Citi officially introduces its new smart credit cards
By Credit.com Staff
Partnering with credit card manufacturer Dynamics Inc., Citi will soon release its Thank You Prestige 2G card, according to a report from Time Magazine. This piece of plastic differs from traditional credit cards because it contains a microchip that allows consumers to pay with their normal credit card account or the rewards points they've accumulated, with the push of a button. The card will also use Dynamics' fully programmable magnetic strip, which can be changed at any time to incorporate new or different accounts.
In addition, Dynamics also makes credit cards that can switch between two different accounts, even allowing a consumer to choose between debit or credit, the report said. However, this will not be part of the program launch, which will only be available to a small number of Citi accountholders.
Many companies are now pursuing ways to make credit cards more versatile in an attempt to bring industry standard technology into the 21st century.