Citi Smart Card

Citibank and MasterCard have joined to issue the Citi Smart Card. According to CardTrak, consumers will be offered a free smart card reader and a free electronic wallet. Citi is taking online applications with instant approval where appropriate and nine months with no interest for bank transfers. Initially, cardholders will be able to store their Web sites user name and passwords. The electronic wallet will automatically complete the necessary information on shopping forms. Citi plans to add features to the chip that will enable cardholders "to download loyalty programs, special discount offers, and coupons from their favorite merchants and to store tickets for express check-ins at airports." After May 31, the smart card reader will cost $25. Citi is testing the market with various annual fees and interest rates prior to a full-scale launch.