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Interesting.
To me the phone problem is not really a problem. I'd never rely on a coin solely. My first thought was to carry only a coin and say, an amex card.
One reason is because when you pay a restaurant tab, as shown in the video, I set the coin to the card I want, and then give it to the waiter. What if a different card gets selected by accident? I don't think this is anything I want handing over to a stranger at all. Instead of handing a waiter your card, you're handing him your entire wallet. If he wanted to, and had a CC skimmer, he could skim ALL your cards.
So I think I'd still carry an amex or another card, for those times when it actually needs to leave my hand. For the other times - starbucks, target, etc - this seems like a fine idea.
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DRR wrote:
Interesting.
To me the phone problem is not really a problem. I'd never rely on a coin solely. My first thought was to carry only a coin and say, an amex card.
One reason is because when you pay a restaurant tab, as shown in the video, I set the coin to the card I want, and then give it to the waiter. What if a different card gets selected by accident? I don't think this is anything I want handing over to a stranger at all. Instead of handing a waiter your card, you're handing him your entire wallet. If he wanted to, and had a CC skimmer, he could skim ALL your cards.
So I think I'd still carry an amex or another card, for those times when it actually needs to leave my hand. For the other times - starbucks, target, etc - this seems like a fine idea.
Agreed.
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That said, I'm in. My wallet measures a little over an inch thick, in part due to cards, but also loyalty/rewards cards. I'm not a big fan of carrying these cards but every time i try to leave one at home we inevitably go to that restaurant and my wife asks me "why did you take that out of your wallet" and I have to explain that since I don't carry a purse, the size of my wallet matters.
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I like the idea but I think it may be getting to the game a bit late. Why have something that syncs with your phone when you can just use the phone itself? With things like passbook and many mobile apps, I can just use my phone to pay for things. For example i just used my phone to pay for Starbucks this morning. I have a virtual card. Just tap the Starbucks app, hit "pay" and they bar scan the phone. Granted it isn't quite as easy as swiping a card but in the long run I think cards will simply integrate within our mobile devices directly.
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I stopped paying with credit cards at restaurants, I pay cash. I don't trust other people with my credit card. I never had issues but I read about way too many cases (including here on the forum) that I no longer hand over my CC to anyone.
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space-time wrote:
I stopped paying with credit cards at restaurants, I pay cash. I don't trust other people with my credit card. I never had issues but I read about way too many cases (including here on the forum) that I no longer hand over my CC to anyone.
That's not a bad idea. I've contemplated doing that, but we reap so many rewards for paying with our CC at restaurants (airline miles, Best Buy reward points, etc.), that I've held back on paying cash only for food.
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Here in the US it is standard practice to hand your card to the server but in most of Europe and Canada they bring a portable reader to your table and the card is never out of your sight.
pinkoos wrote:
[quote=space-time]
I stopped paying with credit cards at restaurants, I pay cash. I don't trust other people with my credit card. I never had issues but I read about way too many cases (including here on the forum) that I no longer hand over my CC to anyone.
That's not a bad idea. I've contemplated doing that, but we reap so many rewards for paying with our CC at restaurants (airline miles, Best Buy reward points, etc.), that I've held back on paying cash only for food.
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Not directly related to the credit cards, but I'm finding more and more places refusing to honor virtual membership cards via things like KeyRing. My last Zoo Membership renewal, for instance, says that only their actual issued card will be honored -- they will not look up your membership nor will they allow facsimile cards (such as photos of your card on your phone or via an app).
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Matt,
I like the idea of it. One card to rule them all. Coolness. But, I'm not interested because it is dependent on my phone. If they made it in a manner that I need to use my phone and mobile app to provide it card data and then it worked as a stand-alone device, then they'd be on to something.
Meaning, when I'm at homer my office and it's convenient to enter data, I enter data and send some card info to it. Then, when I want to use it, I break out the card. Done. No phone necessary. The current design of Coin doesn't allow for this.
Still, it's nifty and I'd actually consider getting one just to see if it is workable. I wouldn't necessarily pay $100.00 for it. Heck, I'm not convinced it's worth $50.00. $25.00? I'd buy one without giving it a second thought.
There is another unanswered question. How do they make money? The Coin card appears to be a one-time purchase that lasts a long time. After I buy it, they don't get a dime for me. Unless they charge for the replacement when the current coin runs out of juice. Then, it's another purchase that lasts a long time.
Maybe they'll charge a small monthly fee for the privilege of using the card? I can see that happening in the future. For many people, the sheer convenience of not having to carry a slew of cards would make it a worthwhile expense.
Robert
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Robert M wrote: I'm not interested because it is dependent on my phone. If they made it in a manner that I need to use my phone and mobile app to provide it card data and then it worked as a stand-alone device, then they'd be on to something.
https://onlycoin.com/support/faq/
Do I need my phone with me to use Coin? How close does my Coin need to be to my phone to use it?
No. Coin is a standalone device. There are, however, security features like notifying you that you forgot your Coin somewhere which you need to have your phone on you to take advantage of.
What if I lose my Coin or someone steals it?
In the event that your Coin loses contact with your phone for a period of time that you configure in the Coin mobile app, it will automatically deactivate itself.
What if I lose my phone?
When you pair your Coin with your phone, it is associated with your account and not that specific phone/device. If you lose your phone, it is possible to pair your Coin with your new phone after installing the Coin mobile app and signing in.
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