? It was off the chain!!! He hid a card in the middle of a peace of freakin’ FRUIT and made Harrison Ford cut it open to find it all curled up in there and blurt out an expletive! Haha… It was bad ass. But I digress…)
10 People Coin is For:
So who’s the card really for? Here are my guesses:
- People who have a lot of credit and debit cards (d’uh)
- People who have TOO MANY credit and debit cards (this sounds like what I just said, but it’s not – some people have a lot of credit cards on purpose, while others just have too many because they don’t like to pay attention)
- People with a ton of rewards cards and it’s overloading their key chain
- People who don’t have money clips (I know, I know, I’m obsessed with this one, but I really don’t think it would get along in there! It would prob break in a week!)
- People who just want the latest greatest thing
- People who like spending money
- People who hack travel rewards (like these guys over at Noob Traveler – they’re dope)
- People who will buy it because it’s 50% off so it’s “saving” them money (you laugh, but there are a lot of people who confuse spending a lot of money with saving a lot of money! ;))
- People who think this will help them get laid (again, these people are out there, haha…)
- People who are just curious… I would fall the closest into this category.
I’m sure I can think up more, but I’ll save you the time and drivel ;) The point is, this is one new fancy pants card out there, and you should stop for a few before you rush to go buy it. Even IF it’s 50% off (but if you do end up wanting it for real – hurry up and get it before the deal goes away!!!)
Regardless, I’m sure these folks won’t have a lick of trouble selling these things out. This is America after all, and we sure do love some game-changing technology. Especially those which promise us time saved and convenience. Just think of all our iPhones!! You know how much freedom we now have because of those? I have all the time in the world now – I’m never on that thing.
Now who wants to sign up for this thing? :)
PS: I don’t make any money if you buy Coin or not, though I did want to sign up to their affiliate program to do so! Turns out you have to BUY IT first to be able to though – those sneaky bastards ;)
PPS: Big ups to Daniel from Sweating The Big Stuff who first told me about this – You’re always on top of things, brotha! You’ll have to tell me how it is when you get it in the mail. Since I know for a fact you bought it now that I’m up on the affiliate scheme ;)
PS: Some of my favorite tools:
|Personal Capital (FREE) -- If you’re looking for a robust financial tracker, Personal Capital is the way to go! They’re like Mint, but on steroids and have much better tools for investment and net worth tracking. // Full review|
|Digit (FREE) -- A super easy (and automated) way to save. Every day Digit analyzes your income and expenses and will push money aside for you any time it sees extra sitting there. I've saved over $4,000 myself using them so far! // Full review|
|Acorns -- Having trouble finding money to invest? Check out Acorns – they round up all your transactions to the nearest $1.00 and drops the difference into an investment portfolio for you. Easy way to start investing! // Full review|