Stratos Begins Shipping All-in-One Payment Card
An all-in-one credit card named Stratos finally started shipping on Wednesday. The card looks like a regular credit card but can hold all your credit cards, debit cards, loyalty cards, membership cards and any other card with a magnetic stripe.
There are plenty of competitors like Plastic and Coin that are launching with similar cards, but Stratos becomes the first company to have their cards produced and shipped to consumers. Stratos claims a number of its features, including patented bank level security and “Dual Stripe” technology, work better than its competitors.
The Stratos app allows access to the user’s top three cards, and the card details are locked behind a PIN or Touch ID. The card can be programmed to shut down when it falls outside of a certain Bluetooth range of the owner’s smartphone.
Stratos announced in October that they had raised $5.8 million in funding.
“From consumers to leading banks, merchants and card networks, we’re thrilled to see so much positive feedback since launching Stratos Card just last month, and we’re proud to bring this groundbreaking solution to market,” said Thiago Olson, Co-Founder and CEO of Stratos in a statement. “More than 63 percent of U.S. consumers plan to use some form of next generation payment technology, and our Stratos Card platform will accelerate mobile adoption by helping people make smarter and more secure payments with a preferred, familiar card form.”
One significant drawback to the card is that it comes with a membership fee of $95 annually. The membership includes upgrades or replacements, as well as access to customer support.
The company has indicated they will continue to ship cards throughout the next couple months.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.