3 New Credit Card Technologies are Ready to be Rolled Out

Credit card companies are constantly trying to come up with new ways to fight credit card fraud and identity theft.  Dynamics Technology has just announced 3 new credit card technologies that are ready to be rolled out, just in time for the holidays - of course. With any luck the credit card companies signing up to use this technology for their cards will be able to finally find a way to keep would be credit card thieves from being able to skim your number, duplicate your card, and steal your identity. 

According to Dynamics Inc., your credit card will remain the same size as before, offer more credit card security than previous cards, and offer more user functions.  The Dynamic Credit Card™, uses a new Card 2.0® platform technology, promising the ability to have multi-accounts on one card, hidden numbers, and new redemption abilities.  The 3 new Card 2.0 applications include:

• MultiAccount™ - This card will have 2 buttons on the face of the card allowing you to select which account you wish to use by using a light source to highlight the accounts.  By selecting which account you wish to use the account information will be written to the electronic stripe on your card.
• Hidden™ - This card will have 5 buttons allowing the card to hide account information.  The card will require a code to be turned on, reveal hidden numbers, and populate the magnetic strip.  The card automatically turns off and erases information after a period of time, rendering it useless if lost or stolen.
• Redemption™ - This card has a single account number but includes 2 buttons with associated light sources, which allows you to decide whether you wish to use credit or redeem points associated with your card.

Citibank has announced they will be one of the first credit card companies to use what they are calling the Citi 2G card, using Dynamics 2.0 technology.  This card will be a multi-account card, display most of the account number but requires a PIN to disclose the rest of the card info, and offers the option to redeem points at the point of sale, instead of use credit.  Citi is coining this card it's second generation credit card. 

With a number of developers working diligently to come up with a better more secure way than to use credit cards these credit card technology developers may have some competition to look out for.  Will credit cards ever become extinct, or non-existent?  Will your cell phone become your newest method of payment?  Who knows? Most of us never thought we would see the demise of a travel agent, a bank teller, the mail system, or retail stores but with the amazing technology available today all of these industries are struggling to stay alive.  So, who knows what the future will bring?  We know that November is going to bring us some interesting new credit card options.  Let's hope they can provide the security and opportunities they say they can.