European-chipped credit cards

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jeffysdad
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European-chipped credit cards

Postby jeffysdad » Sun Dec 12, 2010 7:30 am

Why don't U.S. cards come with the chip that would allow them to be used at self-serve kiosks in Europe (see below)? If this is too costly to provide, banks offering Visa/MC could give customers the option of receiving one of their RFID fobs that has the chip in it. That way chipped cards wouldn't have to be distributed to all card holders, only the ones that are going to Europe and want one. The Travelex solution described below sounds like a costly option and is hardly secure, given that it's a prepaid card -- not very convenient either, if you ask me.


By BETH J. HARPAZ, AP Travel Editor Beth J. Harpaz, Ap Travel Editor — Fri Dec 10

NEW YORK — If you've traveled to Europe recently, you may have had the frustrating experience of being unable to use a U.S.-issued credit card for automated transactions, like renting a bike from a stand on the street, paying for highway tolls or buying a train ticket from an unmanned kiosk. A new prepaid smart card from Travelex solves that problem by utilizing the microchip and PIN technology that is standard in credit cards in Europe, but not here.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.


Mr Chopstix
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Postby Mr Chopstix » Tue Dec 14, 2010 3:12 am

Somewhere I had read that the US credit cards had to change to chips by 2012 or 2014. Will that still be happening?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Dec 16, 2010 1:55 am

I agree the Travelex card doesn't sound like a feasible option.

From what I understand the U.S. was supposed to switch over to chip cards entirely but the process keeps getting delayed. 2012 probably was a previous deadline but that has been delayed TBD. We are the last market to be running the old magnetic strips and no chips, it's got to happen eventually.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Cucumber
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Postby Cucumber » Sun Dec 19, 2010 3:32 pm

Here's an article from almost 13 years ago that said credit cards with computer chips would be the norm in 10 years in America.

Get hip to chip cards - CNET News

FAIL!
OBAMA
Stop talking crap about him!

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Jan 02, 2011 2:52 am

Ha! That didn't happen.

What does everyone think the odds are for chipped credit cards by 2020?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Primary Travel Card: Chase Sapphire Preferred

infomaniac
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Postby infomaniac » Sat Jan 08, 2011 3:57 pm

Until there is demand we will not see them. The primary benefit of the microchip is the added security features which thus far have not been in demand.

Generallisimo
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Postby Generallisimo » Mon Jan 10, 2011 8:33 pm

Well, I for one totally demand this feature because it makes it virtually impossible to copy your credit information illicitly. With a normal magnetic card, all you have to do is copy the magnetic information and bam, you can create a clone of the card and go around spending like crazy. With the chip-and-pin, the information is encrypted, and the only way to get it is by knowing the PIN, therefore, you can read all the data you want, but without the PIN, you won't be able to copy the card.

Granted, it doesn't help if you buy from a shifty merchant who rigged his device or other forms of fraud, but it helps.

And the main demand though, is who is willing to pay for it. Right now, credit card companies don't offer an option to anyone to pay a little extra to get chip-and-pin, but that would be interesting if they tried to find out if there is any actual consumer demand. Also, the cost of implementing such a system in a country as large and credit-card integrated as America must be astronomical. Until credit-card fraud that results from not using chip-and-pin outpaces the costs of implementing the system, we will never see it. It's pure capitalism at its finest. Only reason they have it in Europe is because they are a bunch of 'commies' that passed laws forcing it through.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Jan 14, 2011 10:15 pm

Generallisimo wrote:Until credit-card fraud that results from not using chip-and-pin outpaces the costs of implementing the system, we will never see it.


I think you might be right unfortunately.

When using chipped cards for online purchases I'm not familiar with how it works. Is the PIN still asked for?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

TDJ
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Postby TDJ » Sun Jan 16, 2011 4:40 pm

Why is it such lax security for credit cards in America? I am appalled that I am hardly asked for my ID when I use my credit card to pay. There have been occasions I have spent hundreds of dollars on a purchase and there was no ID asked for. Do Americans not like security? Do they not want their finances protected against fraud?

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Postby fearless » Wed Jan 19, 2011 12:34 am

I really wish we had pin numbers on credit cards. There needs to be better security because I make purchases too and DO NOT GET ASKED FOR ID! Who is responsible for fraud and foots the bills? The stores dont care and the credit cards dont care. No one cares and that is the problem with this country is there is lack of responsibility because everything is always 'someone elses problem' and NO ONE is willing to step up to the plate.



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