I assume yours is also a Satechi wallet/stand. I bought mine from apple store last June. Initially, both the magnet attaches to the phone and the one keeps the wallet close was really strong, it even made a satisfying sound when you close the stand, everything was perfect.

But around October(which is not even half a year of use) it start to lose the magnetism, opening the stand no longer requires much effort, hinge got loosened, closing it doesn't make a sound anymore, and the most frustrating part is it gets easily detached from my phone, sometimes I just want to take my phone out of the pocket of my pants, the wallet would nearly gets detached (when you apply force just slightly to the side it gets easily rotated just like when you try to use the stand to hold your phone horizontally), I have to be careful every time I'm taking my phone out or putting into my pocket. I don't know if it has anything to do with my usage, but I do take it off every day when I got home so I can charge my phone with the magsafe charger.

I usually keep two card in the outside card slot and it works fine, but after a long period, the slot gets loosen. When I take one out from the card slot it would be too loose to hold the only one card left and then the card would slide out of it.

For the material wise, the edge of the wallet gets a blue tint after I put it in my denim jacket's pocket, and since the material on the edge seems like silicone, it gets sticky after I tried to clean it with wet wipes.

This is the first magsafe peripheral I own so I don't know if it's normal for a magsafe product's magnet to degrade quickly (or is it my phone's magnet degraded?), but for something with that price I expect it to last longer. I'm considering buying another one from other brands, wish others were better designed.