topic Re: Cards with Chip or No Chip ? in SmorgasBoard

Cards with Chip or No Chip ?

pipeguy — Sat, 19 Sep 2015 18:52:53 GMT

I've been reading a lot of articles on various financial pages over the last week or so talking about how October 1, 2015 is the drop dead date for merchants to take CHIP cards or assume the losses for card users that do NOT use CHIP'ed cards. Thought I'd take a quick inventory of most of my cards to see which one have actually issued me chipped cards - it turns out MOST have NOT. I have 30 or so open credit cards, some don't issue real credit cards like Amazon or John Deere, so I've mostly listed "major" cards (MC/V/AE/D) and well known store cards with many locations since they would be more subject to credit card fraud. I've also NOT used MC/V "levels" like World or Signature because I don't think it matters.

YES MC/V that have chip
Old Navy V- Tex/Chevron V - Wells Fargo V - Diners Club MC - Congressional FCU V - Chase Freedom V - CapOne Venture One V -BP V - Sams Club MC

MC/V with NO Chip
DCU V - GM BuyPower MC - Total Rewards V - Cabela's V - BB&T V - PayPal Extra MC - Fidelity Bank V - Barclay Apple V - eBates V

No Chip: AmEx - Original Optima (not oasis) - Discover IT

Store Cards with NO Chip: Walmart - Firestone - Home Depot - Lowes - Brooks Brothers - Macy's

Debit Cards: DCU and CapOne = NO - Congressional FCU = Yes

Re: Cards with Chip or No Chip ?

kdm31091 — Sat, 19 Sep 2015 18:49:52 GMT

October 1 is the shift, but (obviously) you won't see every single card chipped by that date. It is a large undertaking and some of the issuers are slower than others with it.

I would say more realistically by the end of 2015 you will see more of your cards chipped.

Re: Cards with Chip or No Chip ?

OmarGB9 — Sat, 19 Sep 2015 22:24:02 GMT

Agree with kdm. I'm sure all banks are well aware of the liability shift, but as kdm pointed out, reissuing new cards to hundreds or thousands of customers is no easy task. Especially for the smaller banks/CUs.

Re: Cards with Chip or No Chip ?

Callandra — Sat, 19 Sep 2015 23:13:56 GMT

As cool as it would be to switch to all chip on October 1st, it's just not going to happen. The only card I have received that is chipped is BBR. Even though banks have known about this, they are not rushing to issue new cards and I think only Wal-Mart/Target in this area actually have working chip readers.

Re: Cards with Chip or No Chip ?

pipeguy — Sun, 20 Sep 2015 01:50:50 GMT

Banks and issuers have known about this change for a good while now.

Based on several recent studies, $16 Billion was lost to credit card fraud in the USA in 2014 (see https://www.javelinstrategy.com/news/1556/92/16-Billion-Stolen-from-12-7-Million-Identity-Fraud-Victims-in-2014-According-to-Javelin-Strategy-Research/)

As of October 1, 2015 if an issuer has NOT issued a new EMV chipped card they will continue to cover the loss or liability, with a chipped card the liability is transferred to the merchant. I fully understand that smaller issuers may be slow in the transision, but Capital One?/ BB&T Bank? AmEx? Discover? They'd rather eat the losses in fraud than the expense of issuing new cards?

I'm just amazed that given the known October 1st date has been coming for what/ - two years? that only 9 of my 30 or so cards have issued new EMV chipped cards and a small credit union like Congressional FCU has already issued both Visa and Debit chipped cards.

Anyway, just thought it was an interesting data point considering how the processors (MC/V/AE/D) justify their swipe fees based on the cost of doing business - especially fraud.

Edit/Add: I could also understand that if those cards "delayed" were low limit cards meaning the risk was less for both issuer and merchant, but in my case that's not true as the lowest limit I have on an un-chipped card is $3000 and several are over $10,000 CL's (highest is $12k, unchipped, $20k Chipped).

Re: Cards with Chip or No Chip ?

14Fiesta — Sun, 20 Sep 2015 02:11:41 GMT

An interesting note with Discover - they do now offer EMV, which I know many people here know that. I called them up asking if they planned on issuing me a new card before October 1st, and they weren't. I did them I favor and requested it myself manually.

When it arrives, the only card I have that won't be chipped is my Best Buy store card.

Edit: ^ and my debit card, but I haven't used that in over a year. If someone used it I'm sure my bank would decline the charge because they know it's not me. lol

Re: Cards with Chip or No Chip ?

pipeguy — Sun, 20 Sep 2015 02:38:17 GMT

No idea why this tread was moved to SmorgasBoard to die - $16 billon dollars a year in fraud and how various issuers are reacting to the credit card processing updates seems like a valid "Credit Card Forum" subject.

Oh well, what do I know.

Re: Cards with Chip or No Chip ?

Themanwhocan — Wed, 23 Sep 2015 01:38:47 GMT

None of my cards have been pre-emptively replaced just to give me a chip on my card. From the card issuers standpoint, they probably don't want to take a guaranteed large expense when they can just wait and replace the cards when each cards expiration date approaches.

It also causes a major problem to replace all the cards at once. then the cards all expire and have to be replaced at the same time every X years... Probably better to avoid that staffing problem.

Re: Cards with Chip or No Chip ?

Anonymous — Thu, 24 Sep 2015 18:37:33 GMT

I just got my first CCs this year (had some when I was younger but CO - reason I'm rebuilding now). The chip thing is new to me but all of my cards have it.

Re: Cards with Chip or No Chip ?

Anonymous — Tue, 29 Sep 2015 23:05:22 GMT

I tweeted the major's. Cap 1 will have Chipped everything, including their cobrands by "early 2016"

My debit cards, NFCU and US Bank do NOT have chips. Doesn't matter. They're for emergency ATM only.

Re: Cards with Chip or No Chip ?

Anonymous — Wed, 30 Sep 2015 05:29:00 GMT

Major banks are most likely issuing chipped cards already. It's just not worthwhile (or realistic even) to mass replace all of them at once though as others have said. If you really want, you can easily request replacements--all of my cards are chipped now precisely because I specifically requested them.

Also as a note, Walgreens has apparently turned chip support on finally.

Re: Cards with Chip or No Chip ?

pipeguy — Sun, 04 Oct 2015 17:47:38 GMT

@pipeguy wrote:
I've been reading a lot of articles on various financial pages over the last week or so talking about how October 1, 2015 is the drop dead date for merchants to take CHIP cards or assume the losses for card users that do NOT use CHIP'ed cards. Thought I'd take a quick inventory of most of my cards to see which one have actually issued me chipped cards - it turns out MOST have NOT. I have 30 or so open credit cards, some don't issue real credit cards like Amazon or John Deere, so I've mostly listed "major" cards (MC/V/AE/D) and well known store cards with many locations since they would be more subject to credit card fraud. I've also NOT used MC/V "levels" like World or Signature because I don't think it matters.

YES MC/V that have chip
Old Navy V- Tex/Chevron V - Wells Fargo V - Diners Club MC - Congressional FCU V - Chase Freedom V - CapOne Venture One V -BP V - Sams Club MC

MC/V with NO Chip
DCU V - GM BuyPower MC - Total Rewards V - Cabela's V - BB&T V - PayPal Extra MC - Fidelity Bank V - Barclay Apple V - eBates V

No Chip: AmEx - Original Optima (not oasis) - Discover IT

Store Cards with NO Chip: Walmart - Firestone - Home Depot - Lowes - Brooks Brothers - Macy's

Debit Cards: DCU and CapOne = NO - Congressional FCU = Yes

Just an update, rec'd this week chipped cards from those marked in blue - still a lot of unchipped cards representing about $50,000 in credit lines for MC/V/AE/D and about $45,000 in credit lines for store cards.

Re: Cards with Chip or No Chip ?

DantGwyrdd — Sun, 04 Oct 2015 20:32:40 GMT

Cap One and BofA issued me chipped cards respectively after they were skimmed and some fraudulent charges appeared and Cap One also issued my other card with them with a chip once I PCed it to Quicksilver. No word from Discover, but I've essentially been using it as a BT card for about two years now (no physical swipes) and I wonder if they have a piece of software that takes that into account and will just issue a chipped card once this one expires. I doubt the two SCs I have will be chipped.

Re: Cards with Chip or No Chip ?

Anonymous — Sun, 04 Oct 2015 21:14:29 GMT

@DantGwyrdd wrote:
Cap One and BofA issued me chipped cards respectively after they were skimmed and some fraudulent charges appeared and Cap One also issued my other card with them with a chip once I PCed it to Quicksilver. No word from Discover, but I've essentially been using it as a BT card for about two years now (no physical swipes) and I wonder if they have a piece of software that takes that into account and will just issue a chipped card once this one expires. I doubt the two SCs I have will be chipped.

I bet you'd get one if you reported your card as damaged or otherwise just explicitly asked for a chipped replacement.