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How many of your cards are SMART?

Super Contributor

Re: How many of your cards are SMART?

Only one I have is HSBC.  I hate using it with the pin, and only do so when I don't have a choice and only in very small amounts.

 

When given a choice, I prefer using a magnetic strip.  During fraud disputes, merchants must procure documentation proving I used the card, while with a "chip and pin," the onus of proof is on me to proove my pin # has been compromised.  Give up that kind of consumer protection?  No thanks!

 

Now, chip and sign, and I'm all for it.

Message 11 of 23
Valued Contributor

Re: How many of your cards are SMART?

all my cards are dumb they just sit in my pocket chanting  buy, buy, buy, buy, buy  over and over again. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 32.5k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 12.5k, Paypal Extras MC 8.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 12 of 23
Super Contributor

Re: How many of your cards are SMART?

I have Diners Club and Citi Dividend Elite Mastercard with EMV Card. I requested one from BofA Travel Rewards a month ago and I haven't gotten yet.

 

 

Ron.

Message 13 of 23
Frequent Contributor

Re: How many of your cards are SMART?

JPMorgan Select, although I haven't received it yet Smiley Happy

Message 14 of 23
Frequent Contributor

Re: How many of your cards are SMART?

"During fraud disputes"  - you are assuming that the rate of fraud abuse is similar.  That couldn't be farther from the truth.  The chip generates a code each and every time it is used while a magnetic strip has a single code.  Magnetic strip cards are blatantly easy to copy whereas the chips are not.  Secondly, the chips eliminate the possibility of "skimmer" devices inserted into ATMs and POS machines to copy your card in the first place.

 

You propose a situation where you are using your own card legally -- where then are the incidents of fraud?  I don't understand your "logic" at all.  Why would you have to prove you are using your own card correctly?  "Give up that kind of consumer protection?  No thanks!"  - What consumer protection, you have no more no less if you are using your own card legally?

 

You would rather use chip and sign vs.. PIN?  OK, but make sure you sign your cards first and 2ndly make sure that your signature isn't a forgery or 3rd that the clerk even looks at the signatures.  I do like the idea of a 2 step process (chip and PIN) to verify the usage though.  It's a mental thing where if it takes extra effort to pay by CC, then I must really want to use the CC in the transaction.

 

The only thing a chip doesn't protect you from when it is used for online purchases or other times when a physical card is not required at all.  No type of physical encryption whether it be chip or mag strip will help you there.  In any case BOTH are better than the old mechanical imprint machines because the carbons can be stolen and the numbers used for online purchases.


Starting Score: 732 October 2007; Current Score: EQ 825; TU 873, April 2018; Oldest Reporting EQ Account: 16.2 years; EQ AAoA: 8.1 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 15 of 23
Frequent Contributor

Re: How many of your cards are SMART?

I have Pay Wave on one of my cards.  I haven't used it yet.  But I am curious as to how close you have to be to the reader in order for it to sense your card?  Could you accidentally pay for something you didn't want to if you had your card in your front pockets?

 

OK, I just googled the PayWave.  It it meant for purchases under $50 in the first place, which I didn't know.  Probably useful for my next Subway sandwich purchase.

 

PS. I also have another type of card -- its a low amount debit card used by Tim Horton's.  I have it set to autoload to a preset amount.  So after a few coffee breaks, it reloads from my CC.  Smiley LOL


Starting Score: 732 October 2007; Current Score: EQ 825; TU 873, April 2018; Oldest Reporting EQ Account: 16.2 years; EQ AAoA: 8.1 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 16 of 23
Super Contributor

Re: How many of your cards are SMART?


Roarmeister wrote:

 

You propose a situation where you are using your own card legally -- where then are the incidents of fraud?  I don't understand your "logic" at all.  Why would you have to prove you are using your own card correctly?  "Give up that kind of consumer protection?  No thanks!"  - What consumer protection, you have no more no less if you are using your own card legally?

 


Until current laws in the US keep up with technological advances, I'm not ready to adopt any new method of payment where the onus of proof becomes mine.  

 

For example, let's say while using my card, my pin # becomes compromised--through a security breach on my phone, computer, overheard, or hidden camera--I'd have to prove my secret pin # wasn't entered by me, unlike with a signature.  

 

Are you suggesting it is impossible to duplicate an EMV card?  What if I'm the first victim of card duplication with compromised pin?  Unless I'm able to prove my pin was compromised, am I supposed to pay for the fraudulent charges first?  How does that work?

 

With signature cards, we have ample precedent and clearly defined laws stipulating fraud must be proven before I'm responsible.  Such as, they need to verify the signature on the card, have the receipt with said signature, etc...

 

PS - I'd have no qualms with EMV + signature, so long as consumer rights aren't compromised.  I will never agree to using a pin # predominantly, until our current laws reflect the new technology.

 

 

Message 17 of 23
Frequent Contributor

Re: How many of your cards are SMART?

EMV protection on cards can be bypassed but it isn't nearly as easy as a magnetic stripe.  Hence the second step of the combination with a PIN which adds additional security.  When I read your message, for some reason I was assuming you were against the EMV altogether but instead are only against the PIN as a confirmation feature. 

 

Well, OK, I can sort of see where you are coming from.  But at the same time the incidence level of fraud with an EMV chip is so much lower in the first place that I don't really see an issue with chip and PIN at all.  In my books I am a 1000x safer than the older technologies.  Someone would have to watch me enter the codes and then steal my wallet afterwards to make use of the card.  And by then I could contact the issuer and cancel the card.

 

I suppose the next step in security would be to use the chip and biological confirmation via fingerprint or iris reader! Smiley Surprised


Starting Score: 732 October 2007; Current Score: EQ 825; TU 873, April 2018; Oldest Reporting EQ Account: 16.2 years; EQ AAoA: 8.1 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 18 of 23
Contributor

Re: How many of your cards are SMART?

I'd like to convert my debit card if that were actually an option. I'm actually looking @ PC for my BOA Gold to BOA Travel Rewards for the Non Foreign Trans fee and chip, but I'm not liking the AF. So, that leaves me with one - JPM Select.

Current: EQ 791 / TU 788 / EX 752 FICO's (MyFico, Oct 2012)

*** NFCU Plat | USAA CR Amex | PenFed TR Amex | BOA Gold | JP Morgan Select | Amex BCP | Amex PRG | USAA Plat ***
Message 19 of 23
Valued Contributor

Re: How many of your cards are SMART?

I would prefer my EMV cards to be chip + pin only and offer no default signature option.  It is a pain in the ass every time I insert my chip card, apologize to the merchant that it defaults to chip + signature, merchant has to walk away and look for a pen, i sign the first reciept, i present the back of my card so merchant can verify the signature, a second receipt prints that is my copy, and the people in line behind me wish they weren't there waiting for some foreigner at that particular moment.

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
Message 20 of 23