Last year Coin was the new hot startup company whose goal was to create a card that will combine all your credit cards into one. For people like me who carry multiple credit cards, this was an excellent concept! The only problem is that Coin doesn’t have an EMV chip. All my credit cards have the EMV chip, except for my Capital One Venture. Coin promised that it would work with these cards, but I don’t see how. When I go to Wal-Mart and I try to swipe my Amex card with EMV, it tells me to insert my chip instead. There is no way around this, and since Coin doesn’t have EMV I wouldn’t be able to pay. This is all hypothetical in my mind, but the final product got pushed back a whole year to Summer 2015. We’ll have to wait and see if the final product works as promised. By that time Coin will already be outdated since the U.S. is moving to EMV in October, 2015.
Now there’s a new startup company that hopes to fix the flaws in Coin’s product.
Plastc works in the same fashion as Coin where it’ll consolidate up to 20 cards into one card. They claim it’ll work with chip and pin after a software update, but there’s no time frame for when the update will roll out. My only question is that if Plastc supports EMV, how is is it that one EMV chip can work for all your credit cards? It was from my understanding that credit card companies are switching over to EMV because it’s more secure and more difficult to duplicate a customer’s credit card info. Now I’m no programmer, but it seems like if were able to program multiple credit card numbers to an EMV chip, then there’s nothing to stop hackers from doing the same thing.
What’s the difference between Plastc and Coin?
- Plastc’s battery is rechargeable and lasts for 30 days. Coin’s battery lasts for up to 2 years and then has to be thrown out.
- Plastc can hold up to 20 cards while Coin can only hold up to 8 cards.
- Plastc will supposedly support chip and pin after a software update. Coin does not support chip and pin whatsoever.
- Plastc costs $155, while Coin costs roughly $117 (depending on taxes.)
- Plastc uses an e-ink touchscreen to swipe between cards, while Coin has a button to click between cards.
Which card would I go with?
I would choose Plastc if I had to pick one. If all the features work as they claim to, then I think it’ll be worth the extra $30. However, now that I’ll be receiving the new iPhone 6 Plus any day now, I plan on using my phone to pay. Not every retailer is going to accept Apple Pay, but as each year passes I bet we’ll soon be like Japan where paying with your phone is the norm and you treat your phone as your wallet.
Should I pre-order Plastc?
I would hold off. Watching Coin’s pre-order fiasco, they were unable to complete the product on time and they ended up having to push the product back a whole year. They came out with a Beta card, but it only works 90% of the time (so you still have to carry all your other cards in case Coin doesn’t swipe properly.) I’m not saying the same thing will happen to Plastc, but it is a possibility. Since all the features aren’t going to work at launch anyway, I would wait a bit to see how things play out.
Plastc will begin shipping pre-orders in Summer 2015.