Menu
Personal finance
GE Capital Purchasing MetLife Bank

Washington DC Might Divest from Bank of America, Wells Fargo

Miles By Discover Offers Relief to Noncommittal Travelers

Collection Agencies Resurrecting Old Debts Through Credit Card Offers

Treasury Doubles Purchase Limits on Electronic Savings Bonds

Cordray’s First Move as CFPB Head: Regulate Nonbanks

Weekly Wrap: Bank of America’s Worst Week Ever?

Dear U.S. Banks, Your Business Model Stinks

Shadow Banking Due for Some Time in the Spotlight

Weekly Wrap: Banking Slowly Dissolves?

Under the Roofs of Coffee Shops You’ll Find Your Online Bank

Brokerage Checking Still a Competitive Choice

Beware the Mirthful FOMC Meeting

Did ING Direct Customers Overreact to the Capital One Purchase?

No Balance Transfer Fee Offers Reappear But Hard to Exploit

Russell Simmons’ RushCard Lowers Fees, Is Still Bad

The Reason Why Freddie Mac Doesn’t Want to You to Refinance

New Bank Perks Cater to Tech-Savvy Customers

St. Louis Fed President: Raise Interest Rates

Whitney Warns: Banks to Banish Middle Class

Dime Savings Cites Regulations in Switch to State Charter

FDIC to Banks: Start Lending Again!

Weekly Wrap: Grey Days and a Sideshow

Weekly Wrap: Banking’s Spring Is Still Far, Far Away

American Express and Gen Y: BFF?

Bank of America to Rollout EMV Chip Credit Cards to Customers
Spending abroad is about to become much easier for Bank of America credit card customers, many of whom will receive new cards with upgraded technology that allows them to make purchases at foreign locations through an EMV chip.

The chip is embedded in credit cards and it encrypts payment information dynamically — preventing card-skimmers from stealing card data. EMV technology became a standard in many foreign nations as card fraud became a major problem for consumers.

Starting this week, newly-issued Merrill Lynch credit cards, U.S. Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges and Virgin Atlantic travel cards will come equipped with EMV chips. Bank of America will also upgrade cardmembers that are known to be international travelers.

Chip-enabled version of the card are also available to the following card programs upon request: BankAmericard Cash Rewards, BankAmericard Power Rewards, BankAmericard, AAA Members Rewards, NEA, Asiana Airlines, Alaska, Airlines, Hawaiian Airlines, Royal Caribbean and Norwegian Cruise Lines. New customers with these cards will continue to receive non-chip cards — they can convert afterward.

Currently, customers can ask for the upgrade at a Bank of America location or by phone. The online option will come later this year. There is no charge to get the chip-card, which will also have the traditional magnetic strip.

Card customers who don’t often travel internationally will find very little advantage for having a chip-enabled card — at least not in the near term. However, in a few years, EMV is likely to replace the traditional “swipe.”

This initiative by the bank is another push for American consumers to adopt EMV tech, for which there is currently no standard in the United States. Other major card issuers, including Chase, Wells Fargo, Citi and U.S. Bank already offer EMV chip technology on many of their prestigious travel credit cards. Bank of America is among the first to offer chip-enabled versions of its lower-tier cards.

All four major U.S. payment networks — Visa, MasterCard, Discover and American Express — have implemented roadmaps to spur EMV adoption in the country. Although each of them set their own specific deadlines, their mandates are very similar.

By April 2013, all payment process must support EMV chip card payments. In 2015, the payment networks will shift fraud liability to merchants if they choose not to accept the more secure EMV chip cards.

Äëÿ ïå÷àòè

Weekly Wrap: Astrology is Bunk

Refinancing Your Mortgage Lines the Pockets of the Biggest Banks

Experian Unveils New Credit Score for the Underbanked

New Upromise Credit Card Gives 10% Cash Back at Major Online Retailers

The Best Experiences Your Credit Card Can Buy This Summer

Citi Offers New Way to Spend Rewards

Fed Study: CD Rates Are Less Attractive

Wells Fargo Raised Checking-Account Fee, Slashed Bill-Pay Fee

Weekly Wrap: Get Bullied, Get Rich

Taibbi: No Difference Between Banks and the Mafia

Why You Should Probably Raise Your Credit Limit, Especially When You Don’t Want the Money

Accounts Push Relationship Banking

Weekly Wrap: LIBOR Aside, You’re Still in Control


Articles
Fed Report Shows Mobile Banking Empowers the Underbanked

Top Gas Credit Cards to ‘Refill’ Your Wallet

Prepaid Cards for Payroll Purposes: Fair to Workers?

Weekly Wrap: Mobile Banking’s Onward March

Banks Close Revenue Gap from Overdraft Fee Losses

Banks Lack Social Media Efforts… Oh Really?

SpringCoin: Out to Automate Credit Counseling

Could Student Loan Forgiveness Help the Economy?

Chase United MileagePlus Club Card Takes Flight

Caviar and Champagne With Your Checking Account?

Weekly Wrap: Cash Rules Everything Around You? Not For Long

SmarterBank’s Checking Account Helps Pay Off Student Loans

Chinese Furious Over Banking Fees

Banks Should Use Prepaid Cards to Hook ‘Em While They’re Young

Prepaid Travel Debit Card Provider Eyes U.S.

Sallie Mae Credit Card Helps Pay Back Student Loans

Post-CARD Act, Banks Shift to Prepaid on Campus

Weekly Wrap: Things Are Not as They Seem

Gen Y Eyes Retirement with Rose Tinted Glasses

Low Interest Rates: A Ticking Time Bomb?

Are Discover Partner Gift Cards Worth the Rewards Points?

Kony Solutions’ Branding Problem: Bank Software Firm Has Killer’s Name

Weekly Wrap: Fancy Gadgetry, No Money

Weekly Wrap: Millenials’ Big Day at the Races

UFB Direct Adds Money Market Account With 1.15% APY