Q: What are chip cards?
A: The chip contains your card number, name, and other account information. There is no other personal information stored on the chip. Due to security in the chip, every transaction you make is unique, which makes it extremely difficult for the card to be copied or counterfeited. Your chip card will also have the usual magnetic stripe on the back so that you can continue using your card while merchants are transitioning to new chip card terminals.
Q: What are the benefits of chip technology?
A: The embedded microchip provides dynamic transaction security features and other capabilities not possible with traditional magnetic stripe cards. A chip card is extremely difficult to counterfeit.
Q: Why is my card being upgraded to a chip card?
A: Chip technology is has been used in other countries for years with recent adoption in the U.S. Your new chip card provides an extra level of security and is easier to use at international locations.
Q: How is this card different from a magnetic stripe card?
A: A chip card looks just like a traditional card with an embedded chip in addition to the standard magnetic stripe on the back of the card. Rather than swiping your card, you will insert your chip card into the card terminal to complete the transaction.
Q: How does chip technology work?
A: Every transaction with a chip card has unique data in it. Chip transactions are dynamic, not static like magnetic stripe cards. That is why if someone were able to intercept one of your chip transactions they would not be able to use that information again. This stops fraudsters from being able to create counterfeit chip cards.
Q: Why do I need to leave my card in the terminal?
A: While your card is in the chip-enabled terminal, the embedded chip creates a unique transaction code. This prevents stolen data from being fraudulently used. If you remove your card too soon, your transaction will be canceled. Chip card technology is now a global standard.
Q: Will my card have a PIN number?
A: Yes. ALL EMV cards that go out, whether they are a reissue of an existing mag stripe card or a brand new chip card will have a new PIN number. You will still need to sign to complete a purchase transaction, but your PIN number can be used to get a credit card cash advance at an ATM.
Q: Where can I use my chip card?
A: Use your chip card at the exact same merchants you do now—by inserting the card into card terminals that are chip enabled or swiping your card at merchant locations that have not yet switched to chip-enabled card terminals. You can also continue to use your card as you did before for online payments, telephone payments, and at ATMs.
Your reissued card will have a new expiration date and CVC security code, so be sure to update your online information with billers that charge your card regularly or automatically.