CES 2018: This high-tech credit card can store multiple accounts

  | 
Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.

One of the constant fears of travelers is that they’ll lose their credit card — either  misplace it while they’re out and about or, worse, have it it disappear from the hotel room. But a new connected card may just swipe all of those worries away.

Money expert Clark Howard and team are working this week from CES, the world’s largest consumer electronics show, where they were introduced to a new type of credit card called the Wallet Card.

The Wallet Card: Connected card can store multiple accounts

The card, made by Cheswick, Pennsylvania-based financial technology company Dynamics Inc., has some major components that separate it from the rest of the market: It has an organically rechargeable battery, account numbers that are digitally displayed and a cell phone chip similar to a smartphone.

The true genius of it is that the card can store multiple accounts — effortlessly toggling between a debit, credit or reward card account on its screen — and features an online data connection that allows banks to instantly change your credit card numbers, making it pretty useless if it falls into the wrong hands. It can also be programmed to notify you of coupons or bank balances and purchases, adding value to the consumer.

“Think of everything that you carry in your wallet today and your mobile phone combined onto one card,” a company rep told Clark radio show Executive Producer Kim Drobes. “What this card does is allows the bank to communicate with the card, shut it off, deactivate it, but also reactivate it after the person holding it has been authenticated and download an effectively new card.”

The Wallet Card is creating some serious buzz in the credit card world, having locked up a branding deal with Visa as its first partner and striking accords with international banks.

“Innovation in the payments category is not limited to wearables, cars, security or mobile technology — there is still much that can be done to update the card-based experience, which continues to be the primary form factor used globally to complete digital payments transactions,” Mark Nelsen, senior vice president of risk and authentication products with Visa, said in a news release.

How to get it: The card hasn’t been issued yet. You can sign up at GetWalletCard.com for notifications on when the card will be available.

Clark’s takeway: “This process of coming up with new ways for us to use credit cards is so important to you and me as consumers. It’s obviously important as well to the banks,” he said. “The fact that we cannot trust payment systems today is a real problem and solutions like this are going to go a long way to restoring trust, and making the use of payment systems like credit cards so much safer.”

RELATED: TouchPoints are designed to put the wraps on stress

 

This post was last modified on January 11, 2018 3:07 pm

Recent Posts

Free Mobile Passport Control App Saves You Time in Airport Customs

If you plan to take an international flight or cruise anytime soon, there's one free…

2 days ago

Where Should I Set Up My Health Savings Account (HSA)?

Pop quiz: What's money expert Clark Howard's favorite tax-advantaged retirement tool? If you guessed Roth…

2 days ago

YouTube TV Unveils Limited-Time Offer for 2024 NFL Sunday Ticket

Are you considering subscribing to NFL Sunday Ticket for the upcoming season? Now may be…

2 days ago

Clark Warns Major Changes To Credit Card Rewards Are Coming Soon

Did you know major changes are coming for the way credit card processing fees are…

3 days ago

Costco Car Insurance: 5 Things To Know Before You Get a Policy

There’s a lot to love about Costco. The company has deals on just about every…

4 days ago

Clark’s Advice on Becoming a Travel Agent

Money expert Clark Howard started a travel agency in his mid-20s and grew it into…

4 days ago