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.

Add to Favorites:

Related News:

Debt Could Put a Damper on Romance

Posted: August 18, 2017

Does credit health factor into romance? The answer is yes, according to the new Chase Slate 2017 Credit Outlook survey. Carrying a lot of debt could be a deal breaker for some people, with 37% saying that it could make them think less of a ... Continue reading
Voting for Discover it Student Card Design

Posted: August 17, 2017

Discover is asking college students to weigh in on the new design for their Discover it Student Card, so from now until September 21, they can vote on their favorite design on Discover's website. To get the word out, they are running a ... Continue reading
Bank of America and PayPal Strike a Deal

Posted: August 16, 2017

With more and more people interested in making mobile and digital payments, Bank of America and PayPal have inked a new deal paving the way for Bank of America customers to be able to link their credit and debit cards with PayPal and use ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Match Mile For Mile: 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
You could turn $150 into $300 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
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit