About Coin Credit Card

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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87 Consumer Reviews for Coin Credit Card

Average Consumer Rating: 1.2
Rating Snapshot:
5 star: 0 4 star: 1 3 star: 2 2 star: 12 1 star:  72
Bottom Line: 6% would recommend it to a friend
Showing 1-11 of 87
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  • 6 out 6 people found this review helpful

    What a waste of time.

    • New York,
    • Jul 6, 2015

    I was on board pretty early and referred a handful of people, who went on to refer a handful of other people. I've had a bunch of those folks busting my chops for some time now about how they keep pushing deadlines and not communicating very well about it but I've tried to soothe people's complaints by being a good cheerleader for something that I am legitimately excited about. But then they ruined even that.

    After all of this time, they created a beta program and made me wait to download an app, only to tell me that I'm not even eligible for that? Like, they couldn't just tell me that I get two years of nothing for my purchase and look like a dope (something that everyone else has told me but I went and defended them)? They had to get my hopes up only to make a worthless iPhone app break the news?

    I am baffled at how bad they are at this. I was the very first person I know to buy coin and I'm the very last person to be angry with them, but this is too much.

    The funny thing is that the overwhelming majority of my anger has little to do with the fact that they can't get their act together and manufacture/test a product that they promised a long time ago. It's that they actually make this worse with their attempts at making this better.

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

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  • 6 out 6 people found this review helpful

    Good Idea Horrible execution

    • Sep 3, 2014

    1. Late in launch.

    2. App barely works.

    3. Customer service sucks.

    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 scamming the backers

    • Reston, VA,
    • Sep 11, 2014

    Coin seems to be scamming everyone. I am a backer, gave them my money. They don't answer phone, reply to emails. They promised a device this summer, now wait until 2015. Everyone got charged, they have no product. Just an app to add your credit cards. Seems they are collecting credit card numbers, who knows what they will do with that. Totally not trustworthy, BBB better watch them. One of those ventures that is going to burn. Lack of customer care, no contacts, just collecting money from the people out there.

    Now with Apple Pay, they are dead anyway. So get your money, quick! or they will take it.

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

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  • 7 out 9 people found this review helpful

    now with Apple Pay, may be DOA

    • Los Angeles, CA,
    • Jul 6, 2015

    I too was a early backer. Gave my $50, and... crickets, nothing. nothing for weeks or months. An occasional EXTREMELY vague email, that linked to main site that had nothing but a landing page.

    Like most, i saw it as a great concept, with an enormous cool factor. But like a drunken night of bar hopping, you wake up the next day with regret to your decision. What did i do, is this thing safe, will it ever even work ?

    I finally canceled my backing and about 1 week later they replied, apologizing. I must have incredible timing because the very next day, came the corporate apology email, a-la Roger Goddell, [We've] made a mistake. We're sorry for the way we've treated you, almost as if they where trying to get me to feel sorry and to come back and not cancel. But still, no promise of anything, i was still being guaranteed, nothing... A week later i got an email confirming they would refund my initial backing and funds showed up days after.

    Overall horrible experience, and with Apple announcing apple pay, they've pretty much sealed their fate. But you can only blame yourself. too little, too late, too bad.

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

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  • 7 out 10 people found this review helpful

    I'm out 100 bucks

    • C. FLA,
    • Sep 25, 2014

    I order two of these fictitious beasts for Christmas last year (2013) and upon the news that the release was pushed back to 2014, I've attempted to get a refund.

    I received a vague response on 9.11.14 that my funds would be posted soon, but they have yet to be seen. Save your money and buy an iPhone 6.

    This company has lost the trust of the consumers and is going down fast.

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

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  • 5 out 6 people found this review helpful

    Terrible! Might as well be a Scam!

    • Cincinnati, OH,
    • Jul 7, 2015

    I pre-ordered my coin KNOWING that it would be obsolete in just over a year due to the US switching to Chip and PIN cards (if you are not familiar with this, look it up, OCT 2015 is when magnetic strip cards become obsolete.) At $50 it was worth the experience just to say I was on that band wagon that being said, they are now not planning to release until 2015? And now not only will it be obsolete due to that, but with Apple Pay it is even more secure and convenient than a card to begin with.

    Their support is terrible as well. I was originally told that I had made the Beta program, I upgraded phones and they booted me claiming that they had never approved me for Beta in the first place, I am currently working on getting a refund now, but one might as well call it a scam either way! Regardless of whether they refund me or not, my experience with Coin has been so terrible it will stay at 1 star, in fact I would send it to 0 stars if possible.

    Stay away from coin! It isn't worth the money or trouble!

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

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  • 10 out 11 people found this review helpful

    Disappointed

    • Collierville, TN,
    • Oct 23, 2014

    I pre-ordered this card and was excited about a July 2014 delivery. When the company stated delivery would be delayed by nine months I requested a refund as they stated unsatisfied customers would be entitled. To date all three request have been totally ignored. That is the price you pay when you choose to pre order an untested product. Lesson learned. Do not order this item. The company is likely not to succeed and the card will be obsolete by the time it is delivered due to the new card chip requirements.

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

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  • 9 out 11 people found this review helpful

    No COIN, No Contact

    • Valdosta, GA ,
    • Nov 5, 2014

    Tried to get an update from help@onlycoin.com & help@coin.com but both emails were returned addressee unknown.

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

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  • 7 out 8 people found this review helpful

    Christmas present for my hubby, last Christmas

    • Modesto, CA,
    • Jul 8, 2015

    This is beyond frustrating. I have emailed over and over with not one reply. All I want is a refund. I get no response at all for a year? I understand this is a new business. I was okay with pre-ordering the card because my husband likes to have the latest gadgets. Now, a year after pre-paying, I have no answers (or refunds) and my husband has one less gift that he has been patiently waiting on for a year. Did I mention that it's been a year? Get it together coin and give people, who want refunds, their money back.

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

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  • 12 out 14 people found this review helpful

    Worst experience in tech so far

    • Carrollton, TX,
    • Jul 9, 2015

    I filed a negative BBB report and emailed Coin alerting them that a Class Action lawsuit will follow if no reply is given with a sufficient answer within 24 hours of the message send date/time.

    If others wish to join in a Class Action lawsuit, let's get together and get the ball rolling.

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

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    • Feb 26, 2015

      Gil Saenz

      Yes I will join you on the class action suit. To me this is a scam!

    • Jun 8, 2015

      Pete,

      You don't have to start a class action to get your $50 back. Just email them and ask for your money back. That's what I did, and I got the money back into my account within a week with an emailed apology from the company that they weren't where they wanted to be. Class action seems intense for a $50 investment into a start up.

      Per their apology, the people at Coin already seem to know they've failed in an epic fashion. Just email them asking for a return on your investment and let them slink back into their hole and lick their wounds.

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  • 9 out 11 people found this review helpful

    This might as well be a scam!

    • Feb 28, 2015
    • Verified Reviewer

    I paid them back in December of 2013 and it is now going to be March of 2015 and still nothing! They surely will be hearing from me and my attorney! Do not get this product!

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

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Showing 1-11 of 87

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