Many people take advantage of cash back rewards cards to be able to get a little something extra when they make a purchase. But what if you could spend your rewards directly at the register, instead of charging it and waiting for a credit or check?
That’s the idea behind a new credit card coming for certain Citibank cardholders participating in a special credit card test. The idea is that the card can switch between two sets of data on its magnetic stripe, just by selecting a button. A light shows up telling you whether you’re in “charge it” mode or “use rewards” mode.
The card was developed to allow people to have two cards (say, a credit and debit card) on the same piece of plastic, so this is just a first step, but this is an interesting development, given many countries are moving away from swiping in favor of PIN and chip systems.
SOURCE: New York Times via Consumerist
