Discover cards with Chip & PIN!!!

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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websteth
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Postby websteth » Sun Nov 16, 2014 9:03 pm

Pin is a much faster transaction in my experience.
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alexmt
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Postby alexmt » Wed Nov 26, 2014 1:11 am

PIN is far faster (I challenge anyone to write their name faster than they can key in a 4-digit number from memory) and gets far less weird stares and bizarre ID requests overseas. The PIN hate is insane. I hope Discover bucks the "Americans are stupid" trend and chooses PIN, they'd win my loyalty for it. I doubt they will, though.

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Postby MB131174 » Wed Nov 26, 2014 3:32 pm

alexmt wrote:PIN is far faster (I challenge anyone to write their name faster than they can key in a 4-digit number from memory) and gets far less weird stares and bizarre ID requests overseas. The PIN hate is insane. I hope Discover bucks the "Americans are stupid" trend and chooses PIN, they'd win my loyalty for it. I doubt they will, though.


Yeah, I can't understand the PIN hate either. I was indifferent until I used both types and saw how much faster PIN was. Like I said, the PIN card is back in my wallet before a signature card would even get the initial OK before capturing signature.
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benhollberg
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Postby benhollberg » Wed Nov 26, 2014 11:09 pm

alexmt wrote:PIN is far faster (I challenge anyone to write their name faster than they can key in a 4-digit number from memory) and gets far less weird stares and bizarre ID requests overseas. The PIN hate is insane. I hope Discover bucks the "Americans are stupid" trend and chooses PIN, they'd win my loyalty for it. I doubt they will, though.


PIN is faster? Now I am just comparing this to debit cards where a PIN is required because I've never used a Chip + PIN before. More than 90% of the time with my swipe + signature card I never have to sign anything. Even using them as Chip + Signature I rarely have to sign. I don't want to stick around and wait for a PIN to verify also.
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MB131174
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Postby MB131174 » Thu Nov 27, 2014 10:03 am

benhollberg wrote:PIN is faster? Now I am just comparing this to debit cards where a PIN is required because I've never used a Chip + PIN before. More than 90% of the time with my swipe + signature card I never have to sign anything. Even using them as Chip + Signature I rarely have to sign. I don't want to stick around and wait for a PIN to verify also.


Nothing is faster than swipe and no sig required. Chip & sig, even when sig is not required, is S L O W. Chip & PIN is way faster. In my experience with my Diners Club chip & PIN, the transaction is completed faster, PIN input included, than a chip & sig even without giving a signature. For whatever reason, PIN cards seem to authorize faster. When I'm in the Netherlands, my Dutch friend obviously only has chip & PIN and all her transactions are fast.
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Reclusive46
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Postby Reclusive46 » Sat Dec 06, 2014 5:42 pm

MB131174 wrote:Nothing is faster than swipe and no sig required.


Maybe apart from EMV contactless (The type of contactless used in chip and pin/sign countries) as most low value contactless transactions don't even contact the bank (the terminal just approves the transaction offline). It usually takes about half a second for approval from the point of tap.
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Postby flan » Sat Dec 06, 2014 8:29 pm

Reclusive46 wrote:Maybe apart from EMV contactless (The type of contactless used in chip and pin/sign countries) as most low value contactless transactions don't even contact the bank (the terminal just approves the transaction offline). It usually takes about half a second for approval from the point of tap.


The card and the terminal, together, approve the transaction. Either, or both, can insist that there be online verification. Most cards have a transaction count limit or total dollar (Euro, whatever) limit, when that's reached they insist on online approval.

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Postby tmiw » Thu Dec 11, 2014 2:39 am

So there was this interesting news release today: Discover to Spend More Than $35 Million on New Credit Cards With Chips

So assuming that $35 million is just for the cards themselves, that means 3.5-7 million will be issued in 2015 (per card cost is $5-10 per CNBC though this might be inflated). With almost 60 million cardholders as of 2012 and assuming Discover cards are good for five years, that means that ~12 million cards would be changed out to EMV every 12 month period. Assuming equal distribution for each of the twelve months, we could be looking at a timeframe between May (7 million figure) and August (3.5 million) before the first Discover EMV cards are issued. If the former, there's a good chance they won't support offline transactions and will possibly be chip and signature.

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Postby tmiw » Thu Dec 11, 2014 3:51 pm

After posting that last night I found out that cards are actually a lot cheaper ($2-$4) and that there's far more Discover cards out there than anticipated (~130 million). The timeframe doesn't change that much though; it's more like April through August.

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Postby flan » Thu Dec 11, 2014 7:38 pm

tmiw wrote:After posting that last night I found out that cards are actually a lot cheaper ($2-$4) and that there's far more Discover cards out there than anticipated (~130 million). The timeframe doesn't change that much though; it's more like April through August.


Chip and signature cards are substantially cheaper than chip and pin ones. I'd be very surprised if Discover is paying $2 for one. $2 including the cost of mailing, maybe.
PIN costs more for the cards, and the cost of implementation is higher. (separate mailing
for pin, software requirements, etc.)



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