New Citi card allows consumers to choose between payment options

The lender will soon launch a test program that will give some cardholders the ability to choose between taking on credit card debt to make a purchase, or redeeming their rewards points, according to a report from Time Magazine. Citi's announcement that it will soon launch its Thank You Prestige 2G card, which will allow users to switch between these payment options by pushing a button on the piece of plastic, came at the popular Consumer Electronics Show in Las Vegas.

The card will also feature a fully programmable magnetic strip, which can have the payment information stored on it altered at any time, the report said. Next generation credit card manufacturer Dynamics Inc. is behind the new innovations.

Many consumers may soon be able to choose between taking on credit card debt and using debit when making a purchase, as Dynamics also has a card that allows multiple accounts to be stored on it.