Financial Tools

EMV Chip Card FAQs

 

What is EMV?

EMV, which stands for Europay, Mastercard, and Visa, is a global standard for credit and debit payment cards using embedded microchips. EMV-enabled chip cards are currently used in more than 80 countries. There are more than 4.7 billion chip cards issued across the globe.

 

What is a chip card, and why am I getting one?

Chip cards are payment cards that have an embedded microchip on the front. An Associated Credit Union credit or debit card with chip technology offers advanced security and protection against counterfeit fraud when used in a chip-enabled terminal or ATM.

All cards will continue to include the magnetic stripe, so you can still use your card at ATMs and merchant terminals that aren’t chip-enabled.

 

What are the benefits of a chip card?

A chip card offers:

Security
Each time you insert your card into a chip-enabled terminal or ATM, a unique security code is generated, making it extremely difficult for a fraudster to counterfeit your card and reuse your information. This technology better protects you against counterfeit fraud and data breaches, and gives you a more secure experience during your transaction.

Global Acceptance
Ability to make payments at terminals outside of the U.S. where chip cards are the standard. Many countries worldwide have already adopted this technology, and it will soon become the standard in the U.S. as well.

Simplicity
A chip card is easy to use. Simply insert it into the chip-enabled terminal or ATM and follow the on-screen prompts. You can also use the magnetic stripe on the back of your card as you have in the past if the terminal or ATM is not chip-enabled.

 

Why are chip card transactions more secure?

Chip card transactions offer you advanced security for in store payments by making every transaction unique. And, your chip card is more difficult to counterfeit or copy. If the card data and the one-time code are stolen, the information cannot be used to create counterfeit cards and commit fraud.

Will chip cards prevent third-party breaches?

Chip card technology provides an additional layer of security when used at a chip-enabled terminal. The technology may help reduce certain types of fraud resulting from data breaches; however, it will not prevent a data breach.

Will chip cards prevent all fraud from happening?

No. As the industry continues to develop new ways to protect consumers, perpetrators continue to look for new ways to commit fraud. Chip cards provide an additional layer of security at chip-enabled terminals, on top of the fraud prevention monitoring we currently provide. As always, your purchases are also covered by our zero liability protection, where Associated Credit Union credits your account back for fraudulent charges.

 

How do I know if I have a chip card?

If you have a chip card, the chip is located on the front of the card. You will still have a magnetic stripe on the back so that you can use it at merchants who don’t accept chip cards yet.

 

Where can I use my chip card?

Anywhere. As the U.S. begins to transition to chip technology, the number of retailers with chip-enabled terminals will grow over time. To ensure you can use your card at any retailer, your new card will have both the chip and the magnetic stripe. If the terminal is chip-enabled, you will insert your card in the slot located at the top or bottom of the terminal and follow the prompts. Otherwise, you will swipe the card as you do today.

 

Will anything change during my online purchases?

No. You will use your chip card for online purchases by following the same process you do today.

 

Can I use my chip card outside of the U.S.?

Yes. Chip cards are widely used in international markets and are accepted in more than 80 countries. Having a chip card will make it easier for you to make purchases when you travel internationally.

 

How do I use my chip card?

During the transition to chip, you will still be able to swipe your card as you normally would and follow the prompts. If the terminal is chip-enabled, it will prompt you to insert it instead. If you already know your chip card works there, start by inserting your card. These basic steps will help ensure successful transactions:

  1. Insert the chip portion of the card into the terminal with the chip facing up. Do not remove until prompted.
  2. Provide your signature or PIN as prompted by the terminal. Some transactions may not require either.
  3. When the terminal says the transaction is complete, remove your card.

Always remember when you use your chip card to follow the prompts on the terminal and leave your card inserted until prompted to remove it.

 

Can I still pay in store if I don’t have a chip card?

Yes, merchants will continue to accept magnetic stripe card payments.

 

When can I expect to get my chip card?

At this time, Associated Credit Union offers chip-enabled credit cards. We will offer chip-enabled debit cards during the 4th quarter of 2016.

 

What does a chip-enabled terminal look like?

Chip-enabled terminals have all of the features you are used to with a payment terminal, with the addition of a slot to insert your card. The slot is typically located at the bottom or the top of the payment terminal.

 

How do I know if a terminal accepts chip cards?

During the transition to chip, you can swipe your card as you normally would and follow the prompts. If the terminal is chip-enabled, it will prompt you to insert it instead. If you already know your chip card works there, start by inserting your card.

 

What if the terminal doesn’t accept chip cards?

Cards will still have a magnetic stripe on the back, so even if a terminal is not yet chip-enabled, you can use your card as you do today.

 

When will I be able to use my chip card at all merchant locations?

Every day, more merchants are becoming chip-enabled to increase security for in store card transactions, so you will start to see these terminals at many of the places you shop today. You will continue to be able to pay at both chip-enabled and non-chip-enabled merchants with the same card.

 

Why does it take time to transition to chip cards?

The U.S. financial system is complex. There are thousands of financial institutions issuing cards and hundreds of thousands of retailers. Card issuers will have to replace all magnetic stripe cards with chip-enabled cards. Retailers will have to install new payment terminals and gas pump terminals. In addition, more than 400,000 ATMs will have to be updated nationwide.

 

Will I still get the same rewards?

Yes, Associated Credit Union’s new chip cards will continue to provide all the same benefits and rewards you received with your previous card.

 

Are there any additional fees associated with the chip cards?

No additional fees apply to Associated Credit Union’s new chip cards.

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