Citibank unveils innovative new credit card
Earlier this week, tech company Dynamics Inc. unveiled a new type of credit card at the Finovate Fall 2010 conference held in New York City, a major showcase for innovative financial and banking technology. The Finovate conferences are held twice a year in countries across the globe.
The new Redemption credit card, produced by Dynamics Inc. in conjunction with Citibank, allows card holders to make purchases either with credit or through the redemption of rewards points, at the point of sale with almost any merchant.
The Redemption technology has passed the preliminary testing phase, as a number of Citi account holders have used the trial credit card since May. The international financial giant plans to expand the trial to additional credit card accounts by November.
Previously credit card holders have not been able to redeem credit card rewards points at a merchant’s point of sale, but this new technology adds multiple levels of convenience to both the rewards and shopping processes.
Citi customers will be able to use Redemption cards with any merchant employing magnetic stripe readers. The card is unique, as it includes a button which allows users to select between charging a purchase to their account or paying for it with rewards points. A light will appear next to the choice selected.
Despite the button, light, and other embedded technology, the Redemption card is still thin and just as durable as any other credit card. It does contain a battery, which last three years upon a single charge.
According to the company’s website, Dynamics Inc. produces next-generation interactive payment cards that utilise programmable magnetic stripes.
Australians can expect to see the Redemption card at some point, as multi-national lender Citibank has maintained a presence in the Australian market for years. The company offers credit cards and other financial products including mortgages and savings accounts.
As well, it’s likely the big four domestic Australian banks will release similar cards that allow customers to redeem rewards points at the point of sale.