New technology allows more options when taking on credit card debt

Citibank will begin testing a new type of credit card, one with buttons and lights, that will allow consumers to choose to take on credit card debt when making a purchase, or to use their rewards points, according to a New York Timesreport. To follow suit, other lenders may soon begin issuing cards that can carry information for both credit and debit accounts, or some with additional security features embedded in them.

The report said that European consumers have been taking on credit card debt with advanced pieces of plastic for several years now. The continental standard there is "chip and pin" cards, which store data on an embedded microchip and require users to input a code before using it.

Many consumers have become concerned about the security of their credit card accounts as instances of fraud involving credit card debt have increased across the country over the last several years.