Saturday Oct 25, 2014

Citibank First to Implement Card 2.0

25 October 2010

Last month I stumbled across a very interesting article, which revealed what may very be the future of credit cards. The future of credit cards is Card 2.0, which is a half credit card and half futuristic gadget that allows your every day credit card to become more versatile and secure. I came across another article, which relates to Card 2.0 in an exciting way.

Starting next month, Citibank will begin testing Card 2.0. Card 2.0 is a ground breaking new credit and debit card that allows the user to securely link multiple accounts on one card.

How will Citibank use Card 2.0?

Citibank’s version of Card 2.0 will allow users to select between two buttons on the card at the register. One button will allow the user to pay with their reward points, while the other button allows the user to pay with credit. Cardholders are allowed to pay with their reward points anywhere their Citibank credit card is accepted.

Rather than being called Card 2.0, Citibank will be calling these new credit cards 2G, which stands for second generation. This type of naming is similar to mobile phones have done over the years, which makes it possible for 3G, and even 4G to become a reality.

Each Citibank 2G credit card will contain a chip and a battery – the batter will have about 4 years of life on it. These 2G credit cards are no thicker and just as flexible as regular plastic credit cards.

Has will Citibank Implement the 2G Cards?

The 2G card will be available on two of Citibank’s existing reward cards, which includes the Citibank Dividend Platinum Select MasterCard – cardholders earn a 1% cash back on all purchases, and 2% cash back on categories that change seasonally. The second rewards card is the Citibank PremierPass Elite – cardholders generally earn 1 point for every dollar spent and mile flown.

Screen shot 2010 10 25 at 12.50.07 PM Citibank First to Implement Card 2.0

When would we see the 2G Card on the Market?

According to the article, Citibank employees have been testing the 2G Card since May, and the bank plans on pushing the cards to its customer base in mid – late 2011. Apparently, some cardholders will be selected to start using the 2G Card now.

I love the idea of Card 2.0, I love the fact that they are playing with the name in a similar manner to mobile phones. The only issue I have with Citibank’s 2G card is the fact that one of the two buttons allows users to pay with their reward points.

If it was me, I would have preferred to eliminate a card in my wallet, which means making one of the two buttons my debit card. I feel that Citibank would get a huge increase in clients this way. I for one, and many of my friends hate having a thick wallet, eliminating a card or two is always a great thing.

Despite this, it is great to see this technology coming to North America; it is definitely coming a lot faster than I expected. I am excited to see how the public reacts to this revolutionary credit card, hopefully it goes well, because if it does it will only be a matter of time before other banks start implementing Card 2.0.

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (1 )



Mitch Wrote:

Why hasn’t any big bank brought this to canada?

[Reply]

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