Putting my wallet on a diet

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xb7
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Putting my wallet on a diet

Post by xb7 » Mon Aug 05, 2019 10:39 am

Over the years I've slimmed down my wallet, keeping ever less stuff in it. I read an article in this week's 'Economist' that the U.S. is behind some other countries in a trend that could see a time when carrying a wallet is a thing of the past.

I like the idea of a minimal wallet for two reasons: (1) I don't carry my wallet in my back pocket when travelling for security, and a thin and small wallet is easier to carry in a shirt pocket or an upper-hip sort-of cargo pocket or whatever, (2) if the wallet was ever lost or stolen, less stuff to have to worry about and cancel/replace.

So I just looked again, and decided to get rid of a couple more things.

Medical card: this is debatable, I know that some advocate that as we age it becomes in fact more important to carry this. But I reckon that I will get care somehow and work out the accounting after the fact in case of an accident or illness or whatever. I put an app on my phone that allows me to keep a set of photos hidden and password protected, so I have photos of both sides of medical card and dental insurance card there (along with car registration, passport image, other stuff). So long as I'm conscious and generally in my right mind (yes, always debatable ...) I can obtain the various numbers off of the health card. Practically speaking, the only thing I need when I go to any sort of medical appointment is my ID number. Dental card has literally never been requested.

Debit card: also debatable of course. In the U.S. we definitely don't yet live in a cashless society, yet I find myself using cash less and less with each passing year. My local bank account is with Chase, and Chase has ATMs of a type that don't require the debit card to be present --- as I understand it, I just need to put my debit card into one of the standard mobile payment apps (Apple Pay, Google Pay, Samsung Pay) and then I can withdraw money from any of these Chase ATMs. This is somewhat limiting, clearly not as nice as being able to get cash from any ATM anywhere, but I figure that when I travel I will bring the physical debit card with me.

BTW: a few other banks offer cardless ATMs too, but I think that Chase is the only one that uses standard mobile payment apps. Someday I expect that we'll get to the point where I can us a mobile payment app with any banks debit card in any ATM, though I'm not sure how fast that trend will converge with the trend towards eliminating cash entirely.

So now in my wallet I'm down to two credit cards, drivers license, a little cash and that's it.

I think that similar discussion threads have occurred in the past, but things are --- slowly --- changing in this regards: witness the "cardless" ATMs.

I'm interested in feedback on this; are there significant issues or opportunities that I'm missing?

livesoft
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Re: Putting my wallet on a diet

Post by livesoft » Mon Aug 05, 2019 10:47 am

Sounds good to me. I don't carry a wallet. I carry 3 loose cards: License, Credit, and Health. I stopped carrying cash a while ago. I only buy shorts / pants with a zippered pocket and that's where these things go. When I go cycling, my 3 cards go in my back right pocket of my jersey.

BTW, my spouse's name is on the health card --- otherwise there would be no indication to call her in case I was incapacitated.
Last edited by livesoft on Mon Aug 05, 2019 11:02 am, edited 1 time in total.
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MortgageOnBlack
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Re: Putting my wallet on a diet

Post by MortgageOnBlack » Mon Aug 05, 2019 10:57 am

Even though I don't do this, I am becoming a fan of the idea behind a cellphone case wallet. Right now, I have a separate wallet (minimalist leather card holder style) I carry along with my phone.
My minimal approach is as follows:
1) Driver's License/ID
2) Debit Card (can be used to pull out cash at anytime with reimbursement on fees up to $10 per month)
3) Credit Card (used as main means of purchase to maximize travel rewards/points).
I also use the Square Cash and Venmo Apps to exchange money with other people which also eliminates the need for cash.

I'm curious if Ally has an option for me to eliminate the debit card. If not, I'll be forced to carry my Debit card around. I never carry cash unless I need to temporarily pull some out. The benefit of this approach is if I lose everything (phone and wallet), the biggest pain is worrying about my ID; the cards can easily be changed to a new number, no cash loss, replacement cost of phone (phone is protected with passcode and no data compromised; all data is stored in the cloud for easy retrieval).

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flamesabers
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Re: Putting my wallet on a diet

Post by flamesabers » Mon Aug 05, 2019 11:16 am

I'm wary of becoming reliant on my phone for ID or making payments. If you're unable to charge it, accidentally drop it or if through no fault of your own it suddenly stops working, you may be in a difficult position until you can get the physical forms of your ID or payment cards.

Hockey10
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Re: Putting my wallet on a diet

Post by Hockey10 » Mon Aug 05, 2019 11:16 am

I use Apple Pay with my Iphone whenever I can instead of pulling my credit card out of my wallet. A few times I have encountered a gas pump where the signal from the phone is not read by the reader, so I have to use the card, but more often than not Apple Pay works. If we ever got to the point where every merchant takes Apple Pay, I might just leave the credit card at home.

7eight9
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Re: Putting my wallet on a diet

Post by 7eight9 » Mon Aug 05, 2019 11:19 am

The cards I carry depend on quarterly bonuses. I never carry an ATM card unless on holiday overseas.

Currently carrying:
Driver's License
American Express
Citi Thank You Preferred
Citi Double Cash
Chase Freedom
Exxon Mobil rewards

Cards are in the middle with currency folded over them. All secured with a rubber band (usually originally from a bunch of supermarket asparagus - they are thick and last a long time).

Carry it all in left front pocket.

I rarely take a phone with me as I don't like carrying it.
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Topic Author
xb7
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Re: Putting my wallet on a diet

Post by xb7 » Mon Aug 05, 2019 11:20 am

MortgageOnBlack wrote:
Mon Aug 05, 2019 10:57 am
I'm curious if Ally has an option for me to eliminate the debit card. If not, I'll be forced to carry my Debit card around. I never carry cash unless I need to temporarily pull some out. The benefit of this approach is if I lose everything (phone and wallet), the biggest pain is worrying about my ID; the cards can easily be changed to a new number, no cash loss, replacement cost of phone (phone is protected with passcode and no data compromised; all data is stored in the cloud for easy retrieval).
Ally is my (non-local) bank now too --- I plan to call Chase today about this. I was able to load my Ally card into Samsung Pay --- only after I turned off all "card controls". I turned them back on after doing so, as I only want it as an ATM card, not to buy things with.
But on Chase's website the text seems to pretty clearly suggest that only Chase debit cards can be used in a "cardless" (NFC) way with Chase ATMs. So I'll probably end up getting a debit card for my local Chase checking account, but TBD for certain.

I don't think that Ally has any option for this by themselves. Ally has a relationship with the Allpoint network of ATMs such that you can withdraw from those without triggering the $10/month that Ally reimburses for using other ATMs. But I don't see anything to suggest that Allpoint ATMs support cardless transactions.

bloom2708
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Re: Putting my wallet on a diet

Post by bloom2708 » Mon Aug 05, 2019 11:32 am

I still carry a few other items in my wallet. Membership cards and maybe a gift card.

I use a SlimFold, Micro Tykvek.

https://www.slimfoldwallet.com/products ... icro-tyvek

It holds an impressive amount of cards and cash. My previous was a leather credit card style slim wallet. This tyvek model is lighter.

Wallet in front left pocket. Phone in front right pocket. In the winter/fall when wearing a jacket, I just move up to the jacket pockets.
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TxAg
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Re: Putting my wallet on a diet

Post by TxAg » Mon Aug 05, 2019 11:44 am

I like this trend. My wallet is streamlined but could be even better. I hate carrying the "member" cards like Target, Kroger, Costco.

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Sage16
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Re: Putting my wallet on a diet

Post by Sage16 » Mon Aug 05, 2019 11:45 am

I went to a Wells Fargo ATM machine to get cash and found I forgot my wallet. I went into their app on my phone and obtained a single use code that I entered on the ATM instead of the card. Worked great the one time I needed it.

I slimmed down my wallet for normal carry to a driver license and 3 credit cards (Costco/membership and 2 Chase cards), 4 medical cards that I would love to eliminate (medical, dental, drug and vision) and cash. Unfortunately my wife, without my knowing, will stuff store coupons, gift cards, etc. in my wallet to have when we go out so she doesn't have to carry anything. :-(

When I travel my wallet will only have a single credit card and cash for the day, with other credit cards, id, etc. safety stored in other places on me.
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.

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Sage16
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Re: Putting my wallet on a diet

Post by Sage16 » Mon Aug 05, 2019 11:49 am

xb7 wrote:
Mon Aug 05, 2019 10:39 am
I put an app on my phone that allows me to keep a set of photos hidden and password protected, so I have photos of both sides of medical card and dental insurance card there (along with car registration, passport image, other stuff).
what is the app you are using?
Bogle on investing: Diversify, focus on low costs, invest for the long term. Don't speculate and don't be distracted by volatility.

Afty
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Re: Putting my wallet on a diet

Post by Afty » Mon Aug 05, 2019 12:12 pm

I switched to a minimal wallet that fits in my front pocket a few years ago. I carry a $20, two credit cards, ATM card, health insurance card, drivers license. It's so much nicer not to carry around some giant monstrosity.

Search Amazon for "front pocket wallet" for some examples.

RJC
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Re: Putting my wallet on a diet

Post by RJC » Mon Aug 05, 2019 12:32 pm

Afty wrote:
Mon Aug 05, 2019 12:12 pm
I switched to a minimal wallet that fits in my front pocket a few years ago. I carry a $20, two credit cards, ATM card, health insurance card, drivers license. It's so much nicer not to carry around some giant monstrosity.

Search Amazon for "front pocket wallet" for some examples.
Front pocket is where it's at. You only need 1 credit card, 1 bank card, driver's license, and some cash (now use Venmo mostly).

Topic Author
xb7
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Re: Putting my wallet on a diet

Post by xb7 » Mon Aug 05, 2019 5:09 pm

Sage16 wrote:
Mon Aug 05, 2019 11:49 am
xb7 wrote:
Mon Aug 05, 2019 10:39 am
I put an app on my phone that allows me to keep a set of photos hidden and password protected, so I have photos of both sides of medical card and dental insurance card there (along with car registration, passport image, other stuff).
what is the app you are using?
It's an android app called "Gallery Lock".

Topic Author
xb7
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Re: Putting my wallet on a diet

Post by xb7 » Mon Aug 05, 2019 5:14 pm

TxAg wrote:
Mon Aug 05, 2019 11:44 am
I hate carrying the "member" cards like Target, Kroger, Costco.
I have no experience at actually USING this, but at least one mobile payment solution (Google Pay I think?) allows users to add loyalty cards --- so that the physical cards don't have to be carried. If the whole trend towards "everything is on my phone" doesn't bother you, you might look into that.

Well, and in fact Samsung Pay allows it (too?), according to this:
https://www.samsung.com/us/support/answer/ANS00050455/

Topic Author
xb7
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Re: Putting my wallet on a diet

Post by xb7 » Mon Aug 05, 2019 5:20 pm

Follow-up, I just checked and at least Costco does allow a sort of 'digital card'. Unfortunately not using a general purpose solution like the mobile payment apps, you have to install the Costco app. But still.

https://customerservice.costco.com/app/ ... ard-faqs#1

Starfish
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Re: Putting my wallet on a diet

Post by Starfish » Mon Aug 05, 2019 5:32 pm

I lived for 3 weeks in Eastern Europe with only the phone and 20$ equivalent in my pocket. So nice.
No need for an ID if you don't drive. No need do drive either.
No need for a health card, emergency services are free for everyone.
No "10$ limit for credit card charges". I bought 25c coffees from the coffee machine or 50c public transportation tickets from inside a bus trolleybus or tram.
Absolutely all card POS have NFC reading.
The waiter comes with POS machine to you as they should. They don't disappear a behind a curtain who knows what they are doing with your card. You don't have to wait in the restaurant for the ridiculous ballet check, card, card back, tip, signature. You say check, they show up with the POS, take your phone out, ding paid in 0.2 seconds, get up and leave.
In theory Apple Pay (wallet?) accepts loyalty cards, another thing of the past, but I did not try.

Elena
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Re: Putting my wallet on a diet

Post by Elena » Mon Aug 05, 2019 7:08 pm

For me, it is:
- License.
- 1 c. card.
- Medical ins. card.
The store loyalty cards (supermarket, pharmacy, etc.) are in my Google Pay phone app.
I use what used to be the insert of a regular wallet as my wallet. I unsewed it.

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