This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.
On Monday, Sprint and Dynamics Inc. announced the world’s first battery-powered “connected” payment card at CES in Las Vegas. The card is a “smart card” similar to Edge Card and SWYP, meaning you can load your bank’s debit, credit, prepaid, multicurrency, one-time use and loyalty cards onto a single card.
The product, dubbed Wallet Card, features a small display that shows card numbers, announcements and other information. It has a built-in self-charging battery, programmable magnetic strip, EMV chip and contactless chip.
The first major benefit of this new technology is that you’ll be carrying a lot less of plastic (or metal) in your wallet. With the push of a button you can switch between different cards, with the information being displayed on the card’s screen in real time.
Wallet Card has the potential to combat fraud in much quicker and more efficient ways than before. Via a cell phone chip inside Wallet Card, banks can instantly send a message to the card (anywhere where there’s a cell connection) asking the user if a recent transaction was made by them or not. The user can select “not me” which will alert the bank that their is indeed something wrong.
Banks will have the power to instantly delete an old credit card number and issue a new one on the spot to Wallet Card, eliminating the need to wait a week for a replacement.
If you physically lose your card, banks will have the ability to issue a new card from retail locations or other centers instantly — instead of having to print one up and mail it from a far-off factory. Once you get your card, you’ll be able to securely download all your information onto the new card. Users can also opt in for coupons or other alerts that can be sent to their Wallet Card.
Unlike other “smart cards” that allow you to load up different banks credit and debit cards onto one device, this card would actually be issued by a bank itself. So we may see a Wallet Card with Chase or Citi branding — although unfortunately you won’t be able to load multiple different issuers cards’ onto one Wallet Card, a Dynamics spokesperson told TPG. Past smart cards have a history of finicky technology and going bust, like Coin and Stratos.
So far Wallet Card has partnered with non-US banks, including Canada’s CIBC, Emirates NBD, India’s IndusInd and Japan’s Sumitomo. It also has the support of the Visa and Mastercard payment networks, according to VentureBeat. The company didn’t say when the cards will be commercially available but a Dynamics spokesperson told The Verge that they will “be issued to bank customers hopefully later this year.”
Dynamics has issued less sophisticated smart cards that have been used by Tim Horton’s, the Upper Deck Company and CIBC. The Wallet Card received the Best of Innovation for Security Technologies at CES 2018.
Featured image courtesy of Dynamics, Inc.
With some great bonus categories, the American Express Gold Card has a lot going for it. The card offers 4x points at US restaurants, at US supermarkets (up to $25,000; then 1x), and 3x points on flights booked directly with airlines or through amextravel.com. It is currently offering a welcome bonus of 35,000 bonus points after you spend $2,000 in the first three months.
- Earn 35,000 Membership Rewards® Points after you spend $2,000 on eligible purchases with your new Card within the first 3 months.
- Earn 4X Membership Rewards® points at U.S. restaurants. Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X).
- Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
- Earn up to $10 in statement credits monthly when you pay with The Gold Card at Grubhub, Seamless, The Cheesecake Factory, Shake Shack, and Ruth's Chris Steak House. This is an annual savings of up to $120. Enrollment required.
- $100 Airline Fee Credit: up to $100 in statement credits per calendar year for incidental fees at one selected qualifying airline.
- Choose to carry a balance with interest on eligible charges of $100 or more.
- No Foreign Transaction Fees.
- Annual Fee is $250.
- Terms apply.
- See Rates & Fees