The next generation of credit cards are about to hit the market, and they could help consumers improve their money management.
The roll-out will begin next month, when Citibank unveils credit cards with buttons that allow users to choose between multiple payment methods with the same card.
“We are just scratching the surface with what these cards can do with these initial products,” Jeffrey Mullen, chief executive of Dynamics, the company that manufactures the cards, told the New York Times.”We are trying to be the innovation arm of an industry that has never had one.”
Other credit companies are following suit, with cards that incorporate both credit and debit functions. Some new cards are even being created with features like built-in fraud protection, according to the Times.
However, these new smart credit cards may not have the lifespan of their magnetic strip predecessors, which debuted in the 1960s. Visa, MasterCard and Apple are currently working to take credit completely digital, allowing smartphones to function as virtual credit cards.