Credit Card Companies Add E.M.V. Technology in... - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Credit Card Companies Add E.M.V. Technology in Response to Bad Press

Credit Card Companies Add E.M.V. Technology in Response to Bad Press

Add to Favorites:
Credit Card Companies Add E.M.V. Technology in Response to Bad Press

In response to a June 8th New York Times article that focused on the problems Americans had using their credit cards aboard; several companies have added new E.M.V. cards into the mix. ( E.M.V. stands for EuropayMasterCard and VISA) JP Morgan Chase and U.S. Bank are now offering customers the opportunity to obtain these cards so that they will not encounter any obstacles in shopping when traveling abroad.

Reader Compatibility

The primary problem is that the technologies we have in the U.S. and those in European countries do not match. Believe it or not, the U.S. magnetic strip technology on credit cards is in the “dinosaur age” compared to the rest of Europe. European credit cards and credit card readers have an embedded chip rather than the magnetic strip that U.S. cards have, which can cause American credit cards to get denied altogether when traveling abroad.

Solutions

Abroad travelers have turned to their own measures for dealing with the potential problems. Now, however, American credit card companies are finally responding to the issues. The response is that many credit card issuers, companies and banks are adding the chips that are compatible with foreign travel, which are known as E.M.V. chips. Chase made its announcement on June 17th that the chip technology would become available on its J. P. Morgan Select Visa Signature card. This may be considered a privilege to these card holders since it also carries a $95 annual fee. Prior to adding the E.M.V. chip to the J.P. Morgan Select Visa card, the bank did offer the option to its group of high networth banking customers.

The other bank that is offering the new technology as a perk to its foreign bank travelers is U.S. Bank. Through its FlexPerks Travel Rewards Visa, 20,000 U.S. Bank customers had cards with the E.M.V. chip embedded. U.S. Bank says it intends to roll out the new technology in additional travel cards at some point by the end of 2011.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Gen Z and Millennials Spending More This Holiday Season

Posted: November 23, 2017

Holiday shopping is in full swing, and while spending trends are on target to be on par with last year across the generations, Gen Z and Millennials are feeling more festive, and are on point to spend more this season whether that's on ... Continue reading
Hackers Are Not Dimming Holiday Cheer

Posted: November 22, 2017

Holiday shopping season can be a big draw for criminals, in both stores and online, and while consumers are worried, it's not going to get in their way this season, according to a new study by Discover. They found that 73% of people will ... Continue reading
Small Business Saturday Resonates With Consumers

Posted: November 21, 2017

If you know that November 25 is Small Business Saturday you are in good company because 61% of consumers know it is taking place too, according to the 2017 Small Business Saturday Consumer Insights Survey. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit