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Credit Card Applications » News » Other » Revolutionary credit card system, card 2.0 to be tested first by citibank

Revolutionary credit card system, card 2.0 to be tested first by citibank

November 06, 2010
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Citibank will start testing the new Credit card system called Card 2.0 from next month. This is a revolutionary credit card and debit card device that will securely link multiple accounts of customers. This futuristic card system was the center of all attraction at the DEMO startup conference which took place in the Silicon Valley last month. These cards also carry buttons embedded in them along with graphic displays. In spite of these the cards are very thin and flexible, similar to normal credit cards.

At the register, Citi's card will allow the credit card customer to choose between two buttons present on the card. While one of the buttons will allow the user to pay with reward points, the other button lets customers pay the bill with credit. Credit card customers will be allowed to pay with reward points at all those places where they can use their normal Citi card. These new kind of cards will be referred to as 2G or second generation, a convention which is very similar to that of mobile gadgets. Every one of these cards will contain a battery as well as a chip with 4 years of life.

These 2G cards are being tested by Citi's employees since May, according to reports. The bank is planning to roll these cards out to the existing customers beginning mid to late 2011. A few credit card holders will be selected to start using these 2G cards immediately to test the cards. The Dividend Platinum Select MasterCard and the PremierPass Elite are two cards which are focused on rewards. These credit card holders will be amongst the first to be offered the 2G cards. Jeff Mullen, who is the CEO of Dynamics Inc., the company that is responsible for these new cards told that the 2G cards from Citi are just being seen as baby steps. It is just the beginning of what these cards are capable of doing with the initial products. The company aims to be the innovation arm of the credit card industry which was always short of an innovation arm. Each of these 2G cards will have a button marked as C for regular credit and a button marked as R for request reward. Cards which provide customers with lot of reward points become even more useful with this system, with customers using them directly instead of increasing their bill amount.

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