It's as described, and it does close if you have all of the credit card slots filled.  I did take off one star for the really bad chemical smell though.  I took it out of the plastic, spread it out and let it air out for a few days, but it still had a chemical odor.  After 4 days, I took a damp sponge with a little dish soap on it and cleaned the outside.  I then used a damp paper towel to wipe the soap off, and then used a towel to dry it.  I let it sit for another day.  At that point, the smell is mostly gone, but still faintly there in a few places.  I'm hoping it'll wear off over time.