Debit Card Changes Are Coming
 

Your debit card will get a chip soon

The next debit card you get will probably have a little golden chip in it, and that's a good thing.

The chip will make it much less likely that someone can counterfeit your debit card and go on a shopping spree, so you won't have to spend any time calling your bank and arguing with them about who bought that stuff, or waiting for the bank to refund your money.

For banks, it's maybe not such a great thing. It will cost them about $1.4 billion to issue chipped "EMV" cards, for Europay, MasterCard and Visa. So why are they going to do it anyway? In part because of ratcheting pressure from MasterCard and Visa.

Read more:

http://www.bankrate.com/financing/ba...mm_PF_mainlink

the funny thing is this seems to happen more with the chip.. but that's my opinion in vancouver canada

i want a nice kitty on my cards

welcome to 10 years ago

you'd say that whether it's a USA/Europe thread or an Apple/Android thread :1orglaugh

Even longer than that. I was having trouble in France 20 years ago using my card that was signature rather than chip&pin.

I just got a new debit card in the mail because my card was used at Home Depot -- it was the old style and not one with the security chip.

I think the cost of the new cards with a chip will be offset by lowered bank loses due to charge offs for fraud.

However, there may be an annual fee for the card -- that would not surprise me. B of A does that now on my credit card with the EVA chip. I have had that for a couple of years now as it works in Europe without problems. Damn thing costs $60/yr but my interest rate is 9.98% if I carry a balance.

:1orglaugh

can i send you some money by check?

oh, wait, we don't have checks since.... i forgot, too long ago :winkwink:

you don't need to wonder, the inventor of this kind of card was french:

http://en.wikipedia.org/wiki/Roland_Moreno

not sure why us is so far behind on this

Didn't know that. I write 1 check per month for my housing and every other major bill in my life is paid through bank draft, debit card or PayPal.

We've had chips on our cards for years in Australia and Chip and Pin is now mandatory - you can't sign for purchases anymore.

I wonder when Paxum will catch up to this world trend :upsidedow

Already here.

My UK debit card has had this since i got it two years ago. At last the USA is catching up with Europe.

This is long fucking over due already. Get it done.

Well, this one time at least it so happens that he is right!

EU converted to chips aprox 8-10 years ago, even eastern european countries, UK however was slightly behind and also took their time allowing old cards to expire some banks jumped on it late...

I should know as I have bank accounts all over the place, haven't had US account in more than 5 years but I remember back then I was thinking how UK and US are behind

i like chip and poo

The banks like it because it shifts liability from them to the merchants.

funny enough UK is still heavily using checks too, you open account and they give you check book, the cash-in machines that you use to load cash in your account also accept checks, there are also third-party places that clear check's faster for a premium as it's also still common place to be payd by check... working class lads need those pounds the same day on friday to invest in the local pub :winkwink:

There are cards without pin?I am not aware of such card and i have bank account for last 15 years lol

Spain got them about 10 years ago, but the idiots in the shops still want ID even though it's a chipped card.

I am unable to use my payoneer card on most atms here in Spain since about 1 month ago. Also, I wasnt able to use at most POS for years. No chip no sales here in Spain.

Actually it is. Zero chargebacks.

Longer actually. I remember getting a VISA in 2002, had a chip in it.

We have Paywave here, for purchases under $100. Simply wave your card in front of the reader and you're done. No pin required.

in about 99% of stores you cant use paxum & payoneer card because it only has the magnetic strip. The store card readers here are't compatible anymore with it. In the near vicinity i know of only one gas station still accepting the old school cards.

Starting to be the same here too, hopefully paxum/payoneer will get chips within a year or so too.

Yes that was recently introduced here as well,but usually it supported by single bank only,and when something is supported by single bank,it means how it will die,like mobile payment which was introduce years ago but simply died.

It's universal here, a very common payment method.

i will sell gold from my card :)

Finally! in these cases we are soooooooooooooo behind...

here in CZ we have that too, never tried it though

My latest cards I don't even have to put them into the chip readers anymore if the value is below £50. I just wave it over the terminal now.

To the guys and girls talking about problems with Payoneer - I have had a chip in my Payoneer card since april when my card was renewed. Maybe you could ask for a new one? It is issued by a bank in Britain.

That's good news. Hopefully the other ones will follow suit.

Blows my mind that this is new technology in North America. I've had chip and pin on my Scottish bank cards since around 2003. Canada brought it in about 3 years ago I think, you go into a store and the cashiers make a big song and dance about it, like you are retarded and need to be taught everytime how to use it, even 3 years on! :1orglaugh

Because US banks didn't want to spend the extra $$ unless it was totally necessary? :2 cents:

We have had chips here for years. I find them annoying at the atm.

We have has chips in cards here for years.
Would not say its more secure,

I will say that due to chip in pin your ability as a client to say you did not make a transaction and claim fraud, becomes harder and limits the banks risk to fraud not the clients risk...

They have been able to clone etc chip in pin cards for a few years now.