Credit Card 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

By
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.

Add to Favorites:

Related News:

Alaska Airlines Expands in Texas Market

By Dar Dowling, Posted: April 24, 2017

Alaska Airlines has its sights set on growing its presence in Texas and will be adding more service into Dallas Love Field to its roster. Continue reading
Hackers Still Hard at Work

By Dar Dowling, Posted: April 21, 2017

Shopping online or with mobile devices is gaining in popularity with consumers, whether they are looking for trending fashion gear or are making summertime travel plans. Continue reading
Consumers Want More from Their Credit Cards

By Dar Dowling, Posted: April 20, 2017

Credit cards are definitely trending with consumers according to a new study by Harris Polls, and they know what benefits they want to come along with their cards, including no annual fees and reduced or waived late fees. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
No Annual Fee
For Bad Credit