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What does "chip & pin" mean?
In a good share of the world, supposedly due to fraud, credit and debit cards were equiped with an actual micro chip. Visa & Mastercard spearheaded it thus EMV Chip. It goes in most cards on the front upper left area. At the point of sale equipment the card is inserted so that the chip reader can read the chip and then calls for you to enter a predetermined pin number. If all matches a transaction is completed and you are done. No signature is utilized. Now there are cards that use chip & signature and of course the magnetic strip. Banks and merchants have dragged their feet in the USA due to the high costs of changing out all the equipment required to make the update. Visa and Mastercard have set a deadline whereby banks and merchants must upgrade or stand any losses at their terminals due to their failure to upgrade (when a loss occurs). The date has been getting kicked around so I think it is 2014 - 2015.
@Anonymous wrote:In a good share of the world, supposedly due to fraud, credit and debit cards were equiped with an actual micro chip. Visa & Mastercard spearheaded it thus EMV Chip. It goes in most cards on the from upper left area. At the point of sale equipment the card is inserted so that the chip reader can read the chip and then calls for you to enter a predetermined pin number. If all matches a transaction is completed and you are done. No signature is utilized. Now there are cards that use chip & signature and of course the magnetic strip. Banks and merchants have dragged their feet in the USA due to the high costs of changing out all the equipment required to make the update. Visa and Mastercard have set a deadline whereby banks and merchants must upgrade or stand any losses at their terminals due to their failure to upgrade (when a loss occurs). The date has been getting kicked around so I think it is 2014 - 2015.
Gotcha, thanks!
EMV card is on the way! Will be my first one.
@takeshi74 wrote:
@navyox wrote:For me the big plus is they were very generous with the CL and they didn't cut the limit or raise my APR when others did in 2008. I can't say I use it much though now that I have more rewarding options.
Same here. They were great rebuilding cards for me. Now they're backup low APR and no AF cards for me. Converted the WMC to chip & PIN but haven't used it.
How do you convert from WMC to chip & PIN? Other than security is there an advantage?
@DontEatMyFriends wrote:I'm pretty new to the forums so I ask your forgivness for my ignorance, but every time I search here USAA I see everyone talking about their world mastercard. I'm not sure why though. I'm comparing the advertised benifits to my current cards (NFCU nRewards Visa, AMEX Gold NPSL, and NFCU Platinum MC, and USAA AMEX), am I missing something? I'm not looking to apply for it (though I'm almost positive I'd get approved), I'd just like to know if there are any 'Hidden' benifits which they are not advertising and why it seems to be the card to have with them.
I have had my USAA MC card for over 13 years. My APR is 7.5% and it has a 20K limit since day one. They did not decrease my limit or increase my APR during 2008. Currently, my USAA MC is signed up for 5% cash back for the entire year of 2014. USAA is the best!
RemyWinchester - You are right. Until this thread I did not get it. USAA secret promotions. They ran one for 2% on every thing (30 days). A second one for travel (45 days) and now a third one on a two BT's for one year at 1.9% with a cap on fees. You nailed it. WOW! I have been a member for four years and they only started doing this the last year. Thank you MYFICO. Learned a lot. Oh, almost forgot they added the 2% groceries and 2% gas to my USAA American Express which did not have that feature from four years ago. In addition they 2x my CLs the fall of 2013. Love their banking and now they are giving me specials for loans. Have had their investments and was very happy with the service and guidance!
@RemyWinchester wrote:Everyone here is missing the real benefit.
DO NOT get the cash back card. It's terrible.
DO get the points card.
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I totally agree that the cash back card is horrible! I had Converted my USAA MC from cash back to USAA Rewards few years ago. So much better now!