Binji app and credit card

Binji’s Card Consolidation Sounds Awesome, But Take a Closer Look

binji debit cardEver since I determined that I was ready to jump back into the credit card game after swearing off them in my 20s, my wife and I have been all about maximizing our rewards. With the relatively modest sum of three main cards to our names, for the most part, we’ve become pretty good at knowing what card to use when and ensuring our wallets are well equipped when we go shopping. Nevertheless, the prospect of have a single card with which we could easily select our preferred payment method does certainly sound appealing. For a minute, that’s what I thought Binji but was offering… but then I took a closer look.

I remember first seeing online ads for Coin and other smartcards some years ago. Of course, at that time, I had no use for them since I was strictly a debit card guy. In hindsight, I suppose my failure to jump aboard was good as several of those offerings have shuttered. That’s why I was interested to see that a FinTech called Binji was revisiting the idea, this time with the twist of integrating the card with a mobile-based banking account. Granted, I already have enough of those — but, hey, it still sounded good enough at this point.

As I explored Binji’s site, the first strike against them was that the card itself doesn’t come free with an account but, instead, costs $89. While I’m sure these Bluetooth-equipped, LCD display cards can’t be cheap to make, it’s hard to imagine that I’d get $89 worth out of convience from the product. To that point, watching their materials on how to select which card you want to pay with, I quickly realized that it’d be much easier to just carry any card and bust it out when I need it.

https://www.youtube.com/watch?v=JBL2PbzROko

If that weren’t enough to crush my (short-lived) dream of trying a smartcard for myself, the worst was yet to come. I started to pay closer attention to the way Binji described their card consolidation feature, noting that they didn’t say you’d be selecting the card you wanted to pay with but the “card you’ll use to fund your account.” Moreover, the how-to video showed that you’d select how much you want to fund your account with, suggesting the card isn’t just acting like a proxy as I had assumed. This led me to believe that, for cards that offer bonus cash back based on purchase categories, you’d only receive the base level of rewards since the retailer would be Binji and not the store/restaurant/whatever itself.

Tweet: Hey, yes, that is correct. Funding your Binji account or sending P2P payments with a credit card will incur a 3% fee.But there’s more. Going down the rabbit hole on this “fund your account” thing, I discovered that, in order to use a credit card to fund your Binji account, you’d be assessed a 3% fee! I was kind of taken aback by this, so I took to Twitter to confirm with the company. Sure enough, they responded, “Yes, that is correct. Funding your Binji account or sending P2P payments with a credit card will incur a 3% fee.”

They also confirmed to another Twitter user that category-specific rewards would not work with their product. So not only are you potentially missing rewards you’d be entitled to by using your card normally but are also paying an extra 3%?! That’s a “no” from me, dawg.

Look, I don’t mean to tear Binji down here, but this experience was a good reminder about doing your researching before purchasing products. Had I relied on my assumptions instead of looking at the actual info, I could have very well ended up spending $89 on a card I’d surely never use and an account I had no use for. So, instead of a Binji card, I guess I’ll just shop around for a more accommodating wallet instead.

Author
Founder ~ Moneyat30
Kyle is a freelance writer - including being the head writer for Fioney.com. He also serves as editorial director for the Disney fan site LaughingPlace.com and the founder of Money@30.com. In 2015, Kyle and his wife Bekah moved from Los Angeles to Springfield MO in pursuit of greater financial freedom. Together, the pair enjoy travel, coffee, and spending time with their dog Rigby. Additionally, as of 2023, they become first-time homeowners.
Other Articles by Kyle Burbank
person standing in front of exploding fireworks
Hey You Kids, Get Off My Lawn!
With last Friday being July 4th, I decided to take a week off from posting. However, I wanted to share a story from that night (or, really, early the next morning). Backing up, last year, we learned that our neighbors loved fireworks. So we were prepared for a few hours of noise and helping our...
Venetian rewards gems
Travel Tuesday: The Venetian Surveying Guests on Possible Rewards Credit Card
Late last year, I had a chance to cross another Las Vegas Strip property off my list with a stay at The Palazzo at The Venetian. Whether because of that or because I opened a players club card with them as well, this week The Venetian sent me a survey regarding a potential rewards credit...
Allbirds 4th of July sale logo
Allbirds is Celebrating Independence Day with a 50% Off Sale
One funny thing about summer is how a sunny day can quickly turn into a heavy downpour. This is even more prominent in certain parts of the country where you may be headed on a summer vacation (I'm looking at you, Florida!). So, given that weather reality, it makes perfect sense that Allbirds would be...

It’s nice to have a smart card but gor now, I think I’m good with the exixting cards and happy with the perks I am getting from them. Thanks for the review.

The card is just a reloadable prepaid card with an app. The CEO was behind the failed Plastc card program that took peoples money on pre-orders and never delivered.

Leave a Reply

Featured Articles
Hey You Kids, Get Off My Lawn!
With last Friday being July 4th, I decided to take a week off from posting. However, I wanted to share a story from that night (or, really, early the next morning). Backing up, last year, we learned that our neighbors loved fireworks. So we were prepared for a few hours of noise and helping our...
Travel Tuesday: The Venetian Surveying Guests on Possible Rewards Credit Card
Late last year, I had a chance to cross another Las Vegas Strip property off my list with a stay at The Palazzo at The Venetian. Whether because of that or because I opened a players club card with them as well, this week The Venetian sent me a survey regarding a potential rewards credit...
Allbirds is Celebrating Independence Day with a 50% Off Sale
One funny thing about summer is how a sunny day can quickly turn into a heavy downpour. This is even more prominent in certain parts of the country where you may be headed on a summer vacation (I'm looking at you, Florida!). So, given that weather reality, it makes perfect sense that Allbirds would be...
An Amex Platinum Card Revamp is Coming — And I'm Worried
Earlier this week, Chase confirmed pretty much every rumor that had been swirling for the past couple of months by announcing details on a major refresh for its uber popular Sapphire Reserve card. When this refresh launches next week (or in October for current cardholders), it will bring new credits, a reimagined rewards-earning system, and...