Credit Cards Center Credit cards from our partners
Reply
Super Contributor
Posts: 7,273
Registered: ‎12-11-2011
0

Re: Are chipped cards worth asking for?

Does cap1 offer any EMVs? All their cards have no foreign transaction fees, but I've nrver heard of an emv cap1.

I find that odd.
Frequent Contributor
Posts: 263
Registered: ‎08-14-2011
0

Re: Are chipped cards worth asking for?


CS800 wrote:

I wonder what the logic for not having the chip on all cards (EMV) seems like more security for the consumer in this age of identity theft and fraud.


The issue is that the current readers used by most stores aren't capable of reading the chips.  There is a lot of upgrading of retail infrastructure that will need to be done before EMV will be able to do any good.

 

The retailers themselves don't have a huge motivation to pay for the cost of upgrading their equipment because the CCC's mostly foot the bill for the fraud.(varies from retailer to retailer based on their agreements with the CCC'S, but if the retailer meets its responsibilites in the agreement it is generally the CCC'S that covers the fraud losses). 

 

I think it is short sighted for the CCC's not to subsidize most of the costs of the equipment and require Retailers to get the upgrade done faster.  It reduces the fraud by something like 80% in Europe. I would think the savings would cover the cost within a couple of years.

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Frequent Contributor
Posts: 342
Registered: ‎04-21-2012
0

Re: Are chipped cards worth asking for?

The chip card is a step up from the magnetic strip.  As I understand it the strip has one embedded code.  This code can be copied easily with skimmers, etc.  A chip card generates a new code with every use which makes it nearly impossible (operative word is nearly) to be copied by skimmers and other means.  The additional benefit of having improved security is worth it - besides, its free to the user.  There really isn't a negative.  There is NO change to your liability -- read your CC fine print.  Travelling internationally is not the issue here, security is.  I don't understand the reluctance.  Cards in Canada have both chip and mag strip for compatibility but it was remarkable how quickly the roll out of chips happened.  Now it is rare not to find a chip enabled reader except in the smallest of stores.  Magnetic strip is '70s technology that will die a very quick death once everyone gets on board.

 

NFC can be useful as well, I have a couple of cards with that but I am not a big user of such.  They are generally used for low value (<$100) transactions.

Frequent Contributor
Posts: 263
Registered: ‎08-14-2011
0

Re: Are chipped cards worth asking for?


Roarmeister wrote:

The chip card is a step up from the magnetic strip.  As I understand it the strip has one embedded code.  This code can be copied easily with skimmers, etc.  A chip card generates a new code with every use which makes it nearly impossible (operative word is nearly) to be copied by skimmers and other means.  The additional benefit of having improved security is worth it - besides, its free to the user.  There really isn't a negative.  There is NO change to your liability -- read your CC fine print.  Travelling internationally is not the issue here, security is.  I don't understand the reluctance.  Cards in Canada have both chip and mag strip for compatibility but it was remarkable how quickly the roll out of chips happened.  Now it is rare not to find a chip enabled reader except in the smallest of stores.  Magnetic strip is '70s technology that will die a very quick death once everyone gets on board.

 

NFC can be useful as well, I have a couple of cards with that but I am not a big user of such.  They are generally used for low value (<$100) transactions.


 

From what I have read, there may be a change in liability in the case of the Chip and Pin transactions.  I.E. if someone uses your PIN it may be assumed that they are either you, or have your permission to use your card.  You would then be liable for the transaction.

 

International travel is only an issue in the sense that the US doesn't have the upgrades to to support widespread use of the chipped cards.  What good does having the card do if none of the retailers you need to use it at can read the chip. 

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
0

Re: Are chipped cards worth asking for?

+1 on the international travel.   It sucks having a swipe card in Europe.  It would be even nicer if the US EMV issuers did away with chip + sig and went straight for chip + PIN.  The problem though is that countries like Australia, New Zealand and Mexico are using chip + sig, whereas Europe and Asia, especially Western Europe (the United Kingdom) are using chip + PIN.  Therefore, US banks that want to support international travel are trying to support both, and many chip + PIN readers in Europe will work with chip + sig as a backup.  This doesn't mean that a UK merchant expects it, or has a pen, but the transaction will at least go through.  This is a major problem on UK self-checkouts as it puts a hold on the purchase until a cashier leaves his/her register and approves the signature.

 

What the world needs is for all countries to pick a globally accepted transaction method and stick to it.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Super Contributor
Posts: 6,677
Registered: ‎04-07-2008
0

Re: Are chipped cards worth asking for?


DaveSignal wrote:

+1 on the international travel.   It sucks having a swipe card in Europe.  It would be even nicer if the US EMV issuers did away with chip + sig and went straight for chip + PIN.  The problem though is that countries like Australia, New Zealand and Mexico are using chip + sig, whereas Europe and Asia, especially Western Europe (the United Kingdom) are using chip + PIN.  Therefore, US banks that want to support international travel are trying to support both, and many chip + PIN readers in Europe will work with chip + sig as a backup.  This doesn't mean that a UK merchant expects it, or has a pen, but the transaction will at least go through.  This is a major problem on UK self-checkouts as it puts a hold on the purchase until a cashier leaves his/her register and approves the signature.

 

What the world needs is for all countries to pick a globally accepted transaction method and stick to it.


+1

 

 




Frequent Contributor
Posts: 342
Registered: ‎04-21-2012
0

Re: Are chipped cards worth asking for?


bobebob wrote: 

International travel is only an issue in the sense that the US doesn't have the upgrades to to support widespread use of the chipped cards.  What good does having the card do if none of the retailers you need to use it at can read the chip. 


 

The old chicken and the egg story.  I think you will be surprised how quickly this will spread.  Now that issuers are beginning to send out cards the readers won't be far behind.  Soon they won't even be asking you if you want to upgrade to the emv chip, it will come automatically.  I give it 2 years for the turnover.  Unless of course the US is a laggard like they are with the metric system.

 

Valued Contributor
Posts: 1,367
Registered: ‎04-20-2012
0

Re: Are chipped cards worth asking for?


bobebob wrote:

Roarmeister wrote:

The chip card is a step up from the magnetic strip.  As I understand it the strip has one embedded code.  This code can be copied easily with skimmers, etc.  A chip card generates a new code with every use which makes it nearly impossible (operative word is nearly) to be copied by skimmers and other means.  The additional benefit of having improved security is worth it - besides, its free to the user.  There really isn't a negative.  There is NO change to your liability -- read your CC fine print.  Travelling internationally is not the issue here, security is.  I don't understand the reluctance.  Cards in Canada have both chip and mag strip for compatibility but it was remarkable how quickly the roll out of chips happened.  Now it is rare not to find a chip enabled reader except in the smallest of stores.  Magnetic strip is '70s technology that will die a very quick death once everyone gets on board.

 

NFC can be useful as well, I have a couple of cards with that but I am not a big user of such.  They are generally used for low value (<$100) transactions.


 

From what I have read, there may be a change in liability in the case of the Chip and Pin transactions.  I.E. if someone uses your PIN it may be assumed that they are either you, or have your permission to use your card.  You would then be liable for the transaction.

 

International travel is only an issue in the sense that the US doesn't have the upgrades to to support widespread use of the chipped cards.  What good does having the card do if none of the retailers you need to use it at can read the chip. 



I have read this as well - since it's so much harder to commit fraud with a Chip & PIN setup, the onus is on your to prove that a charge was fraudulent (instead of the merchant proving that it was NOT). Not sure if this is entirely accurate though.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Moderator Emeritus
Posts: 14,379
Registered: ‎12-30-2011
0

Re: Are chipped cards worth asking for?


bribro wrote:

bobebob wrote:

Roarmeister wrote:

The chip card is a step up from the magnetic strip.  As I understand it the strip has one embedded code.  This code can be copied easily with skimmers, etc.  A chip card generates a new code with every use which makes it nearly impossible (operative word is nearly) to be copied by skimmers and other means.  The additional benefit of having improved security is worth it - besides, its free to the user.  There really isn't a negative.  There is NO change to your liability -- read your CC fine print.  Travelling internationally is not the issue here, security is.  I don't understand the reluctance.  Cards in Canada have both chip and mag strip for compatibility but it was remarkable how quickly the roll out of chips happened.  Now it is rare not to find a chip enabled reader except in the smallest of stores.  Magnetic strip is '70s technology that will die a very quick death once everyone gets on board.

 

NFC can be useful as well, I have a couple of cards with that but I am not a big user of such.  They are generally used for low value (<$100) transactions.


 

From what I have read, there may be a change in liability in the case of the Chip and Pin transactions.  I.E. if someone uses your PIN it may be assumed that they are either you, or have your permission to use your card.  You would then be liable for the transaction.

 

International travel is only an issue in the sense that the US doesn't have the upgrades to to support widespread use of the chipped cards.  What good does having the card do if none of the retailers you need to use it at can read the chip. 



I have read this as well - since it's so much harder to commit fraud with a Chip & PIN setup, the onus is on your to prove that a charge was fraudulent (instead of the merchant proving that it was NOT). Not sure if this is entirely accurate though.


I fail to see how making people more accountable for their actions, and reducing the amount of fraud which plagues our economy, is in any way a bad thing Smiley Happy.

 

I really couldn't care less if it's more difficult for me to prove that a charge was fraudulent; lenders are so zealously chasing such things and catching me with legitimate uses of my card as potential fraud, I'm doubtful there's much increased risk of having to prove a charge wasn't mine.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 694, EQ 8 714, TU 8 708, EX 8 724 (04/01/16)
Goal Score: 700 on EQ 04 (01/01/17)


Take the myFICO Fitness Challenge
Frequent Contributor
Posts: 263
Registered: ‎08-14-2011
0

Re: Are chipped cards worth asking for?

I never said it was a bad thing. I was just pointing out that there is a potential shift in liability with the new setup.

 

Previous poster had said there wouldn't be one.

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.