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In case you haven’t realized it by now, we are living in the golden era of technology and efficiency. You can do more, stay more organized and have access to more information and data than ever before all with the touch of a button on your smart phone. I’ve talked a lot about how I’m using Personal Capital to streamline the budgeting and investment side of my finances but today I’m going to talk about a product that will help me with my every day transactions: LoopPay.
What Is LoopPay?
In case you didn’t watch the video, LoopPay is a company that is aiming to revolutionize mobile payments. Unlike Google Wallet or ApplePay which uses Near Field Communication (NFC) technology and is only accepted at around 3% of stores, LoopPay is accepted at over 90% of merchants.
LoopPay relies on Magnetic Secure Transmission (MST) which is just a fancy way of saying you hold your LoopPay device right next to a regular credit card swiper and it transmits your card information. The merchant doesn’t need to have any special device or touch pad or anything like that. LoopPay works with existing technology, so you can think of it as a virtual swipe of your credit card. Pretty cool huh?
Who Can This Help?
If you only have a couple credit cards in your wallet you might not think you need a LoopPay. But one of the neat features is that you can also can store gift cards, loyalty cards and pretty much anything with a magnetic strip.
A few weeks ago I talked about my new wallet and how I only hold one credit card because I’m going for a more minimalistic approach. Ideally, I would like to hold a couple more to take advantage of double and triple point categories but I prefer simplicity over a couple extra bucks.
The LoopPay is going to change all that though because I’ll now be able to carry all my cards at once. Here are a few of the new additions:
- Chase Sapphire Preferred: This is one of my favorite cards because it gets me 2x back on travel and dining and the points are extremely flexible and easy to use. Chase Ultimate Rewards (UR) points can be transferred to Hyatt, Southwest and United, just to name a few. (If you’re interested in signing up for this card, let me know and I can send you a referral link for the 40,000 point offer!)
- Amex Premier Rewards Gold: I like holding this card because it gets me 3x back on travel and 2x back on gas and groceries. The points aren’t quite as valuable as Chase UR but there are still some decent transfer options.
- Barcaly Arrival Card: If I can’t get 2x or 3x back on my purchase, I usually default to this card since it gets 2% back on every purchase.
- Airline & Hotel Cards: I’ve got quite a few different airline and hotel cards that really only come in handy when I’m staying at that particular hotel or flying on that airline. Now I don’t have to worry about bringing those cards, since I can just bring my FOB reader and it will have all the cards pre-loaded.
- HSA Purchases: I’m starting to use Wave to keep track of all my HSA purchases so I dedicate one credit card to those types of purchases and then they auto-import into my account. These purchases are somewhat rare though so it doesn’t make sense to always carry that card around.
- Business Credit Cards: I’ve got three businesses now and similarly to my HSA purchases, I use Wave to manage all three of them. Each business has a dedicated credit card but again, the purchases are few and far between so it’s nice to be able to store them all on my LoopPay.
How Can I Get One?
I first read about LoopPay on my friend’s blog (Bald Thoughts) and it seemed like exactly what I needed to help me manage my finances more efficiently. If you’re interested in ordering a LoopPay, you can do so on their website. I receive a small commission for every customer that I refer so if you end up buying one please let me know so that I can thank you personally!
Readers, what do you guys think about my quest for efficiency and minimizing the cards that I carry in my wallet? Does LoopPay seem like a good solution?
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-Harry @ PF Pro