iCache a haven for credit cards

According to the iCache page, this device will definitely bring more relief to owners who have a bunch of credit cards that are longer than the FBI’s Most Wanted list itself. It enables you to register all your credit cards online, using biometric security as a security measure. The iCache then digitally replicates the entire bunch of credit card magnetic strip signatures for all your shopping needs. Sounds like a pretty neat idea, but there is just something about putting all my eggs in one basket that makes me approach such devices with more caution than excitement. What do you think?