Personal Finance

Is there a credit card with security?

  • Last Updated:
  • Jul 31st, 2009 8:33 pm
[OP]
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Jan 23, 2006
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Is there a credit card with security?

Hello guys, so as it stands I carry with me a lot of credit cards, and the other day my Brother credit card was stolen, and someone bought whole lot of things for over $1,000 , and now I am worried about my own wallet, and I can not even imagine how to deal with this if I were to get ripped off..

So, is there a credit card that require a user to enter password to complete the transaction? I would not even mind paying an annual fee if the credit card has this feature implemented...
33 replies
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Nov 18, 2008
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The new Visa/Mastercard cards with chip will have the PIN.

Personally, I'm skeptical of chip technology now, because now if any fraud occurs with the chip and PIN, the onus is now on you to prove you didn't do it, as opposed to the policy that the bank has to prove you didn't do it. In your case, there's nothing much to it, you call and dispute the charges since the card was stolen, and it should be taken care of. If someone steals your chip card and they guess your PIN, you're SOL.
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Sep 19, 2004
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While there are lots of cc with chip technology, just ask your cc issuer for a replace card, most likely you'll get the chip one.

and life is always full of uncertainty, so don't worry too much about it and enjoy your life.
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Mar 23, 2004
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tng11 wrote:
Jul 24th, 2009 1:50 pm
The new Visa/Mastercard cards with chip will have the PIN.
afaik only bmo mc have chips. Citi, MBNA, Suncor MC and probably a ton of others still don't...unless u know something that i don't.

But to the op...i wouldnt worry. Just don't bring like 15 cc out and u should be fine...
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Feb 9, 2005
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indca wrote:
Jul 24th, 2009 1:41 pm
Hello guys, so as it stands I carry with me a lot of credit cards, and the other day my Brother credit card was stolen, and someone bought whole lot of things for over $1,000 , and now I am worried about my own wallet, and I can not even imagine how to deal with this if I were to get ripped off..

So, is there a credit card that require a user to enter password to complete the transaction? I would not even mind paying an annual fee if the credit card has this feature implemented...
Don't worry about it, it's not you that gets ripped off. It's the bank's money, not your's, well actually, I think it's the merchants that get screwed in the end.

If it happens to you, report it as soon as you notice, you'll sign some paperwork, they'll give you a new card and number, and they reverse the fraudulent charges (and any interest or other fees) and investigate them.

It's a bit of a pain, but unlike cash, you get all your money back, and it's less hassel than if your debit card is comprimised.
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Feb 20, 2006
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angel_wing0 wrote:
Jul 24th, 2009 1:56 pm
afaik only bmo mc have chips. Citi, MBNA, Suncor MC and probably a ton of others still don't...unless u know something that i don't.

But to the op...i wouldnt worry. Just don't bring like 15 cc out and u should be fine...
Exactly

BMO MAstercard is the only MC AFAIK that has chips
and Scotia's Visas do as well, as does RBC's Visas (or at least on the Duetto)

AE has no chips at all
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shannn wrote:
Jul 24th, 2009 2:04 pm
Exactly

BMO MAstercard is the only MC AFAIK that has chips
and Scotia's Visas do as well, as does RBC's Visas (or at least on the Duetto)

AE has no chips at all
I left out the word "eventually".

I have heard the reason why all the companies like MBNA, Citi and other smaller companies are falling behind in the chip rollout is because they need to solve the logistical problems of people needing to change their PINs, as they don't have ATMs like the big banks.

AMEX is doing a test pilot in Canada for Chip+PIN cards currently. The rollout according to them will be in 2010.

https://www212.americanexpress.com/dsml ... faad94RCRD
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tng11 wrote:
Jul 24th, 2009 2:13 pm
I left out the word "eventually".

I have heard the reason why all the companies like MBNA, Citi and other smaller companies are falling behind in the chip rollout is because they need to solve the logistical problems of people needing to change their PINs, as they don't have ATMs like the big banks.

AMEX is doing a test pilot in Canada for Chip+PIN cards currently. The rollout according to them will be in 2010.

https://www212.americanexpress.com/dsml ... faad94RCRD
I remember I can use my citi cc on bmo atm, and I can even ask for emergency fund at bmo branch or any banks which issue mastercard. I thought the welcome kit mentioned this.
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sunvv wrote:
Jul 24th, 2009 2:17 pm
I remember I can use my citi cc on bmo atm, and I can even ask for emergency fund at bmo branch or any banks which issue mastercard. I thought the welcome kit mentioned this.
Yes, you can use your Citi Mastercard at any ATM which accepts Mastercard. The problem is other bank's machines are not programmed to change your PIN as well. I.E. I can use my TD card at a RBC ATM, but only to withdraw cash, I can only change the PIN using a TD machine.
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Sep 9, 2005
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shannn wrote:
Jul 24th, 2009 2:04 pm
Exactly

BMO MAstercard is the only MC AFAIK that has chips
and Scotia's Visas do as well, as does RBC's Visas (or at least on the Duetto)

AE has no chips at all
All CIBC Visas are issued with chip + PIN as well.
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May 11, 2005
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National Bank of Canada has chips on their mastecards too - to my knowledge.
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Jul 29, 2009
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I have chip+pin on my visa, but there are only a few merchants who are actually set up to use it. So, really, I swipe & sign 95% of the time anyway.

CC fraud is a hassle, but disputing the charges isn't too much of a process. Just pay attention to your statements.
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indca wrote:
Jul 24th, 2009 1:41 pm
Hello guys, so as it stands I carry with me a lot of credit cards, and the other day my Brother credit card was stolen, and someone bought whole lot of things for over $1,000 , and now I am worried about my own wallet, and I can not even imagine how to deal with this if I were to get ripped off..
You would deal with it by making a single phone call and getting on with your life.

This is why CC is far superior to Interac for security. i f someone steals money, it is not your money that gets stolen - it is the CC companies. With Interac, it is *YOUR* money that is stolen, and you have to beg the bank to give it back - and you won't get it back for weeks sometimes. With a CC you are out nothing, you make a phone call and dispute the charge, sign a form a few weeks later, and you are done. no fuss, nothing to be worried about really.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings

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