Posted by William Charles on April 20, 2017
Credit Cards plastc shutdown

Published on April 20th, 2017 | by William Charles

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Plastc Ceases Operations “All In One” Credit Card Pre-Orders Will Not Be Delivered

Plastc (not to be confused with Plastiq) has announced that they are exploring operations for bankruptcy and that they have ceased operations on April 20th, 2017 (today). Plastc blames this on a failure to secure a series A funding round, citing two times they had deals in place that were pulled at the last minute.

For customers that pre-ordered a Plastc card, this pre-orders will not be fulfilled. Plastc was one of many “all in one” credit card solutions that were “launched” in early 2015 (Coin, Plastc, Wallby & Swyp). The idea being that you could load multiple credit cards into a single card and then easily switch between these cards. The issue with that was always going to be that when they were first mentioned they lacked EMV & NFC support. Plastc had continually delayed shipment of pre-orders and changed their business model.

If you did pre-order Plastc, chances are that you’ll never see that money again (Update: readers are having success filing a chargeback. It’ll be interesting to see if that sticks or not. At the very least it’s worth trying). It will be too late to file a credit card charge back and you’re considered an unsecured creditor and by the sounds of it Plastc has no money. There is always significant risk when pre-ordering products such as these and that is something that is often not realized by consumers.



24 Responses to Plastc Ceases Operations “All In One” Credit Card Pre-Orders Will Not Be Delivered

  1. Mike says:

    Glad I requested a refund after a solid year of waiting. Too bad though, would have been cool if it actually worked and shipped.

  2. MSer says:

    Pity. They actually seemed to have a decent product. But with 2 vcs pulling out, appearances must have been deceiving

  3. joE says:

    There is a FB page that started shortly after the e-mail was sent out which is bringing people together for a possible class action lawsuit. Here is the link https://www.facebook.com/plastccardlawsuit/

  4. Gerry says:

    “There is always significant risk when pre-ordering products such as these on Kickstarter and that is something that is often not realized by consumers.”

    Completely agree…. When push comes to shove, the old adage “you can’t squeeze blood from a turnip” applies. There are basically no protections since you technically aren’t buying a product – you’re backing a project and receiving a “reward” for your participation which is based on the success of the project. That is why you can’t use your credit card “buyer protection” on kickstarter. Most people don’t understand that distinction because they don’t read.

  5. joE says:

    Numerous data points of people contacting their banks, chase, capitalone etc. and getting a refund, no questions asked aka not given a hard time.

  6. Ender says:

    I called chase this afternoon to file a dispute. Chase accepted and promised refund would appear in next statement. Pre-ordered Mar 2016. My suggestion would be call now than later and I bet the banks would have a better chance squeeze money out of them.

    Meanwhile, as one user on Reddit brought up, the time limit for charge back is actually 540 days if merchandise is expected to deliver after transaction date (pre-order). At least for visa.

    https://chargeback.com/visa-chargeback-time-limits/

    Time limits associated with Visa chargeback reason code 30 can change if the merchandise or services were expected to be provided after the transaction processing date. However, the time limit a cardholder or issuer has to chargeback cannot exceed 540 calendar days from the date of transaction processing.

  7. HikeeT says:

    When luxury link went under I initiated a dispute with discover and was refunded with minimal hassle. I suspect folks here will meet with similar success. I am just glad I cancelled my order long ago and won’t have to stress over it.

  8. F798 says:

    This project was doomed from the beginning. Getting EMV support is a big hurdle, unlike cloning magstripe, which is what the device is all about essentially.

  9. DT says:

    Amex told me that they can go only 11 months back. Not sure if it is true but I tried.

  10. Lantean says:

    whoever didn’t see thru this scam from the start deserves to lose their money… it was obvious they were just looking to collect money from victims and never have any real product that in the era of ApplePay was DOA anyway.

    • Alan says:

      Exactly. Funny how people think they will get back their money through charge back. Yes, it is there now but only until the end of the banks’ investigations. And of course we will pay higher fees for the idiots. Again.

      Btw, I don;t think when Plastc started their idea, Apple/Google/Samsung pay was public knowledge yet.

  11. Ra Nath says:

    A lot of us bought directly from the site as a preorder and not from Kickstarter. I didn’t “Back” a project. I preordered a product.

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