Rewards programs are one of the first features consumers look for in a credit card, and lenders have different rules about how to retrieve accrued benefits. But a new test conducted by Citibank may change the way consumers use their credit card rewards. Citibank has announced it will test a new credit card product that will feature two buttons, allowing consumers to choose whether to pay with their credit card or their rewards, according to The New York Times.
"We've developed a proprietary technology that will allow Citi to do the conversion when the transaction comes through," Citi Cards executive vice president Terry O'Neil told the Times. "All they need to do is push that request-rewards button and we take care of everything else for them. They leave the store with the merchandise they selected."
Citibank is not the only issuer testing new methods. Some credit card lenders are also testing cards that have both credit and debit features, while others are boosting their fraud protection offerings, the Times reports.
In addition to giving credit cards a new look, many issuers continue to boost their rewards programs and introductory interest rate incentives to lure more customers to their products.