Except it's not going to work, because of the bank who doesn't allow '(' as a special character, or the ticket website that requires at least 3 digits, or the financial firm who only allows 8 character passwords. As soon as you have a few sites with 'rogue' password policies, the system breaks down.
As for remembering which sites have what restrictions, I can keep that stuff in my head (looking at you Microsoft), but I guess you may have more accounts than me. Then again, when a password fails, then all you'd have to do is retry with a safer version (and maybe only have two password kinds, for convenience - full-blown char support, and minimalistic lowercase-letters only, so you'd only have to retry a single time after the first failed login).
Personally, my biggest problem with this card is that it doesn't provide enough value.