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Chip Card FAQs

Are there any additional costs associated with the new chip cards?

No, not to you, the consumer.

Can I still use my bank card the way I do now?

It's pretty close. Instead of swiping your card, EMV chip cards must be placed in the payment terminal — chip first and face up — throughout the entire transaction. Then you just enter your PIN or sign the receipt like you normally would.
If a retailer or merchandiser doesn't have a chip card terminal, you can still use your EMV-enabled card by swiping the magnetic stripe on the back through the traditional terminal.

Is the chip technology reliable?

Yes. Chip technology has been around for more than 20 years and is considered a more secure solution than magnetic stripe cards. In fact, countries like Canada, Mexico and the United Kingdom already use chip technology and have for quite a while.

What are the benefits of the new card?

In the EMV chip card, a computer chip stores the card data that currently resides on a magnetic stripe. This makes it nearly impossible for a criminal to create a counterfeit EMV chip card.
Because EMV chip cards use cryptograms to produce a one-time use code for each transaction, stolen chip card data cannot be used to create counterfeit cards. The technology also generates a one-time use code for mobile transactions.
Together, the security features make debit and credit card data much less vulnerable and decrease the likelihood of your information being stolen.

Where can I use my new EMV card?

You can use your new EMV card all over the world. There are approximately 2.4 billion EMV chip cards in circulation and 36.9 million terminals worldwide, and chip technology will soon become the security standard for all bank cards in the United States.
Plus, because more than 130 countries already use EMV chip cards, you may find them an easier — and more secure — option than your current bank card for international travel.
If your retailer does not have a chip card terminal, you can still use your EMV chip card at a traditional terminal by swiping the magnetic stripe on the back.

Will EMV chip cards prevent thirdparty data breaches?

No. Though chip cards offer additional security features and can help prevent some fraud resulting from data breaches, a data breach generally occurs from an outside system.