Stratos and Coin: Are All-in-One credit cards a good idea

Stratos and Coin: Are All-in-One credit cards a good idea -

Mobile payments have gained much popularity lately ?. Since we are almost always connected to our phones, it makes sense to have this convenience. These mobile payment applications have different functions. Some are specially designed for payments of peer-to-peer, as Venmo application, and others have adopted a characteristic of payment, as Snapcash of Snapchat. But what if there was a way to access all your credit, debit and membership cards with a card? A Michigan startup trying to make this possible with its Stratos All-in-One Card, which has been in the works for three years and is scheduled to launch this April.

What is it?

Stratos is a payment card that includes an unlimited number of cards on a Bluetooth card. You can add credit, debit, loyalty, membership and Stratos gift cards to this card and use it anywhere that accepts magnetic stripe cards, including cafes, gas pumps and ATMs. The company claims the card itself is close to the size and weight of credit cards and debit traditional, but it is an electronic card, so it is battery powered.

How does it work?

to add cards to your Stratos card, you need to connect a card reader, which is included when you buy the card in your smartphone, and slide them in. The Stratos application allows you to sort and manage your cards, you choose your top three, which can be used without your smartphone is present. To use other cards added to your map Stratos, you must first type the Stratos card on your smartphone, select the one you want to use, then drag to the place of purchase. None of your card numbers are physically displayed on the map itself Stratos, and the company claims to use encryption to the bank's level on its application, where only the last four digits of your cards are displayed.

Another corporate security feature tests the card locks for use when away from your phone for a period of time. This will prevent outsiders from using your card (s) if you leave your card Stratos somewhere, or if it is stolen. Bluetooth exploited card is supposed to be waterproof, and the signal of the battery is low, Stratos will receive a notification and send you a new card. This could cause problems if you left all your cards at home and are only dependent on this single card for payments if the battery dies. And geotagging, who remembers the cards you used to pay in this business before, raise additional safety issues for those who do not want the transaction history stored on their phone or their location tracked by their phones

as of April, those who want to test out the card can buy if for one year at $ 99 for two years at $ 145. It is designed to be functional on iOS devices with 8.1.1 or later and Android devices with 4.3 or later.

Are there other great cards like it?

there

years, a crowdfunding project was launched to raise funds for the map corner. This card works similarly to Stratos and was originally to be released in 2013, but was postponed to spring. Stratos as it uses Bluetooth and a mobile application, so you enter your cards the same way - by dragging them to your phone via a card reader, which comes with the purchase of your card. While Stratos selects the card to use on your smartphone, all currencies selections are made on the physical card itself. For example, if you have both your personal credit card and your credit card company on the corner, but you want to pay for a business lunch using it, you click on the map Corner until you reach the card. This function can contain up to eight different maps, while the mobile money application can contain an unlimited number of cards, available anytime you use your smartphone. Coin uses 128-bit or 256-bit encryption to help protect your financial information and will be available on iOS devices with 7.0 or later and Android devices with version 4.0 or later.

How safe are these types of cards?

These cards are extremely new, and with corner pushing its first release date back two years, it is clear that there is still a lot of kinks to work out. Apart from the life of limited battery of these cards, you can not control the Bluetooth capabilities. The company controls it all, so you can not turn it off and on yourself. The lock function they both offer seems to be a nice feature to have if you accidentally leave your card behind a register or a restaurant, but it is unclear as to the effectiveness of this lock is or has neither company explained how easy it is to unlock your card once it is recovered.

Another concern with these cards is the method of payment themselves. In October this year the traders are required to change their payment systems to magnetic tape technology for more secure EMV payment systems. When this transition is made, will be payment cards all in a room behind the times by continuing to use the tape? If they are not updated to the active smart cards, the company will have more seed sorting, and users be required to pay extra to upgrade? The answers to these questions are currently unknown, but these are questions you should ask yourself before you register on one of these cards.

While the companies claim your information is safely encrypted in their systems, we do not know exactly how and where this information is stored and what happens to your card information if you remove the Stratos or card Coin. With so many new options for electronic and mobile payment there now, it is important to do your own thorough research before trusting any of these companies with your financial information. Even trusted companies were recently hacked, exposing millions of people's personal information, so you can not just assume your information will be safe with Stratos or Coin. And if one of those companies are crossed, there is not that your name will be displayed - it is every item that you provide these services. Thus, it could be the equivalent to submit your entire wallet to a hacker or identity thief. Before you decide to register for one of these cards, which is something you must decide whether you want to risk.

Read our Identity Theft Protection blog for more tips on how you can protect your identity in all aspects of your life.