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Smart Card Too Smart For Its Own Good?

Imagine losing your credit card.

It’s a bummer, right? But you could just use your other cards until your replacement comes in the mail.

Now imagine losing your credit card…that has ALL of your credit cards stored on it.

If you’re the type of person who misplaces or loses important items frequently, the “all-in-one” option is probably not designed with you in mind. But if you can’t fasten your wallet because its packed full of plastic, a smart card may be the solution you need.

Smart card is the new trend these days: one card to rule them all. Whether it’s the Stratos, Coin, Plastc, or Swype, these cards, when paired with a smartphone app, are designed to act as a single all-purpose solution that lets users combine all payment methods onto one card.

But while many consumers and merchants have caught onto the Apple Pay movement, many retailers don’t understand these new trending cards. They display no card brand logo, and many haven’t heard of the card title, prompting many retailers to reject their usage.

In addition, some of these cards are not EMV compliant. Come October 2015, these chip-less cards will not be allowed at all, due to lack of government implemented security measures.

The good news? A number of these all-in-one solutions are EMV compliant (yay!). And if you lose your card? There are deactivation options. Read about one man’s experience here.

Will you get one of these wonder cards? Do you already own one? Share your experiences and thoughts with us via Facebook and Twitter!

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