About Coin Credit Card

By HighYa Research Team
Published on: Dec 26, 2013

Founded in 2014 and based out of San Francisco, CA, the Coin credit card, located at OnlyCoin.com can safely store up to eight of your traditional credit, debit, rewards, and gift cards on one electronic device. The company’s motto is, “Swipes like a card. Handles like a dream,” and claims to solve the problem of having too many cards in your wallet.

The Coin credit card has been featured on popular technology websites such as Engadget, CNET, Gizmodo, and Wired, as well as major networks like CNBC, NBC, and ABC. Because Coin will not launch until Summer 2014, reviews are mostly speculative, and are primarily based on information provided directly by the company. However, they are already very active in social media, with more than 114,000 Facebook likes, and nearly 20,000 Twitter followers.

How Coin Credit Card Works

According to the Coin website, the company is made up of “consumer electronics experts, designers, software engineers and a former NASA engineer” who have a “a passion for building products that simplify, improve and fit seamlessly into your life.” As a result, they’ve built Coin to declutter your wallet, and to simplify the payment process.

At its most basic, the Coin Credit card looks and feels just like any other card with a magnetic stripe, with the exception of two things:

  1. On the back of your card, there is a button that, once pressed, allows you to switch between your different cards, and
  2. A simple display that lets you know which of your cards is currently “active.” This includes the card’s brand, the last four digits, the expiration date, as well as the security code.

Getting your various cards into the Coin device is as simple as attaching the included dongle to your smartphone, swiping the card you’d like to add, and then taking a picture of the card. The Coin app on your phone will do the rest (though you’ll have to be connected to the internet), and after verifying that you own the card, you’ll be ready to go in just a few seconds.

While the Coin app can hold as many cards as you need, the device itself can only hold up to eight. Once all you cards are loaded onto your Coin credit card, it can be swiped and used in “the real world” just like any of your traditional cards, even at ATMs – but it will not work for online payments. It looks, acts, and feels just like a traditional credit card, including your name engraved on the front, and a tamper-evident signature panel.

Coin Credit Card Security Features

When most people learn that the Coin device will hold up to eight of their credit cards, the first thing that comes to mind is security. As a result, we thought it would be a good idea to devote a section to this topic.

From a “hacking” standpoint, the Coin credit card uses 128-bit or 256-bit encryption, which means that the data contained on it is very safe. When paying with your Coin card, you can auto-lock the button on the back so that the payment source can’t be inadvertently changed prior to being swiped, regardless of whether you’re “dropping a Coin, holding a Coin, sitting on a Coin, or putting the Coin in a check presenter at a restaurant.”

After payment is complete and you’re ready to leave, your Coin card uses a low-power Bluetooth signal to constantly “talk” with your smartphone. If it gets more than 25 feet away, it will send an alert to your phone to let you know that you’ve left it behind. This distance can also be reconfigured inside the Coin mobile app.

If you lose your phone at some point, you can reconnect your Coin card to another phone simply by re-downloading the app and signing in. If both your phone and Coin card are stolen at the same time, you can “remote wipe” your phone to erase any sensitive information.

Coin Credit Card Pricing & Refund Policy

According to the company’s website, the Coin credit card will be priced at $100 when it officially launches in the Summer of 2014. However, it is currently being offered at a preorder price of $50, plus $5 shipping and handling.

If you place your order and then decide that you no longer want your Coin credit card, you can cancel prior to your name being inscribed. Once this occurs however, no refunds will be available.

Bottom Line: Should You Buy the Coin Credit Card?

According to the company, the overall idea behind the Coin credit card is to declutter your wallet and simplify your life, which it appears to be poised to accomplish. With that said, since the device represents a fairly large step forward in the evolution of how we pay for goods and services, and there are bound to be some wrinkles to iron out. So if you’re thinking about preordering the Coin, here are four primary points to keep in mind:

  1. Even though the Coin website explains how the device can be auto-locked, it seems that the payment method could still be accidentally changed if you’re especially engaged in a conversation, have had a little too much to drink, or your waiter mistakenly presses the button.

  2. Designed primarily for the U.S. market, and consequently doesn’t support chip & pin (EMV).

  3. Coin is currently only available for users with an Android or iDevice.

  4. No replaceable battery. This means that once the battery runs out, you will have to spend another $100 to replace the entire device. However, the company claims each Coin device should last approximately two years with normal use.

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Read 85 Coin Credit Card Customer Reviews and Complaints

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Average Consumer Rating: 1.2
Rating Snapshot:
5 star: 0 4 star: 1 3 star: 2 2 star: 11 1 star:  71
Bottom Line: 6% would recommend it to a friend
Showing 1-11 of 85
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  • 2 out 5 people found this review helpful

    Not as bad as everyone says (for me)

    Finally received 8/8/15 and was super psyched. Loading cards is a true PITA, supplied card reader doesn't work great and is very sensitive to speed and angle of swipe. After an hour I was pretty good at swiping and found decent success loading 10 cards to the software app. Syncing the card also took some getting used to. You set the app to sync, click the button to turn on the card then hold button till sync lights up, then let go. It will sync via BT whatever cards you've chosen, up to 8.

    My experience has been mostly positive. All POS machines, liquor store, Kroger, Publix and a couple of other worked on the 1st or 2nd swipe. ATM machines that suck in the card did NOT work. ATM machine that you push in and pull out DID work.

    All in all happy with some cool tech but carry 2 credit cards just in case.

    Bottom Line: Yes, I would recommend this to a friend

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  • 1 out 3 people found this review helpful

    Good but could be better

    • Victoria, Australia,
    • Jun 14, 2015
    • Verified Reviewer

    I can't say it's horrible but it can definitely be improved. I think they must of had a tight budget in this case.

    Bottom Line: No, I would not recommend this to a friend

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  • 1 out 1 people found this review helpful

    New techology, give it some time.

    • Houston, TX,
    • Dec 4, 2015
    • Verified Reviewer

    I received my Coin 2.0 in the mail yesterday. I'm excited to use it but by looking at the reviews I better bring my old school cards too. I used Bluetooth back when no one even knew what it was and may I say that it didn't work very well. I give the Coin team a thumbs up for venturing down this road and creating this new technology. I believe that it will improve as time goes on. Thanks Coin.

    Bottom Line: Yes, I would recommend this to a friend

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  • 2 out 8 people found this review helpful

    Coin, Good idea or not?

    • So. Cal.,
    • Mar 4, 2014

    The idea behind Coin is great. I have a wallet that makes me sit with a lump in my back side, unless I remove the wallet from my pocket when I sit. I am all for the new technology, however the company says the Coin only has a battery life of 2 years of normal use. IMHO $100 every two years to replace the Coin is too expensive to buy today. When the manufacturer can develop a rechargeable batter I will procure the Coin. Even with the introductory off of $50. for pre-order I still won't buy it until they can develop a better battery.

    Bottom Line: Yes, I would recommend this to a friend

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  • 4 out 10 people found this review helpful

    Coin is a good concept, but not cost effective for consumers

    • Philadelphia, PA,
    • Jun 26, 2015

    Coin Credit Card seems to be a great concept that offers an organized way to manage multiple credit/debit cards. However, having to pay $100 every two years (due to the low battery life) versus sucking it up and relying on one's own organizational skills is not the right answer. Without offering any other service with the card, it does not make sense to pay $100/2 years when you can simply clean your wallet/purse for free.

    Bottom Line: No, I would not recommend this to a friend

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  • 5 out 6 people found this review helpful

    Coin is evasive

    • Boca Raton, FL,
    • Jul 22, 2014

    I have asked over and over again when Coin is shipping but all I get is canned, PR responses that sound like they want to recruit me as a cheerleader. These guys would make great politicians. Will my Coin be delivered by the end of the summer? I get a 4 paragraph responses that tells me Coin is scheduled to ship Summer 2014. I already knew that in January. How about an update that actually has some relevance?

    Bottom Line: No, I would not recommend this to a friend

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  • 6 out 8 people found this review helpful

    All Sizzle No Service

    • Durango, CO,
    • Aug 8, 2015

    This was a great idea early on. I gave Coin the benefit of the doubt in spite of my good friend who runs a CC processing company telling me that "Coin will be dead before it ever is released," due to security reasons and moving to EMV cards, which are purposely not able to be copied. This product is effectively a skimmer technology and cannot offer the updated security; in light of Home Depot and other data breaches. So I ordered two, naturally. I canceled through their silly email back and forth and got a refund. Very, very poor execution on this one guys. Take a note from "Coolest" cooler on Kickstarter. Update often, clarity with customers and then actually set a time to deliver. Gantt chart 101.

    Bottom Line: No, I would not recommend this to a friend

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  • 2 out 3 people found this review helpful

    Coin Is Not Reliable

    • Chicago, IL,
    • Jul 13, 2015

    The promise that this digital wallet can replace your cards doesn't hold up under practical use. While it certainly does function, you never know when it will or won't work. It failed while exiting an airport parking lot (real hassle) and even at a Walmart. As a result, I have to carry back-up cards for these failures, which defeats the whole purpose.

    Bottom Line: No, I would not recommend this to a friend

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  • 1 out 3 people found this review helpful

    Coin final say

    • Savannah, GA,
    • Jun 24, 2015

    The idea was really good in 2013. No one know then about the other possibilities that came into the game later (i.e., ApplePay, or other similar choices in the marketplace). I received my pre-order Coin with enthusiasm (must say) and I am happy to support innovation and Audacy in modern times, so why not?, let's give it a try despite ApplePay, after all, not everywhere you find that reader you need to get the fancy payment go through.

    Until today, I was happy and enjoyed this gadget. Nothing is perfect, the price tag is not outrageous (like Apple Watch) and I hope Coin team will continue perfecting this device. Where my heart dropped and total disappointment came to fill me out is when I realized that Coin needs to be replaced at full price every two years more or less. Here I do have an issue. Especially because out there are so many other free choices and let's face it. It is not too hard having a couple of cards in your wallet. Coin is more like "the show off" version of a fancy buyer.

    I sincerely feel that even considering the convenience of Coin as a major advantage, it does not justify $200 expense in a 2-year cycle. Sorry Coin guys, this was a really good try, you almost made it until others put out similar choices. I will probably stay with you until the loaded power allows its use (or you come out with a reasonable solution that does not imply extra cost). Fair?

    Bottom Line: No, I would not recommend this to a friend

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  • 2 out 3 people found this review helpful

    Not worth the wait

    • Jul 2, 2015

    Just like all the others here, I waited two years for my Coin Card. My response from customer service about enquiries was a very polite, and very quick. I asked my question on Christmas Eve, and I had a conversation over email with "Vicky" on the 26th and 27th. She didn't know the answer to my problem, but found the answer the same day.

    Delays in delivery has been a frustration, but this was a Kickstarter campaign where delays in manufacturing can come along.

    The reason for my greatest frustration is that the card just doesn't work very well. I have tried it every single place that I normally use my regular credit cards and debit card. The only time it has worked was in the ATM at my bank. It has failed in almost every single other attempt to use it. One exchange took three swipes before being recognized. All others came back with a bad card error message. This when even using two separate saved cards on the Coin in the same failed purchase.

    This thing was supposed to REPLACE all my other cards. Now, I have to carry all my other cards AND this one. Not worth it for the frustration. It slows transactions down, not speeds them up.

    Two stars only for my experience with customer service and zero for the card itself.

    Bottom Line: No, I would not recommend this to a friend

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  • 1 out 2 people found this review helpful

    Nice try, but not yet ready for prime time

    As with others, I waited a long, long time for my Coin to arrive. Finally got it and then set it up today. The process of loading my credit and debit cards on to it was not easy -- the reader they provide is seemingly not very sensitive and it took as many as fifty swipes per card to finally get the info loaded.

    More importantly, the ability of the card to be readily read at merchants and banks is far from perfect. Of the three merchant purchases I tried to make today, two went through fine but one failed. So I had to pull out an actual credit card to complete that one.

    Even worse, I tried to use my Coin to get cash at an ATM. I tried at SEVEN different banks and the Coin didn't work at a single one. In six of the seven the ATM wouldn't even pull the card in. In the seventh it at least pulled it in, but then displayed a message saying it could not read the card and spit it back out.

    Bottom line, the Coin is not reliable enough to be able to serve its main purpose of enabling you to carry just one card. If I carry Coin, I will still have to carry my debit card and at least one credit card to serve as backup for those occasions when the merchant's system won't take the Coin.

    And I SO, SO wanted this thing to work.

    Bottom Line: No, I would not recommend this to a friend

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