3 Reasons Why You Shouldn’t Worry About Your New Chip-Enabled Credit Card
Transitions are never fun: maybe you’re looking to buy a new home in this growing real estate market, or you’re fixing to enroll in school for another degree. Changing jobs maybe? What with the fluctuating economy, whatever decision you’re going to make is about the equivalent of stirring up a hornet’s nest. Such is the case with this massive yellow jacket of a transition: chip-enabled credit card technology, also known as EMV. And as of this past October, guess what — you’ll very soon be forced to use these new type of credit cards.
Fear Not, Though, and Don’t Be Frightened — Chip-Enabled
Credit Card Technology Won’t Sting
Aside from the fact that the U.S. is at the moment the last country on the planet to use the old-fashioned magnetic strips you find on credit cards (Europe and other countries utilize EMV religiously, along with PIN identification for further prevention of ID theft and credit card fraud), you have three reasons to believe that everything should be okay as the commercial industry, specifically regarding credit cards, will do just fine with this new chip-enabled credit card technology:
- Go Ahead and Keep Your Mag Strip Credit Card for the Time Being — You’re going to need it for a long while, and here’s why.
- We Already Mentioned That EMV Protects From Fraud a Whole Lot Better — The question is this: how?
- Businesses Are Going to Need to Convert Anyway — In a way, businesses have to be much more nervous about this new transition than you, as the consumer. Here’s why.
And that’s just the start. There will be numerous other benefits associated with chip-enabled credit card technology as EMV continues to flourish and dominate the spectrum.
The Best You Can Do Is Be Prepared
Those credit card companies won’t spring the new cards on you while you’re not looking, just so you know. It will be a transition, not a big surprise. But a good transition at that.