A mechanical wallet or cardholder can be opened using one hand by sliding a top or second plate along rails parallel to a bottom or first plate. A card arm forces cards in the cardholder (i.e., located between the first and second plates) out a second end of the cardholder in a fanned or stepped fashion. A magnet in the card arm and in a first end of the frame (opposite the second end of the cardholder and frame) cooperate to return and retain the card arm and first plate in the closed position. A card lock at the second end of the frame retains cards in the cardholder when the cardholder is in the closed position and allows the cards to be pushed from the second end of the cardholder by the card arm when the second plate is moved to the open position.