Personal Finance

Is there a credit card with security?

  • Last Updated:
  • Jul 31st, 2009 8:33 pm
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Nov 23, 2005
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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 can tell you that you heard wrong ;)

Lets justs say that MC international has advised the banks that they have by Oct 2010 to implement chips in the cards.

As far as PIN's go ... it has nothing to do with actually changing the PIN's.
When the cards are rolled out, they will come with system generated PIN's and you will most likely get a form which you can fill out and send back with your own personalized PIN.
angel_wing0 wrote:
Jul 30th, 2009 11:34 pm
well they can as someone posted an article about that some time ago...but it hasnt happen yet.
Citi had VISA when they acquired Canada Trust accounts ..

In the states, they issue VISA and MC ...

However, at the moment, there is no Canadian issuer that offers both ..
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Nov 18, 2008
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boyoflondon wrote:
Jul 31st, 2009 6:08 pm
As far as PIN's go ... it has nothing to do with actually changing the PIN's.
When the cards are rolled out, they will come with system generated PIN's and you will most likely get a form which you can fill out and send back with your own personalized PIN.
But the problem is that the card needs to be present in order to change the PIN, as the PIN is verified locally on the chip itself. When you change the PIN on a chip card, the machine writes the new PIN onto the card. Hence, that is why RBC machines that are not chip-enabled cannot change the PINs on chip cards.
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Mar 6, 2005
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YYC27 wrote:
Jul 31st, 2009 5:35 pm
heh. When I first got my chip card, I used it at Subway, and when their machine said "USE CHIP", they manually keyed in the CC number. *facepalm*
Haha that's another way, but anyone who does that is a moron :lol: .
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Feb 17, 2007
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Keying the card manually isn't possible all the time. It depends on the acquirer (provider of the debit/credit terminal).
The one I work for doesn't allow this, unless the merchant is previously approved for the mail/phone order option (drugstores etc).

And, the merchants are adviced that they are not to use that feature to bypass the chip cards.

In the end, they will be help liable if the card was frauded. Bank will reimburse the customer, and will take that amount out of the merchant's bank account.

When the migration over to EMV (chip card terminals) is complete in the mid-2010s, card will be encrypted in such a way in the payments processing facilities that a manual entry will trigger a rejection of the transaction.

Basically, we just need to realize it's currently between both modes, we're in migration status but it won't be over for another 5 years or so, in the meantime both structures are going to coexist.

Of note: Just a little addition since we're talking about the new chip card terminals. When you go in a restaurant that's got a new chip card terminal, you'll most likely notice you have to step up to the terminal even if you pay with your credit card. You can't just sign the paper and write the tip amount and leave, since you have to be there to enter your PIN you need to enter the tip yourself. Well, here's the little sneaky thing: for the tip, you'll be presented 2 options - either enter a dollar amount or a percentage value. Well, if you enter a % be adviced this is applied on the full amount, including tax. So you end up tipping the tax. Be careful. I always personally prefer to enter a pre-set amount, usually I like to have a rounded up total. When you pay a 100$ meal, paying 15% tip on 115$ vs 100$ does make a difference.

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