It's a wallet.  It's decent quality for the low price.  My only complaint is that the credit card pockets are just slightly too small, making getting my credit cards in and out difficult.

[Follow up nearly three years later: I kept using this wallet, the pockets did eventually stretch out a bit.  However the change pocket just blew out this week so I'm moving on to another wallet.  I guess three years is pretty good durability for the price.  However, I won't be getting another one of these as I didn't love it.]