Posted by William Charles on May 22, 2019
Uncategorized no image

Published on May 22nd, 2019 | by William Charles

35

Binji – All In One Card That Can Store Up To 24 Credit/Debit Cards

Binji is an all in one debit mastercard that can store up to 24 different debit or credit cards. All in one cards were all the rage a few years ago, in fact the founder of Binji also had a similar product called Plastc that failed to launch.  Binji isn’t just an all in one card though, it also comes with a FDIC insured spending account and there is a mobile app as well. Binji costs $89.

I definitely think all in one cards are interesting, especially when you can add so many different cards. Given Binji itself is a Mastercard debit card it will be interesting to see how this actually functions in real life. All that being said given the founders history with Plastc I’m very hesitant to even try this new product.

Update: It looks like it doesn’t actually save the cards you add to your account, instead you basically fund your Benji account with the linked cards. Linked credit cards come with a 3% fee.



35
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Dave
Dave

They lost me at $89

Chuck
Chuck

This

Jason
Jason

The fact they offer no refunds once the package is open seems like a red flag to me.

Jim
Jim

This stupid website redirects all traffic to their YouTube channel…

Max
Max

From clicking around their website a bit, it sounds like they’re not cloning the magstripes or chips of those 24 cards, but rather you can fund your binji account from any of them. So as I’m reading it, this is going to work roughly like the Square cash card or Venmo debit card except with an expensive bluetooth gimmick. I wonder what the fee will be for funding with a credit card.

Jamie
Jamie

3% in the Ts & Cs

GaiaGeek

I find this telling (from their FAQ):

“How long does the battery last? How often do I have to charge it?
Binji Card’s built-in battery lasts up to 3 years under normal daily usage conditions. In other words, your card will have enough power to last from the issue date through the expiration date.”

This suggests it expires after 3 years, and thus I’d assume you need to buy a new card at $89 at that point. Also:

“What if the Binji Card cracks? Do I get a free replacement?
Only the Sith deal in absolutes. Hit us up at (contact info) … Reach out to our Customer Care Team, tell us what happened, and we’ll let you know if you’re covered. :)”

A warranty that doesn’t disclose what is covered isn’t exactly reassuring.

HmoobMikah
HmoobMikah

Or you can use android pay, applepay, samsungpay and still dont have to pay a single cent just to store, and use your cards.

Lantean
Lantean

This!

Leo
Leo

And EARN 3x on the Altitude Reserve.

Staradmiral
Staradmiral

How will this affect bonus category coding? Will an amex gold linked to Binji still code 4x back at grocery stores?

Ann
Ann

Looks like no. Jorge says “Was interested until I read that the way this card works is that you fund your Binji account with money from your credit card. You wouldn’t get rewards from your CC as the transaction on your CC would go to Binji and not the merchant that you are purchasing from.”

And even worse, it’s not just ‘no bonus’, it’s the opposite of a bonus. Frank adds, “it’s a 3% fee to load the account with a CC.”

Jorge Ramos
Jorge Ramos

Saw this as an ad on facebook last week. Was interested until I read that the way this card works is that you fund your Binji account with money from your credit card. You wouldn’t get rewards from your CC as the transaction on your CC would go to Binji and not the merchant that you are purchasing from.

No go for me and I suspect most of the Doc readers here as well as this would not work with getting Amex rewards, Amerideals, Chase offers, etc. Since the transaction would run as ‘Binji purchase’ not as a point of sale.

From Binji on Facebook: “Binji FinTech, Inc. Only credit cards that give points/cashback/awards for general purchases will still get those points.”

Frank
Frank

The “value” here would be that it’s a debit card at the POS so in theory: fund Binji with BBP, buy MO with Binji, deposit MO and repeat.

As read Matt said below there is likely a fee that makes this not work.

All discussion is probably moot as this thing is likely dead within months if it even launches

EDIT: it’s a 3% fee to load the account with a CC. The only value I see is you might be able to liquidate gift cards into the account (as debit cards) and then withdraw money out. If that works then likely worth $89, otherwise it’s just another Venmo/PayPal + debit card app…

Max
Max

LMAO, 3% AND You lose the bonus spend, AND it’s made by the founder of Plastc who bilked $129 over 5 years for the pre-orders, promised delivery over and over, and then ditched at the last second and declared bankruptcy, causing everyone to have to chargeback their cards for a scam. I’m not sure how this guy isn’t in jail for money laundering, let alone starting another company.

If you get this product you’re an idiot. Period. Or you enjoy Pain.

Matt
Matt

It looks like this is a prepaid debit card that syncs with your phone to fund the account with the selected card when a purchase is made, which means this would miss out on all category spending rewards. It also looks like they charge a 3% + 50 cent fee for all credit purchases (from the image in this post). These things make it completely DoA, IMO. On the other hand, the FAQ says no fees for card consolidation. The amount of vagueness coming from them is sketchy.

G
G

If a guy bothers to have many cards, he must be motivated by something like rewards, but Binji’s fee structure is against such motivation.

Dan
Dan

This won’t support chip.

Ann
Ann

Are you just assuming that because it claims to ‘store’ (emulate) multiple other cards? I see no reason the chip wouldn’t work here, because the catch is the Binji card has its own debit account that you’re always paying with when you use the Binji card, and you’re funding the Binji account by Binji instantly billing your other CC/debit card. It’s not actually trying to emulate your other cards.

Frito Pendejo
Frito Pendejo

Howd they solve the chip roadblock?

Randall
Randall

The fake reviews on the app store and google play kill me hahaha. Like many others said, anybody that buys this is a sucker

Dino P
Dino P

As one of the first backers of Coin and Plastc I am always excited by technology like this.

Coin was OK, but it failed on many point of sales terminals for some reason. It then went the way of the dinosaurs when they were bought out by Fitbit.

Fast forward to the Plastc campaign I almost immediately backed it but after a few failed “launch” dates all backers get a “Sorry we declared bankruptcy and we have all your money and don’t plan on giving anyone anything back.” That was a loss of $150, if memory serves me correctly. The CEO Ryan Marquis is a fraud and and a professional con-artist.

He is now at it again with this “new and revolutionary” card.
Thanks but no thanks.

Everyone on this blog should spread the word about this guy and any company he is involved with. They will rob and cheat you out of your money.

Put the $89 bucks towards min spend on a card to get something more worthwhile 🙂

Kathy
Kathy

For me, it would only be useful if the Benji account could be loaded with visa or mc gift cards. The T&Cs say the fee to load with debit cards is $0.00

Information Booth
Information Booth

I’ll stick with Samsung pay… they offer some pretty good deals on GC’S. John 3:16

Back to Top ↑